Bitcoin miners launch ad campaign in swing states to boost crypto-friendly candidates

A new pro-crypto political action committee, backed by three of the biggest bitcoin mining companies in the U.S., is hoping to swing the election in favor of candidates who support their livelihood with a digital ad campaign promoting a handful of political contenders supportive of the $2 trillion industry, FOX Business has learned.

This week, the Bitcoin Voter PAC – the spending arm of the digital coin advocacy group Bitcoin Voter Project – launched three digital ads aimed at swing voters in Pennsylvania and Texas to sway races toward candidates who support the mainstreaming of digital assets, including former President Donald Trump, Texas Republican Sen. Ted Cruz and Pennsylvania Republican Senate candidate Dave McCormick.

All are locked in tight races against Democratic opponents. All three candidates have come out in support of crypto, and each has an "A" rating on advocacy group Stand With Crypto’s website.

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Representatives for Cruz and McCormick declined to comment. A rep for the Trump campaign did not respond to requests for comment.

The ads, which are making the rounds across major social media platforms, represent the culmination of a $2 million initiative aimed at identifying, educating and mobilizing pro-bitcoin voters in key swing states. Funding the effort is Riot Platforms, Marathon Digital and CleanSpark, three of the top five largest bitcoin mining companies.

"Our $2 million bootstrapping effort has the potential to sway tens of thousands of swing voters and help turn the tides in favor of digital assets," Brian Morgenstern, head of public policy at Riot Platforms, told FOX Business, speaking on behalf of the Bitcoin Voter PAC.

The U.S. crypto industry has become one of the biggest spenders in the 2024 election cycle, determined to pack Congress with crypto-friendly candidates who will vote for favorable policies. Industry-funded super PACs have raised a staggering $190 million, with $130 million spent on advertising for candidates in various congressional races.

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It is unclear how much of an impact crypto voters will have on the outcome of the election, but a recent Harris Poll commissioned in partnership with crypto asset manager Grayscale revealed that around 56% of all voters are more likely to vote for a candidate who is "informed about crypto" compared to one who is not.

Unlike many of the ads from other industry PACs that make no mention of crypto, the Bitcoin Voter PAC ads focus exclusively on the benefits of bitcoin, the leading cryptocurrency that is gaining widespread use through exchange-traded funds and other investment vehicles. 

Since the lows of the so-called crypto winter in 2022, bitcoin has surged more than 300% in value on the notion of its broader applicability. The ads also tout the potential for job creation and financial freedom because of the embrace of crypto-friendly pols like Trump, McCormick and Cruz.

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The Bitcoin Voter Project ads have garnered nearly 3 million views in the days since the release of the first ad. They appear only on social media, including X, the primary information hub for crypto-oriented voters.

Traditional media "doesn’t really work for our target audience who are largely unplugged from traditional media," Morgenstern said. "X is the biggest platform for Bitcoiners, and we’re targeting those voters who primarily live online."

Additionally, he says social media ads are much cheaper than traditional ad buys. According to Federal Election Commission records, Bitcoin Voter PAC spent $25,000 total on the ads for Trump, McCormick and Cruz.

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In addition to swaying crypto voters, the PAC is also looking to sway Texas Lt. Gov. Dan Patrick, who recently criticized bitcoin miners for putting potential strain on the state’s power grid. The PAC is hoping Patrick, a Republican, may be persuaded by his fellow party members, like Cruz and Trump, that Bitcoin mining is an industry he should support.

Morgenstern would not elaborate on whether the PAC was planning to drop any more ads in the days leading up to the election, but noted it was keeping a close eye on the Ohio Senate race between incumbent Sherrod Brown, a crypto critic, and his Republican opponent, businessman and crypto advocate Bernie Moreno. He also said the group’s efforts will not stop with Election Day.

"We are growing a community that will be active in policy debates going forward," he said. "We’re in it to win it for the long term, not just on Nov. 5."