A recent Harris Poll survey conducted for Grayscale reveals a significant shift in voter sentiment toward cryptocurrency.
Nearly half of American voters plan to include crypto in their investment portfolios, confirming its growing importance in the 2024 US Election.
Investment Perspectives and Inflation’s Impact
According to the survey, 65% of Bitcoin holders view it as an investment in the future of blockchain technology. 53% use Bitcoin as a currency, while 43% consider it a speculative asset. Notably, 36% see BTC n as digital gold or an inflation hedge, and 8% do not fully understand it.
Inflation has played a crucial role in shaping Bitcoin interest. Due to rising inflation, 21% of voters are more interested in Bitcoin, while 33% are less interested, and 44% report no change.
Over two in five voters await more policies and regulations before investing in cryptocurrency. This sentiment is especially strong among Gen Z and Millennials. Voter interest in crypto is rising, with expectations increasing from 40% in late 2023 to 47% in early 2024. Additionally, 44% are waiting for further regulatory clarity. 41% are paying more attention to crypto due to geopolitical tensions, inflation, and a weakening US dollar, and 39% want economic improvement before investing.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
Crypto ownership rates are similar among Republicans (18%) and Democrats (19%), with both parties showing balanced interest in crypto policies. About 30% of voters believe that both the Democratic and Republican parties favorably position crypto policies. Significant events such as the approval of the US spot Bitcoin ETF in January 2024 and the Bitcoin Halving in April 2024 have heightened interest, particularly among retiree voters.
Despite growing regognition, the level of understanding of cryptocurrencies and blockchain technology is still far from high. A study by Preply highlights a significant knowledge gap among crypto investors. About 35% lack confidence in their understanding, and 60% struggle with blockchain technology concepts. Popular crypto terms like DAO, DEX, and ICO are frequently searched, reflecting intense curiosity.
Read more: The Best Online Blockchain Courses In 2024
As the 2024 US Election approaches, cryptocurrency’s influence on voter sentiment and investment strategies is evident. With nearly half of voters planning to include crypto in their portfolios, the demand for clear policies and regulations is growing. This trend highlights the critical role that digital assets will play in shaping the political and economic future of the country. Policymakers and candidates must address these emerging concerns to resonate with an increasingly crypto-aware electorate.
“As we approach November, it seems clear that crypto will increasingly be considered by policymakers and candidates across all offices who are preparing to run for office in the 2024 election,” the report concludes.
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