Poll: Majority of Individuals Express Concern About Crypto, But Sufficient Support Warrants Political Attention
While a significant portion of the population perceives cryptocurrency as an important factor in their political decision-making process, only approximately 62% of these individuals show support for digital assets. This suggests that there may be hostility among the remaining population, who are more engaged on crypto-related matters.
Out of those surveyed, around 14% currently possess cryptocurrency, and an additional 7% have expressed interest in investing.
As politicians in the United States continue to grapple with how to approach cryptocurrency issues, a Harris Poll survey commissioned by the industry reveals that 21% of voters in crucial swing states consider crypto-related policies to be influential in determining their support. However, there remains uncertainty regarding the specific demands these voters may have.
Despite the influx of significant financial contributions from the crypto industry into political campaigns and candidates trying out different stances on digital assets, the most concerned voters may not necessarily align with the industry’s position. Consequently, the industry faces the challenge of determining whether this heightened interest will actually advance its cause.
Julie Stitzel, Senior Vice President of Policy at Digital Currency Group, which commissioned the poll, concluded that “this data shows crypto is top of mind for voters in swing Senate states, and that a pro-crypto position is a net positive for policymakers and candidates.”
The online survey of registered voters indicates that currently 14% of people own cryptocurrency, and a larger number possess a strong awareness of this emerging financial technology. However, less than one third of voters (31%) surveyed hold positive views towards digital assets, based on responses obtained from individuals located in Michigan, Ohio, Montana, Pennsylvania, and Arizona.
Among those who maintain a positive outlook on crypto and claim to consider crypto positions when making voting decisions, they constitute around 13% of respondents. Consequently, 8% of respondents may not demonstrate the same level of enthusiasm for policies favorable to digital assets. This divide leaves candidates in this year’s election uncertain about which direction to lean, despite the industry’s hopes.
While a majority of swing-state voters, who have the potential to significantly impact the presidential selection and congressional majorities, may hold skepticism towards cryptocurrency, an even greater proportion believes that the current financial system is outdated (70%) and requires restructuring (74%). Furthermore, 41% of these voters acknowledge that crypto could offer a pathway to financial security.
More than two thirds of the respondents lack confidence in federal officials, including the president and Congress, in making informed policy decisions regarding cryptocurrency.
Regardless of which side the voters ultimately support, Kristin Smith, CEO of the Blockchain Association, emphasized in a statement that the poll demonstrates “digital assets have emerged as a significant issue in the upcoming election.”
The data indicates that as many as 47 million people may hold digital assets if 14% of the entire US population owns crypto, implying a substantial number of voters to contend with. The survey also suggests a relatively balanced split between the two political parties among crypto owners, with a slight preference for the conservative side. However, pro-crypto voters may be slightly less motivated to participate in elections compared to others.
Another noteworthy finding from the survey results is that the industry should not anticipate a massive influx of the general public investing in cryptocurrencies, as only 7% of non-owners intend to enter the market. However, approximately half of these individuals express greater interest if established financial institutions are involved, combined with government regulations to ensure consumer protection.
Read More: Trump is Clear Favorite Among Crypto-Owning Voters in U.S. Presidential Race: Poll