New research from Coinbase reveals that 55% of voters in pivotal U.S. states are less likely to support political candidates who oppose cryptocurrencies and web3 technologies.

This data comes as part of Coinbase’s broader initiative to galvanize 52 million American crypto owners into a formidable political force.

Coinbase data shows that 1 in 5 adults own crypto in America – it’s a group 52 million Americans strong. Polling in the fall of 2022 showed that in the key states of NH, NV, OH, and PA, over half (55%) of voters stated that they would be less likely to vote for candidates who…

— Wu Blockchain (@WuBlockchain) September 19, 2023

Crypto to play a major role in the 2024 U.S. election

The research underscores the growing influence of U.S. crypto owners. Not only do one in five American adults own cryptocurrencies, but this demographic is also younger and more diverse compared to the general population. The new data suggests that crypto is not just a financial asset but also a political tool that could sway electoral outcomes.

Coinbase’s study also delves into the public’s dissatisfaction with the current financial system, with 87% of Americans believing the system needs an overhaul and only 14% are optimistic about its future. The research further highlights that in key states, more than 40% of digital asset owners use cryptocurrencies for remittances, offering a cheaper alternative to traditional banking services.

This research could also become a part of the exchange’s recent campaign to advance U.S. legislation designed to address regulatory oversight of the crypto market. And with the majority of voters in crucial states such as New Hampshire, Nevada, Ohio, and Pennsylvania voicing their support for candidates supporting crypto and web3, the political cost of resisting these technologies is becoming increasingly evident.