A recent report from venture capital firm Andreessen Horowitz (also known as a16z) reveals increased interest in cryptocurrencies in battleground states just three weeks before Americans vote in this year's US presidential election. did.
According to State of Crypto 2024, the top two swing states, Pennsylvania and Wisconsin, have recorded the highest growth in interest in cryptocurrencies since the 2020 US election.
Interest in virtual currencies in major countries
According to the report, Pennsylvania has the fourth highest rate of growth in interest in cryptocurrencies at +5.3, followed by Wisconsin in fifth place at +4.7, with both states expected to be close in the upcoming presidential election.
This report aggregated crypto-related searches on Google Trends to determine the level of crypto searches since the 2020 US election.
Source: a16z
Michigan, another battleground state, recorded a significant +3.3 increase in interest in cryptocurrencies. It occupies the 8th place on the top list of cryptocurrency searches.
Meanwhile, cryptocurrency queries in Arizona, also known as the swing state, fell slightly to -3.0, according to the report.
Bitcoin ETF increases interest in cryptocurrencies
The report suggested that exchange-traded products for Bitcoin and Ethereum may be one of the main reasons why people's interest in cryptocurrencies has increased this year.
In U.S. elections, battleground states, also known as battleground states, are geographic regions where voter support levels for the Democratic and Republican parties are the same.
Source: a16z
States such as Pennsylvania, Wisconsin, Michigan, and Arizona are among the so-called swing states. These states are important for candidates vying for the top post to win the Electoral College.
Historically, the unpredictable behavior of voters in battleground states often determines the winner of presidential elections.
Cryptocurrency and American voters
The report also revealed that more than 40 million Americans own cryptocurrencies. Most of these Americans are young and support candidates who advocate crypto-friendly policies.
According to data, 25% of Americans who invest in cryptocurrencies are between the ages of 18 and 34.
When it comes to candidate preferences, the report states that 51% of Americans “give more weight” to candidates who support cryptocurrencies.
In battleground states, 41% of voters lean Democratic, while 39% lean Republican, the report said. Meanwhile, 20% of Americans living in these states are not affiliated with any political party.
The growing interest in cryptocurrencies also has political implications, as both Democratic and Republican candidates running for elections this year have incorporated cryptocurrency policy into their political agendas.
Featured image from Pixabay, chart from TradingView
