Regulation
What would make Americans buy more Bitcoin? Clearer regulations, survey finds
A mountain of money could fall into Bitcoin and other coins once the US government irons out its cryptocurrency regulations, a new survey from Grayscale suggests.
According to poll results released Tuesday, 44% of U.S. voters who don’t own crypto say they are “waiting for additional policies and/or regulations” before purchasing.
“There have been notable shifts in interest and perception around crypto ownership and how voters view crypto in the political landscape – two increasingly important topics ahead of the 2024 US elections,” a Grayscale writes in his report. results report.
Having Bitcoin in their wallet represents “an investment in the future of blockchain technology” for 65% of respondents, while 53% view it as “a way to pay for things digitally or with digital currency,” according to the survey. 43% view it as “a speculative investment,” while 36% say Bitcoin is “a digital form of gold or a hedge against inflation.”
The company’s crypto-focused survey was conducted by global market research and consulting firm The Harris Poll between April 30 and May 2. It collected information from 1,768 adults surveyed online who said they planned to vote in the upcoming 2024 U.S. presidential election.
The results reinforced findings from Grayscale’s parent company earlier this month, showing that digital assets are quickly becoming a major electoral issue.
Among all Grayscale respondents, 47% said they expected crypto to be included in their portfolios in the future, up from 40% in November. Additionally, 41% of respondents said they are now paying attention to Bitcoin and other cryptocurrencies “due to geopolitical tensions, inflation and the weakening of the US dollar.” This is up from 34% six months ago.
Interest is particularly strong among millennial and Gen Z voters, with 62% agreeing that crypto is “the future of finance.”
The growing interest is largely due to the successful launch of the US Spot Bitcoin ETFs in January, which have now absorbed $13.7 billion in net flows since their launch. Grayscale said nearly a third of voters became more interested in crypto as an asset class after ETFs received the green light from regulators.
Over the past month, several pieces of pro-crypto legislation have passed the House and Senate with bipartisan support, signaling growing recognition of crypto’s legitimacy by both parties. Former President Donald Trump, once a Bitcoin skeptic, even recently came out pro-crypto, promising to protect the rights of citizens to own Bitcoin crypto-hostile “morons” from across the aisle.
Among voters, support for crypto does not appear partisan. Grayscale noted that ownership of digital assets appears similar among Republicans (18%) and Democrats (19%). An equal proportion of respondents (30% each) thought the Democratic or Republican parties were more crypto-friendly.
“With voters increasingly interested in crypto, the next administration’s approach to this emerging digital asset will be important,” Grayscale concluded.
Edited by Ryan Ozawa.