One in three US voters considers candidates’ crypto stance before voting

A recent survey by the Harris Poll, funded by Bitcoin ETF issuer Grayscale, reveals that one in three US voters now considers a candidate’s stance on cryptocurrencies before casting their vote.

The online survey, which included over 1,700 likely US voters, underscores the growing significance of digital assets in the political arena.

The data shows that 77% of respondents believe a US presidential candidate should possess at least an “informed perspective” on cryptocurrencies.

This sentiment reflects the increasing integration of digital assets into the financial consciousness of the electorate.

Divided opinions on political party leadership in crypto

Interestingly, the survey highlights an equal division among voters regarding which political party leads on digital asset issues.

This division points to a bipartisan recognition of the importance of cryptocurrency, suggesting that both parties may need to address digital asset policies more robustly to appeal to a broader voter base.

Zach Pandl, Head of Research at Grayscale, commented,

Likely American voters, regardless of their political affiliation, demonstrate a heightened interest in investing in crypto assets and supporting candidates who are well-versed in emerging technologies.

Widespread recognition and investment in Bitcoin

The survey also reveals that Bitcoin enjoys widespread recognition among voters, with 98% of respondents having heard of the cryptocurrency.

Furthermore, about 17% of voters reported investing in Bitcoin, equating it with bonds as a popular investment option and surpassing investments in exchange-traded funds (ETFs).

Additionally, 44% of voters expressed varying degrees of belief that “crypto and blockchain technology are the future of finance,” marking a four-percentage-point increase from the previous year.

This growing optimism is tempered by a desire for more regulation, with 52% stating they would be more likely to invest in digital assets if there were more government oversight.

Contrasting findings from the Federal Reserve

However, the Federal Reserve’s latest annual household survey, known as the Survey of Household Economics and Decisionmaking (SHED), presents a different picture.

The SHED survey indicates a significant decline in the number of US adults reporting cryptocurrency ownership or usage.

Approximately 18 million US adults reported using cryptocurrencies in 2023, representing a drop from previous years.

Specifically, 7% of the surveyed US adults reported using cryptocurrencies in the 12 months leading up to October 2023, down from 10% in 2022 and 12% in 2021.

These findings starkly contrast with claims by Coinbase that 52 million Americans own cryptocurrencies.

The discrepancy highlights differing methodologies and possibly varying definitions of ownership and usage between surveys.

Broader implications for the 2024 elections

The political implications of these findings are profound as the 2024 US presidential election approaches.

With 73% of voters believing that candidates should have an informed perspective on innovative technologies like artificial intelligence (AI) and cryptocurrency, candidates’ positions on these issues could become pivotal.

Moreover, a report from Coinbase suggests that California voters who own cryptocurrencies could significantly impact the 2024 elections.

Given California’s substantial electoral influence, candidates may need to prioritize digital asset policies to secure votes in this key state.

As digital assets continue to permeate the financial and political landscapes, the stance of US presidential candidates on cryptocurrencies is likely to play an increasingly crucial role in voters’ decision-making processes.

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