According to Ben Weiss, the co-founder and CEO of CoinFlip, supporters of cryptocurrency and blockchain in the United States have the potential to sway an election. Weiss stated that this is the first time in a major U.S. election that digital assets could have a significant impact on the outcome. Prominent Republican candidates, such as Vivek Ramaswamy and Ron DeSantis, have already mentioned central bank digital currencies (CBDCs) as a campaign issue. Additionally, Donald Trump, the frontrunner for the Republican Party, expressed his openness to Bitcoin in February.
Weiss believes that Trump’s support for crypto is not politically motivated. He stated that Trump has nothing to gain from being against it, but supporting it could potentially earn him some votes. Weiss also noted that Bitcoin has the ability to appeal to both sides of the political spectrum.
The likely presidential nominees for the Democratic and Republican Parties in the upcoming election are Joe Biden and Donald Trump, respectively. On November 5, U.S. voters will decide on the presidency, all 435 seats in the House of Representatives, and 33 Senate seats.
Several polls suggest that the 2024 presidential election will be closely contested. In 2020, Biden won Michigan by a margin of approximately 154,000 votes, while Clinton lost the state by around 11,000 votes in 2016. Weiss believes that with many young people who support crypto voting for the first time, their stance on the issue could be a decisive factor. This could potentially swing states like Michigan or Wisconsin, which had narrow margins of victory in previous elections.
Weiss emphasized that even moving the needle by one or two points could have a significant impact in a general election.
At the state level, federal candidates are already experiencing the influence of crypto-backed political action committees (PACs) opposing them. For example, the Fairshake Super PAC spent $2.9 million on an ad spot targeting Democratic Party candidate Katie Porter in the race for a California Senate seat. There are also reports suggesting that pro-crypto groups may support lawyer John Deaton in his campaign to unseat Massachusetts Senator Elizabeth Warren in 2024.
Weiss expressed skepticism about the ability of a single super PAC to sway an election, especially in a primary. However, he acknowledged that they have been spending heavily against Porter.
In the U.S. presidential race, Trump has yet to select a vice presidential candidate, a decision that could also have an impact on crypto-focused voters. If he were to choose someone who has expressed opposition to CBDCs, it could affect the opinions of these voters. Another potential factor that could influence the race is the 91 felony charges that Trump faces at the state and federal levels. His first criminal trial is scheduled to begin on March 25.
Separate polls conducted by Coinbase and the Crypto Council for Innovation in 2024 support some of Weiss’ claims, indicating that a candidate’s position on crypto could influence a significant number of voters. Additionally, Patrick McHenry, one of the few proponents of crypto in Congress, has announced that he will not seek reelection in 2024.