8,200,000 Residents in California Will Play a Major Role in Determining Future of Crypto, Says Coinbase

California’s digital asset holders will play a big role in the future of the industry, according to top US crypto exchange Coinbase.

In a new company blog post, Coinbase notes that a 2023 survey from business intelligence firm Morning Consult indicates 8.2 million residents in California (27% of the state’s adult population) own digital assets.

Nearly 80% of those digital asset holders say they would be more likely to support pro-crypto political candidates, according to new polling by research firm Toluna, which was paid for by Coinbase.

Explains the exchange,

“In California, 78% of crypto owners believe policymakers should be supporting new, innovative, and disruptive technologies…

They also would support candidates who say that a strong US crypto industry will help future generations get ahead and increase access to wealth-building tools that the traditional financial system does not provide to many Americans.”

The Toluna polling shows 40% of California crypto owners are aged 18-34. Coinbase says younger generations in the US have a larger appetite for digital assets than older generations.

“They grew up during the internet age, and are comfortable adopting innovative technologies that make their lives easier…

They want to see innovation continue so that they can move their money efficiently and autonomously without being weighed down by legacy financial institutions that defined how their parents and grandparents managed their finances.”

Coinbase also says that nationally, the majority of younger generations in the US favor candidates who support cryptocurrency.

“Nationally, a majority (51%) of Millenials and Gen Z adults say they are likely to support crypto-friendly candidates in 2024. These voters will make up a vocal minority in the next election, and by 2028, younger voters will represent a majority of America’s voters.”

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