A recent report from Andreessen Horowitz (aka a16z), a venture capital firm, revealed a increase in interest in crypto in swing states just three weeks before Americans cast their votes in this year’s US presidential election.
Pennsylvania and Wisconsin, two of the top swing states, have recorded some of the highest growth rates in cryptocurrency interest since the 2020 US election, according to the State of Crypto 2024.
Crypto interest in key states
The report notes that Pennsylvania received the fourth highest increase in cryptocurrency interest at +5.3, followed by Wisconsin in fifth place at +4.7, both of which are expected to have a close race in the upcoming presidential election.
The report collected cryptocurrency-related searches in Google Trends to determine the level of cryptocurrency searches since the 2020 US election.
Source: a16z
Michigan, another swing state, recorded a significant increase in crypto interest at +3.3. It occupies the eighth spot in the top cryptocurrency search list.
Meanwhile, cryptocurrency queries in Arizona, also known as a swing state, fell slightly by -3.0, according to the report.
Bitcoin ETFs are driving interest in cryptocurrencies
The report suggested that the mention of Bitcoin and ether exchange-traded products could be one of the main reasons for the surge in people’s interest in cryptocurrency this year.
In American elections, swing states, also called battleground states, are geographic areas where the level of voter support for the Democratic and Republican political parties is the same.
Source: a16z
States such as Pennsylvania, Wisconsin, Michigan and Arizona fall under the so-called swing states. These states are crucial for any candidate vying for the top post to win the Electoral College.
Historically, swing states often dictate the winner of presidential elections due to the unpredictable behavior of voters in these areas.
Crypto and the American Voters
The report also found 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 showed that 25% of Americans investing in cryptocurrency are between the ages of 18 and 34.
In terms of candidate preferences, 51% of Americans will “throw their weight behind” candidates who support cryptocurrencies, the report said.
In swing states, the report found that 41% of voters align with Democrats, while 39% of them express support for Republicans. On the other hand, 20% of Americans in these states do not associate with any political party.
The growing interest in cryptocurrency also has political implications, as both Democratic and Republican candidates aiming for this year’s elections are incorporating crypto policy into their political agenda.
Featured image from Pixabay, chart from TradingView