CoinFlip CEO: Crypto users have the potential to wield influence in a closely contested US election

The adoption of cryptocurrency and blockchain technology in the United States has the potential to sway an election, according to Ben Weiss, co-founder and CEO of CoinFlip. Weiss stated that this is the first time in a major U.S. election that digital assets could have an impact on the outcome for candidates from both parties. Several Republican Party candidates, including Vivek Ramaswamy and Ron DeSantis, mentioned central bank digital currencies (CBDCs) as a campaign issue before dropping out of the race. Additionally, former President Donald Trump expressed his openness to Bitcoin in February. Weiss believes that there is no political reason for Trump to be against cryptocurrency and that supporting it could garner him additional support. He also noted that Bitcoin has the potential to appeal to both sides of the political spectrum.
The likely presidential nominees for the Democratic and Republican Parties in the upcoming election are U.S. President Joe Biden and former President Trump, respectively. On November 5th, U.S. voters will determine the fate of all 435 seats in the House of Representatives, 33 Senate seats, and the presidency.
Multiple polls indicate that the 2024 presidential election is expected to be closely contested. Michigan, for example, swung in favor of Biden with approximately 154,000 votes in 2020, despite Clinton losing the state by around 11,000 votes in 2016. Weiss suggested that with many young people who are in favor of cryptocurrency voting for the first time in a presidential election, the issue could be a deciding factor. This could potentially sway the outcome in states like Michigan or Wisconsin, where Biden won by a narrow margin in 2020 but Clinton lost in 2016.
Weiss emphasized that even a small shift in voter sentiment could have a significant impact on the election. He also mentioned that federal candidates at the state level are already facing opposition from crypto-backed political action committees (PACs). For example, the Fairshake Super PAC spent $2.9 million on an ad targeting Democratic Party candidate Katie Porter in the race for a seat in the U.S. Senate in California. Weiss expressed skepticism about the influence of a single super PAC but acknowledged that they have been spending heavily against Porter.
In the U.S. presidential race, Trump has yet to choose a vice presidential candidate for his campaign. This decision could also affect voters with an interest in cryptocurrency, depending on whether he selects someone who supports or opposes CBDCs. Another factor that could impact the race is the fact that the former president is facing 91 felony charges at the state and federal levels, with his first criminal trial scheduled to begin on March 25th.
Polls conducted by Coinbase and the Crypto Council for Innovation in 2024 support Weiss’ claims, showing that a candidate’s stance on cryptocurrency could influence many voters. Additionally, Patrick McHenry, one of the few vocal advocates for cryptocurrency in Congress, will not be seeking reelection in 2024.