‘The crypto voting bloc is not voters’ — political scientists debate election impact

Political science experts are having a tough time factoring in the ‘crypto vote’ when it comes to the impending US presidential election. While the experts’ opinions run the gamut from claims crypto voters will be the deciding factor in the 2024 race to those who think they’re inconsequential, they all seem to agree on one thing: the number of voters who care about crypto is growing. 

A recent article published by the Northeastern University press took on the challenge of determining just how much impact the so-called “crypto bloc” may have on the 2024 US presidential election. 

According to the political science professors interviewed, polling data suggests a decided political bent between those who hold crypto and those who don’t, but it remains unclear just how many voters consider cryptocurrency a major political issue.  

The politics of crypto

A recent scientific poll conducted by Fairleigh Dickinson University indicates that those who own crypto favor former US president and current candidate Donald Trump by a margin of 12 points over his Democrat opponent, Kamala Harris. 

The question remaining is one of how much impact those voters will have. All things being equal, could the crypto bloc sway the election? 

As Cointelegraph recently reported, not only has Trump intensified his outreach efforts toward the crypto community, but momentum from the Harris campaign has even prompted some executives in the industry to demonstrate support for the Democrat candidate. 

According to Northeastern University professor Ravi Sarathy, the issue is a bit more complex. “Both Republicans and Democrats own crypto,” said Sarathy. He added that “the amount of people who are now aware of and investing in Bitcoin has grown compared to before these ETFs were approved.” 

In Sarathy’s view, the “constituency for bitcoin has grown in size,” indicating that it could end up being a larger factor than some are predicting. 

Nick Beauchamp, associate professor of political science at Northeastern University, had a slightly less positive view concerning the crypto voters’ potential impact. “The crypto ‘voting block’ is not voters but donors,” he said. 

Per Beauchamp, “Crypto appears on almost no one’s list of important issues, and most people are either unaware of it, or have rudimentary opinions.” According to his commentary, the issue is more about the number of donors involved than how many voters they represent:

“However, there are a number of crypto-associated donors who care very much, and these people are the only reason that the campaigns are making crypto statements, and probably the only reason many Republicans and some Democrats like Chuck Schumer are resisting regulation.”

Related: Sen. Warren to debate John Deaton, criticizes ‘crypto billionaires’