Donald Trump would win the election by a significant margin if only cryptocurrency investors cast ballots in the US.
The majority of people in the crypto world are men. So much so that it is estimated that men are twice as likely as women to invest in cryptocurrencies. Trump has an advantage of more than 10 percentage points among cryptocurrency investors, also known as “crypto bros,” thanks to this gender gap, which has a significant impact on electoral behavior in the US.
Even though only 7% of Americans own cryptocurrencies, according to a recent Federal Reserve study, Trump has made a concerted effort to reach this audience. His goal is to lessen the Democratic Party’s edge among the three major groups that helped Joe Biden win the presidency four years ago: Latinos, African-American voters, and voters under thirty. Each and every vote matters in a close election.
Youth voter turnout hit record highs in the most recent two elections (2020 and 2022), primarily as a result of greater female mobilization, which was especially advantageous to the Democrats. The Republican campaign has taken notice and is using the fact that men under 30 use cryptocurrencies at a higher rate than the average to rally this group of voters.
Additionally, the party is targeting Latino and African-American voters, who exhibit higher rates of cryptocurrency investment despite their traditional Democratic leanings. Only 8% of African Americans support Trump, but 21% of men under 50 say they will vote for him. His attempts to court “gym bros” are comparable to this initiative to win over crypto bros. To mobilize young men is the same objective.
This approach is not limited to the US or Trump’s campaign. Crypto investors have been successfully targeted by right-wing leaders in a number of nations. As a candidate and now as Argentina’s president, Javier Milei has advocated cryptocurrency investments, and Nayib Bukele made El Salvador the first nation to formally recognize cryptocurrencies as legal tender.
Trump, who in 2021 referred to cryptocurrencies as a “scam” and a “disaster waiting to happen,” was probably influenced by these developments. Returning to the White House is now a key component of his plan.
Ideas and social media
Trump’s own cryptocurrency business, World Liberty Financial, was established in September. Immediately following the July assassination attempt, the website prominently displays a picture of the candidate with an injured ear.
Prominent figures in the cryptocurrency world have also endorsed the Trump campaign, such as Jesse Powell, who has over 200,000 followers; the Winklevoss twins, Tyler and Cameron, who have over 1.7 million followers between them; Ryan Selkis, who has over 350,000 followers on X (formerly Twitter) and is a major contributor to Fair Shake, a PPAC that primarily donates to conservative candidates.
The campaign uses these platforms to promote messages that are focused on masculinity. According to research, crypto bros frequently conform to gender stereotypes and worry that they are not living up to society’s expectations of masculinity. They may embrace far-right ideas as a result of this mentality, such as the notion that supporting minority groups or promoting gender equality is detrimental to their interests.
The Democratic response
Trump’s strategy of appealing to young men is something that the Kamala Harris campaign is aware of, as is the notable rise in financial contributions from the cryptocurrency community this election cycle. Her campaign is attempting to dissuade or win over Republican voters in response, with a particular emphasis on crypto bros.
In order to safeguard the investments of vulnerable groups, including African-American men, Harris has suggested promoting the expansion of the cryptocurrency market while offering a regulatory framework. Changing the belief that the Democratic Party is less supportive of cryptocurrency investors’ interests is her aim.
Influencers like Mark Cuban, who has financial and media support for the vice president and has invested in a number of cryptocurrency projects, have also backed her campaign.
Crypto bros won’t be the only ones voting on November 5; the votes of this 7% could be crucial. In order to win the presidency, Harris needs to keep Trump from winning over this group. Which approach will produce better outcomes is still to be determined.
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