Regulation
US Voters Will Consider Candidates’ Cryptocurrency Stances In 2024 Presidential Elections: Poll Reveals
As the US presidential elections approach in November, cryptocurrency is emerging as a central issue, influencing the political landscape and voter preferences.
A survey conducted by Harris Poll for Grayscale of 1,759 US voters aged 18 and over highlights the growing importance of digital assets in the electoral context.
Voter priorities and candidate positions
The survey found that a significant portion of the electorate, one in three voters, considers a candidate’s stance on cryptocurrencies to be crucial in their voting decisions.
Additionally, 77% of respondents believe presidential candidates should have a well-informed perspective on cryptocurrencies, reflecting the demand for political leaders to be well-versed in emerging technologies. The electorate appears divided over which political party will lead in solving digital asset issues.
The political importance of cryptocurrency is further underlined by the changing positions of key political figures. Former President Donald Trump, previously a vocal critic of Bitcoin during his term in office, changed his stance to endorse Bitcoin and support related crypto initiatives.
The Biden administration has also adapted its policies to be more friendly to digital currencies. Other political figures, such as Robert F. Kennedy Jr., have also publicly supported the mainstreaming of cryptocurrencies.
Feelings within the crypto community are mixed, with concerns particularly directed towards President Biden’s strict regulatory approach. Phillip Shoemaker, executive director 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 on the industry of cryptography.
On the other hand, former President Trump’s positive rhetoric towards the industry earned him the support of many people who prioritize cryptocurrency issues in their voting criteria.
Crypto Landscape and Regulatory Sentiments
Stephanie Vaughan, co-founder of Veda, pointed to the possibility of a shift in allegiance of Biden voters to Trump or third-party candidates among those unhappy with the current administration’s regulatory actions. Vaughan emphasized that a pro-crypto stance from any candidate could significantly influence U.S. and international regulations and legislation regarding digital assets.
Zach Pandl, head of research at Grayscale, pointed out that American voters across the political spectrum are showing increased interest in investing in crypto assets and want to support candidates who are knowledgeable in this sector. This interest is supported by a broad knowledge of cryptocurrencies; the survey indicated that almost all respondents (98%) had heard of Bitcoin and a significant number were aware of Ethereum’s Ether.
The survey also touched on the investment landscape, revealing that 17% of voters have invested in Bitcoin, which closely aligns with traditional investment vehicles like bonds and exceeds those of exchange-traded funds (ETFs). ). Additionally, 24% of respondents said the introduction of ETH ETFs would likely increase their willingness to invest in cryptocurrencies.
Additionally, 44% of voters believe cryptocurrencies and blockchain technology will play a crucial role in the future of finance, an increase from the previous year. Despite this optimism, there is a strong call for stronger government oversight, with 52% of respondents indicating that increased regulation would make them more inclined to invest in digital assets.
Source: Grayscale
Demographic and investment trends
A significant portion of the population, seven out of ten people surveyed, say they have invested, and almost one in five people (19%) hold cryptocurrencies. This percentage is significantly higher among men (23%), black and Hispanic voters (26% and 32%, respectively), and younger voters (31% of Gen Z).
The survey also indicated that inflation has driven increased 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 compared to 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 larger segment of the voting population is interested in candidates’ views on crypto than a recent poll of voters in swing states, which reported such 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.