A recent report from Andreessen Horowitz (aka a16z) , a venture capital firm, revealed an upsurge in crypto interest in swing states barely three weeks before Americans cast their vote for this year’s US presidential election.
Pennsylvania and Wisconsin, two of the top swing states, have recorded some of the highest growth in cryptocurrency interest since the 2020 US elections, according to the State of Crypto 2024.
Crypto Interest In Key States
The report stated Pennsylvania got the fourth highest increase in cryptocurrency interest at +5.3 followed by Wisconsin at fifth place with +4.7, both of which are expected to have a tight race in the upcoming presidential elections.
The report culled cryptocurrency-related searches in Google Trends to determine the level of cryptocurrency searches since the 2020 US elections.
Source: a16z
Michigan, another swing state, recorded a significant increase in crypto interest with +3.3. It occupies eighth place in the top crypto search list.
Meanwhile, cryptocurrency queries in Arizona, which is also known as a swing state, slightly dipped by -3.0, according to the report.
Bitcoin ETFs Spur Crypto Interest
The report suggested that the listing of Bitcoin and Ethereum exchange-traded products could be one of the primary reasons for the surge in people’s interest in cryptocurrency this year.
In US elections, swing states, also dubbed battleground states, are geographic territories wherein the level of voter support for the Democrat and the Republican political parties are the same.
Source: a16z
States like Pennsylvania, Wisconsin, Michigan, and Arizona are included in the so-called swing states. These states are crucial for any candidate vying for the top post for winning the Electoral College.
Historically, swing states often dictate the winner of the presidential elections because of the unpredictable behavior of voters in these areas.
Crypto And The American Voters
The report also discovered that there are more than 40 million Americans who own cryptocurrencies. Most of these Americans are young and support candidates who advocate crypto-friendly policies.
Data revealed that 25% of Americans who invest in cryptocurrency are aged between 18 to 34 years old.
In terms of candidate preferences, 51% of Americans will “throw their weight behind” candidates who support cryptocurrencies, says the report.
In swing states, the report stated that 41% of the voters affiliate themselves with the Democrats while 39% of them show support for Republicans. On the other hand, 20% of Americans in these states do not associate themselves with any of the political parties.
The growing interest in cryptocurrency also has political implications as both Democrat and Republican candidates gunning for this year’s election are incorporating crypto policies into their political agendas.
Featured image from Pixabay, chart from TradingView
