U.S. Voters to Consider Candidates’ Cryptocurrency Stance in 2024 Presidential Elections: Poll Reveals

In the lead-up to the November United States Presidential elections, cryptocurrency emerges as a pivotal issue, influencing the political landscape and voter preferences.

A survey conducted by Harris Poll for Grayscale, which polled 1,759 U.S. voters aged 18 and older, underscores the increasing relevance of digital assets in the electoral context.

Voters’ Priorities and Candidate Stances

The survey revealed that a significant portion of the electorate, one in three voters, considers a candidate’s stance on cryptocurrencies crucial in their voting decisions.

Moreover, a substantial 77% of respondents believe that presidential candidates should possess a well-informed perspective on cryptocurrencies, reflecting a demand for political leaders to be knowledgeable about emerging technologies. The electorate appears divided on 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 tenure, has shifted his stance to endorse Bitcoin and support related crypto initiatives.

The Biden administration, too, has adapted its policies to be more favorable towards digital currencies. Other political figures, such as Robert F. Kennedy Jr., have also publicly supported the integration of cryptocurrencies.

The sentiments within the crypto community are mixed, with concerns particularly directed towards President Biden’s perceived stringent regulatory approach. Phillip Shoemaker, executive director of Identity.com, pointed out that many in the crypto community are apprehensive about the potential continuation of Biden’s presidency due to his administration’s tough stance on the crypto industry.

On the other hand, former President Trump’s positive rhetoric towards the industry has won him the support of many who prioritize cryptocurrency issues in their voting criteria. 

Crypto Landscape and Regulatory Sentiments 

Stephanie Vaughan, co-founder at Veda, noted the possibility of a shift in voter allegiance from Biden to Trump or third-party candidates among those dissatisfied with the current administration’s regulatory measures. Vaughan emphasized that a pro-crypto stance by any candidate could significantly influence U.S. and international regulations and legislation concerning digital assets.

Zach Pandl, head of research at Grayscale, highlighted that American voters across the political spectrum are showing increased interest in investing in crypto assets and are keen on supporting candidates who are well-versed in this sector. This interest is backed by a 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 have invested in Bitcoin, closely aligning with traditional investment vehicles like bonds and surpassing those in exchange-traded funds (ETFs). Additionally, 24% of respondents expressed that the introduction of ETH ETFs would likely increase their willingness to invest in cryptocurrencies.

Furthermore, 44% of the voters believe that 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 more stringent government oversight, with 52% indicating that enhanced regulation would make them more inclined to invest in digital assets.

Demographics and Investment Trends

A substantial portion of the population, seven out of ten respondents, claims to have invested, with almost one in five (19%) holding cryptocurrency. This percentage is notably 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 cryptocurrency, with 40% of investors planning to include crypto in their future portfolios. Gen Z and Millennials, in particular, show a stronger inclination towards investing in cryptocurrency compared to traditional assets such as stocks and bonds, with 31% of Gen Z and 35% of Millennials having invested in crypto.

This latest poll shows a more significant segment of the voting population is interested in candidates’ views on crypto than a recent poll of swing-state voters, which reported 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.