A recent report from Andreessen Horowitz (aka a16z), a venture capital firm, revealed increased interest in crypto in swing States just three weeks before Americans cast their votes for this year’s US presidential election.
Pennsylvania and Wisconsin, two of the highest swing states, have recorded some of the highest growth in interest in cryptocurrencies since the 2020 US election, according to State of Crypto 2024.
Crypto Interest In Key Countries
The report states Pennsylvania had the fourth highest increase in interest in cryptocurrencies at +5.3 followed by Wisconsin in fifth place at +4.7, both expected to be neck-and-neck in the upcoming presidential election.
The report selected cryptocurrency-related searches on Google Trends to determine the level of cryptocurrency searches since the 2020 US election.
Source: a16z
Michigan, another state, saw a significant increase in crypto interest with +3.3. It occupies the eighth position in the list of top crypto searches.
Meanwhile, cryptocurrency demand in Arizona, also known as a swing state, fell slightly by -3.0, according to the report.
Bitcoin ETFs Spur Crypto Interest
The report states that the listing of Bitcoin and Ethereum exchange-traded products could be one of the main reasons for the surge in public interest in cryptocurrencies this year.
In US elections, swing states, also called battleground states, are geographic areas where the level of voter support for the Democratic and Republican political parties is equal.
Source: a16z
States such as Pennsylvania, Wisconsin, Michigan, and Arizona are called swing states. These states are crucial for any candidate vying for the top spot to win the Electoral College.
Historically, swing states have often dictated the winner of presidential elections due to the unpredictable behavior of voters in those areas.
Crypto And The American Voter
The report also found that there are more than 40 million Americans who own cryptocurrency. Most of these Americans are young and support candidates who advocate crypto-friendly policies.
Data reveals that 25% of Americans who invest in cryptocurrency are between the ages of 18 to 34.
In terms of candidate preferences, 51% of Americans would “favor” a candidate who supports cryptocurrency, the report said.
In swing states, the report stated that 41% of voters affiliated with the Democratic Party while 39% of them indicated support for the Republican Party. On the other hand, 20% of Americans in these states do not associate themselves with any political party.
The growing interest in cryptocurrencies also has political implications as Democratic and Republican candidates running in this year’s elections include crypto policy on their political agendas.
Featured image from Pixabay, chart from TradingView
