In New York City on Thursday, Republican strategist Chris LaCivita highlighted Donald Trump's embrace of cryptocurrencies as a key strategy for his 2024 presidential campaign. This shift signals a significant change in the political landscape, particularly regarding digital assets.
LaCivita stated that targeting crypto voters helped Trump gain support from groups traditionally less likely to vote Republican. He noted that the crypto community bridges socioeconomic gaps, providing a connection to African-American, Asian-American, and young voters.
A 2024 Pew Research report revealed that 28% of Asian Americans and about 20% of Black adults own cryptocurrencies, compared to 14% of white adults. The GOP's focus on crypto issues provided an opportunity to connect with demographics it previously struggled to engage.
Trump's shift from calling Bitcoin a "scam" in 2021 to embracing the crypto community, influenced by lobbying efforts, marked a turning point. In July 2024, the GOP platform included protections for Bitcoin miners and a ban on central bank digital currencies.
Fairshake, a PAC backed by Coinbase and Ripple Labs, amassed over $200 million for pro-digital assets lawmakers in 2024, becoming the largest donor in the election cycle. This led to an unprecedented number of candidates publicly supporting the crypto industry.
Retail adoption of cryptocurrencies is growing in the U.S., with 28% of Americans holding some crypto, up from 15% in 2021. Robinhood reported crypto trading accounted for over 40% of its transaction revenue. Nearly half of U.S. voters identified as independents in 2024, up from 39% in 2016, according to Gallup Poll data.