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US Voters Will Consider Candidates’ Stance on Cryptocurrency in 2024 Presidential Election: Poll Reveals
Ahead of November’s US presidential election, cryptocurrency emerges as a crucial issue, influencing the political landscape and voter preferences.
A survey conducted by Harris Poll for Grayscale, which interviewed 1,759 US voters aged 18 and older, highlights the growing relevance of digital assets in the electoral context.
Voters’ priorities and candidates’ positions
The survey revealed that a significant portion of the electorate, one in three voters, consider a candidate’s position on cryptocurrencies crucial in their voting decisions.
Additionally, a substantial 77% of respondents believe presidential candidates should possess a well-informed perspective on cryptocurrencies, reflecting political leaders’ demand to be knowledgeable about emerging technologies. The electorate appears divided over which political party leads in addressing digital asset issues.
The political significance of cryptocurrency is further highlighted by the evolving positions of key political figures. Former President Donald Trump, previously a vocal critic of Bitcoin during his time in office, has changed his position to support Bitcoin and support related crypto initiatives.
The Biden administration has also adjusted its policies to be more favorable towards digital currencies. Other political figures, such as Robert F. Kennedy Jr., have also publicly supported cryptocurrency integration.
Sentiments within the crypto community are mixed, with concerns directed in particular at President Biden’s perceived stringent regulatory approach. Phillip Shoemaker, executive editor of Identity.com, pointed out that many in the crypto community are concerned about the potential continuation of Biden’s presidency due to his administration’s tough stance towards the cryptocurrency industry.
On the other hand, former President Trump’s positive rhetoric towards the industry has earned him support from many who prioritize cryptocurrency-related issues in their voting criteria.
Cryptocurrency landscape and regulatory sentiments
Stephanie Vaughan, co-founder of Veda, noted the possibility of a shift in voter allegiance from Biden to Trump or third-party candidates among those who are dissatisfied with the current administration’s regulatory measures. Vaughan highlighted that a pro-crypto stance by any candidate could significantly influence U.S. and international regulations and legislation related to digital assets.
Zach Pandl, head of research at Grayscale, highlighted that American voters across the political spectrum are showing growing interest in cryptocurrency investments and are eager to support candidates experienced in this sector. This interest is supported by broad awareness of cryptocurrencies; the survey indicated that nearly all respondents (98%) had heard of Bitcoin, and a significant number were familiar with Ethereum’s Ether.
The survey also touched on the investment landscape, revealing that 17% of voters invested in Bitcoin, closely aligning with traditional investment vehicles such as bonds and surpassing those of Exchange Traded Funds (ETFs). Furthermore, 24% of respondents said that the introduction of ETH ETFs would likely increase their willingness to invest in cryptocurrencies.
Additionally, 44% of voters believe that cryptocurrencies and blockchain technology will play a crucial role in the future of finance, up from the previous year. Despite this optimism, there is strong call for tighter government oversight, with 52% indicating that strengthened regulation would make them more likely to invest in digital assets.
Source: Greyscale
Demographics and investment trends
A substantial portion of the population, seven in ten respondents, say they have invested, with nearly one in five (19%) owning cryptocurrencies. This percentage is significantly higher among men (23%), Black and Hispanic voters (26% and 32%, respectively), and younger voters (31% of Generation Z).
The survey also indicated that inflation has fueled growing interest in cryptocurrencies, with 40% of investors planning to include cryptocurrencies in their future portfolios. Gen Z and Millennials, in particular, show a greater propensity to invest in cryptocurrencies than traditional assets such as stocks and bonds, with 31% of Gen Z and 35% of Millennials having invested in cryptocurrencies.
This latest poll shows that a more significant segment of the voting population is interested in the candidates’ views on cryptocurrencies than a recent survey of voters in swing states, which put this interest at 21%. This growing interest in cryptocurrency and blockchain technology among voters suggests that the topic will play a crucial role in shaping the political landscape in the upcoming elections.