CoinFlip CEO: Cryptocurrency users have the potential to influence a tight election in the United States.

According to Ben Weiss, the co-founder and CEO of CoinFlip, voters in the United States who support the adoption of cryptocurrency and blockchain could have a significant impact on elections. Weiss stated that this is the first time that digital assets could potentially sway a major U.S. election for candidates from either party. He mentioned that prominent Republican Party candidates, including Vivek Ramaswamy and Ron DeSantis, highlighted central bank digital currencies (CBDCs) as a campaign issue before dropping out of the race. Additionally, frontrunner Donald Trump expressed his openness to Bitcoin (BTC) in February. Weiss believes that there is no political reason for Trump to be against cryptocurrency and that he could gain support by showing his favor towards it. Weiss also noted that Bitcoin can appeal to both sides of the political spectrum. The likely presidential nominees for the Democratic and Republican Parties are Joe Biden and former President Trump, respectively. On November 5, U.S. voters will decide on 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 a close race. Weiss suggested that the growing number of younger people who support cryptocurrency and will be voting for the first time could play a decisive role. This could potentially sway states like Michigan or Wisconsin, which had narrow margins of victory for Biden in 2020 but were lost by Clinton in 2016. Weiss emphasized that even a small shift in voter sentiment towards crypto could have a significant impact on the outcome of a general election. Weiss also highlighted the influence of crypto-backed political action committees (PACs) on federal candidates at the state level. He mentioned the example of the Fairshake Super PAC spending $2.9 million on an ad spot targeting Democratic Party candidate Katie Porter in the race for a U.S. Senate seat in California. Weiss expressed skepticism about the ability of a single super PAC to have a substantial impact but acknowledged their significant spending against Porter. Weiss also mentioned the possibility of pro-crypto groups contributing to the campaign of lawyer John Deaton, who is running against Massachusetts Senator Elizabeth Warren in 2024. Weiss pointed out that Trump has not yet chosen a vice presidential candidate for his campaign, which could also influence crypto-focused voters if he were to select Ramaswamy or someone who opposes CBDCs. Additionally, the former president is facing 91 felony charges at the state and federal levels, with his first criminal trial scheduled to begin on March 25, which could impact the race. Separate polls conducted by Coinbase and the Crypto Council for Innovation in 2024 support Weiss’ claims, indicating that a candidate’s position on cryptocurrency could sway many voters. Finally, Patrick McHenry, one of the few vocal supporters of crypto in Congress, will not be seeking reelection in 2024.