[NEWS] Four out of five cryptocurrency holders in California are "positively supporting candidates" in the US presidential election

On the 9th, US cryptocurrency exchange Coinbase released a report stating that cryptocurrency holders in California will play a major role in the state's presidential election battle.

According to the report, 8.2 million people, equivalent to 27% of California's adults, own cryptocurrency. Of those, about 40% are young people between the ages of 18 and 34.

In addition, 86% of California's cryptocurrency holders believe that "the global financial system needs to change," and seven in 10 people responded that the current financial system "unfairly favors powerful interests and harms people's ability to build wealth."

Coinbase analyzes that the 18-34 generation has grown up with access to the Internet, and is relatively open to adopting innovative technology if it makes their lives more convenient.

Furthermore, according to the report, 78% of cryptocurrency holders responded that "policymakers should support new, innovative and disruptive technologies," and 83% recognized that cryptocurrency and blockchain are "important economic tools for the future of finance."

In relation to this, it seems that four out of five cryptocurrency holders responded that they would "support a candidate who is positive about cryptocurrency policies" in the US presidential election to be held in November this year.

Attention to attracting younger generations in the face of a close race

In the US presidential election, President Joe Biden is seeking re-election as the Democratic candidate.

On the other hand, the situation remains unchanged in the Republican nomination, with former President Donald Trump in a significant lead, making it even more likely that he will face President Biden again.

This year's US presidential election is also expected to be a close race, and many believe that attracting younger generations in particular will have a major impact on the battlefield.

According to a Coinbase survey conducted nationwide, a majority of millennial and Gen Z adults (51%) responded that they would "support a candidate who is friendly to cryptocurrency" in the 2024 US presidential election. Coinbase points out that by 2028, the younger generation with these views will make up the majority of voters.

Recently, President Biden's campaign has started posting on TikTok in an effort to gain support from young people. As California is a Democratic Party stronghold, President Biden and other candidates may actively promote cryptocurrency-related policies in order to attract the younger generation.

Reference:Report
Image: Shutterstock

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