For the first time ever, cryptocurrency could play a role in choosing the next U.S. president. As digital currencies have become more mainstream, crypto investors are emerging as a key new voting bloc.

Anywhere from 7% to 21% of Americans own crypto — that equates to 18 million on the low end, and roughly 50 million on the high end. According to research from crypto exchange Gemini, 73% say a political candidate’s stance toward the industry will influence their vote.

The potential for crypto voters to move the needle is particularly noteworthy in swing states. Organizations like Stand with Crypto, a pro-crypto Political Action Committee are signing up “crypto advocates” in critical battleground states. In fact, Arizona and Georgia each have three times as many of these advocates than the number of votes President Biden won by in 2020.

“More and more people are getting into digital assets every year. The product is here and not going away,” said Patrick Gerhart, president of banking operations for digital bank Telcoin. “Understanding voters and their needs will be vital to any politician.”

That growing influence is a reality the crypto industry is looking to capitalize on this election. FairShake, a PAC supported by big digital asset players like Coinbase and Ripple, has raised over $200 million to help elect pro-crypto candidates. The next four years will play a crucial role in shaping regulation, so the industry is spending big.

“Ideally, the administration is not only pro-crypto, but also knowledgeable,” Gerhart said. “An administration that is savvy in this realm will not only help the day-to-day users of digital assets, but also the regulators.”

The presidential candidates are taking notice. Donald Trump is actively courting the community, styling himself as the first pro-crypto leader. While he once labeled the space a scam, the former president has pledged to establish a bitcoin reserve and ease regulations. Trump even headlined the largest bitcoin conference in the world, though some crypto advocates question whether he will make good on these promises.

In contrast, the Biden-Harris administration is generally viewed as anti-crypto. Regulatory action and vetoed bipartisan legislation have raised concerns among advocates, who feel the current leadership does not fully understand or support the industry’s potential.

“The Biden administration will likely be remembered as one of the most politically unfriendly toward the crypto industry,” said Todd Ruoff, the CEO of Autonomys, a decentralized data network. “A lack of clear regulatory guidelines has created uncertainty, stifled innovation and driven some businesses out of the U.S.”

Although Vice President Kamala Harris has engaged with crypto industry leaders, she has not announced any campaign policies. It has left many in the sector feeling uncertain what a Harris presidency would mean for the future of crypto.

“Trump has struck a recurring and more favorable tone,” Ruoff said. “Neither candidate may be the crypto industry’s dream, but it remains hopeful one might be less of a nightmare than the other.”

While the 2024 election might be the first time the crypto vote matters, it is unlikely to be the last. Candidates who embrace the shift could find themselves shaping both the future of the industry and their political fortunes.

Kelly O’Grady

Kelly O’Grady is a CBS News MoneyWatch correspondent.