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The crypto industry is channeling more of its advertising budget towards supporting Republican candidates over Democrats, according to a recent report by Axios.
Data from AdImpact reveals that crypto companies are poised to allocate $21 million more in ad spending for the GOP than for the Democratic Party. Since January 1, Fairshake, along with its affiliated political action committees (PACs), has spent a total of $54.6 million on election ads backing Republican candidates, compared to $33.7 million on ads supporting Democrats.
This election year, cryptocurrency has emerged as a key political issue, drawing attention from both major parties. Former President Donald Trump has positioned himself as a “crypto candidate,” actively embracing digital assets as part of his campaign. He even started accepting campaign donations in various cryptocurrencies, including Bitcoin, Ether, Dogecoin, and Solana, among others. Trump made an appearance at a Bitcoin conference, where he pledged to establish a national Bitcoin reservesignaling his support for wider crypto adoption.
Vice President Kamala Harris, who had previously been cautious about discussing cryptocurrencies, has recently begun to address the topic more openly. She has called for stronger regulatory oversight of the crypto market, emphasizing the need for clear rules to ensure consumer protection and financial stability.
The growing engagement from both ends of the political spectrum underscores how crypto has become a contentious and pivotal issue in the 2024 election. Individuals and groups tied to crypto companies are contributing millions of dollars to political campaigns and other groups.
A recent poll conducted by Coinbase indicates that cryptocurrency owners are equally inclined to support Vice President Kamala Harris and former President Donald Trump in the upcoming election, despite the fact that crypto companies seem to favor Republican candidates in their advertising efforts.
In a recent development, Fairshake, a political action committee (PAC) affiliated with the crypto sector, secured an additional $800,000 in funding from ConsenSys Software, Inc., a blockchain development firm, as per Axios.
This influx of funds suggests that the crypto industry could ramp up its spending even further in the critical final two weeks before the presidential election, Axios says. With several swing states still up for grabs and polling showing tight races, a last-minute surge in political advertising could play a crucial role in tipping the scales.