Cryptocurrencies are gaining traction among US voters as the November presidential election approaches. A survey commissioned by Grayscale highlights this growing interest.
According to the survey, conducted among 1,768 Americans, 41% of respondents are keeping up with developments in the crypto industry, and 47% plan to include cryptocurrencies in their investment portfolios. This is an increase from a similar survey in November 2023, where 34% of respondents were following cryptocurrency news, and 40% planned to invest in it. The study attributes Bitcoin’s increasing relevance to “macro dynamics and its own maturity.”
The survey also revealed concerns about the lack of regulation for digital assets. 77% of respondents believe that presidential candidates should have a solid understanding of cryptocurrency, and 53% are willing to vote for a candidate who is knowledgeable about the field.
The report noted minimal differences in cryptocurrency views between Democrats and Republicans, with around 65% of both parties viewing Bitcoin positively. However, half of independent voters remain undecided on their stance toward cryptocurrency.
Election Context
The upcoming US presidential election has prompted a shift in attitudes towards cryptocurrencies among prominent politicians. Experts suggest that the SEC’s swift approval of Ethereum ETFs is a strategic move by the Democratic Party to attract crypto community votes.
Zach Pandl, Grayscale’s head of research, remarked that recent votes in the US House of Representatives and Senate show that cryptocurrency has become a significant bipartisan issue. “The data speaks for itself,” he said. “Both Democrats and Republicans increasingly recognize the influence of cryptocurrency, and neither can afford to ignore the topic.”
Donald Trump’s campaign is actively leveraging the cryptocurrency theme, announcing plans to accept crypto donations and urging supporters who favor digital currencies to vote for him.
Matthew Siegel, head of digital assets analytics at VanEck, suggested in March that the upcoming election could significantly impact the cryptocurrency industry. He believes that a change in leadership could benefit the sector.
Polls from March indicated that nearly half of US cryptocurrency holders were ready to vote for Trump. On the Polymarket crypto platform, bettors placed over $140 million on the election outcome, with more than half betting on a Trump victory.
Grayscale experts argue that the US is at a crossroads: the two leading candidates have differing views on macroeconomics, government debt, and inflation, each influencing the US dollar and Bitcoin differently.
As the 2024 elections draw near, the growing interest in digital assets among voters underscores the importance of the next government’s approach to cryptocurrency. Grayscale highlights that understanding the stance of younger voters is crucial, as 62% of Gen Z and Millennial voters view cryptocurrencies and blockchain technology as the future of the financial system. This demographic is key for candidates from both parties.
