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Politicians Are Counting on Cryptocurrencies to Win Elections. Do Voters Care? – DL News
- The cryptocurrency industry has been pouring money into campaign financing ahead of the November presidential election.
- Does the data support the idea that crypto voters will influence elections?
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Is there a large base of crypto voters that could swing the election?
Michelle Bond says yes.
A Republican running for Congress in 2022, Bond is putting her experience to work on a voter registration program called Project Swing.
The project will use consumer data to identify cryptocurrency enthusiasts who are not registered to vote, send them targeted messages, and help them register.
“We are identifying and recruiting a whole new group of like-minded, crypto-friendly individuals,” she said.
“This is an untapped demographic in this country that has never been reached in this way.”
Pay money
Bond is just one example among many.
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The crypto industry, fed up with a frosty regulatory environment under President Joe Biden’s administration, has poured money into bringing a Republican into power.
Molly White, blogger and crypto skeptic Cryptocurrency Funding Tracking Tool shows that crypto-focused political action committees have raised over $182 million.
And it’s working. Republican presidential candidate Donald Trump is now championing the industry in his campaign.
And 14 crypto-friendly lawmakers in the Democratic Party don’t want to miss the opportunity.
Friday, they urged the Democratic National Convention to combat the perception that the party has a “negative view on digital assets.”
However, the jury is still out on whether crypto – a relatively small industry – means more to voters than abortion, immigration or the economy.
Bond argues, however, that cryptography is not separate from the big problems.
“A crypto voter will understand the interconnectedness of this issue with other issues that drive people to register and vote,” she said.
“Cryptocurrencies are a big part of voters’ top concerns”: financial inclusion, jobs and maintaining U.S. dominance in technology and finance.
What does the data say?
Surveys funded by companies like Coinbase, ParadigmAnd Shades of grey discovering that crypto voters are a thing.
Skeptics like White criticize these numbers.
For example, White points to a poll of 1,200 voters in six key states by Digital Currency Group.
DCG said 21% of the survey group said crypto was a major election issue.
White said the general wording of the question obscures the fact that some members of the group hold aggressive positions. against The industry.
Or take Coinbase’s figureOften quoted in the press, 52 million Americans own cryptocurrencies.
In contrast, the Federal Reserve found that by 2023, 7% of American adults will own or use cryptocurrencies. That’s about 23 million people.
The problem with polls is that the data tends to reflect the opinions of those who fund the research.
Even the most independent polls are not good predictors elections.
Crypto industry surveys “are authentic, conducted by reputable polling companies,” researcher Noelle Acheson told me.
But, she added, “that does not mean the results accurately reflect reality.”
Polls depend on sample size, demographics, geography and timing, she said.
Still, it’s useful research, especially since “there’s not yet comprehensive data on the question of political support,” Acheson said.
Contact me at joanna@dlnews.com.