Did Latino 'Crypto-Voters' in Swing States Help Drive a Republican Shift in 2024?

As political observers analyze the 2024 election results, dividing voters into demographic blocs and applying various theories to explain voting behaviors, many overlook a uniquely diverse group: crypto voters, a bloc that includes many Latino men living in swing states.

"The crypto voter has spoken decisively – Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it," Brian Armstrong, co-founder and CEO of cryptocurrency platform Coinbase, wrote on X.

Armstrong also suggested that politicians could face significant consequences for opposing crypto, citing the example of Sherrod Brown, a longtime Democratic senator and crypto-skeptic who was unseated by Republican Bernie Moreno, whose campaign received more than $40 million from crypto PACs.

In May, President-elect President Donald Trump spoke at the Libertarian National Convention, promising to support crypto's future. "To the nation's 50 million crypto holders, I say this, with your vote, I will keep Elizabeth Warren and her goons away from your bitcoin, and I will never allow the creation of a central bank digital currency," he said.

Today, crypto investors and entrepreneurs across the country are celebrating Trump's victory, along with the wins of more than 48 candidates backed by multiple crypto PACs that collectively spent more than $135 million in the 2024 election cycle.

Cameron Winklevoss, co-founder of cryptocurrency exchange and custodian bank Gemini, announced a donation of around $1 million to Trump's campaign back in June, a donation he now sees as a successful investment. "Imagine how much we are going to accomplish in the next 4 years now that the crypto industry won't be hemorrhaging $ billions on legal fees," he wrote on X.

According to CBS News, between 18 million and 50 million Americans own crypto, and 73% said a political candidate's stance on the industry would influence their vote. According to Coin Telegraph, approximately 40% of registered crypto-owning voters live in key battleground states. In swing states such as Arizona and Georgia, one pro-crypto PAC signed up three times as many advocates as President Joe Biden's 2020 margin of victory in each state.

When it comes to Latino voters, a 2022 survey by Morning Consult found that Latino adults in the U.S. were increasingly likely to invest in cryptocurrencies, with around 25% indicating they owned some form of digital asset. This rate was notably higher than that of non-Hispanic white adults. The study also found that crypto owners skewed heavily male, with 70% male versus 30% female.

One explanation for the high adoption rate among Latinos is that they are not only more likely to hold cryptocurrency as an investment but also as a means of payment. Morning Consult also cited the rising popularity of Bitcoin in Latin American countries, where inflation has driven cryptocurrency's use.

In January, Cleve Mesidor, executive director of Blockchain Foundation, predicted that "diverse crypto voters may swing 2024 elections." In a Forbes opinion column, Mesidor cited research suggesting that communities of color are among the "earliest" adopters and the "largest" holders of cryptocurrency. However, Mesidor noted insufficient data to fully capture and comprehend these "geographically dispersed but connected communities."

According to Bloomberg, the influence of crypto may come as a surprise, as candidates and ads backed by crypto PACs "barely mentioned the industry" in their campaigns. Now, after the election, the industry is becoming more vocal about its spending and political clout. Industry giants such as Coinbase and Ripple reportedly employed more lobbyists in 2024 than ever before and plan to keep pushing for crypto-friendly regulations.

Coinbase's Chief Legal Officer tagged the U.S. Securities and Exchange Commission on X, suggesting it to, "Stop suing crypto. Start talking to crypto. Initiate rulemaking now. There's no reason to wait."