Crypto Savvy Essential for US Presidential Hopefuls: Survey

Cryptocurrency is poised to be a critical issue in the upcoming United States Presidential elections set for November. A fresh survey, commissioned by crypto asset manager Grayscale, has offered significant insights into how American voters view cryptocurrency in the context of the approaching elections and its broader political importance. The survey was executed by Harris Poll on Grayscale’s behalf between November 27 and 29, 2023, targeting 1,759 individuals aged 18 and above who are planning to vote.

The findings underscored that cryptocurrency is gaining traction in voters’ minds. The increasing emphasis on crypto can be observed in former President Donald Trump’s change of heart. Although he was a vehement critic of Bitcoin during his presidency, he has now shifted to endorsing it and backing various crypto-related initiatives. Concurrently, the Biden administration has also altered its stance to be more favorable towards cryptocurrency. Other presidential candidates, including Robert F. Kennedy Jr., have also shown their support for the digital currency world.

The survey pointed out that a substantial 73% of participants believe presidential candidates need to possess an informed perspective on emerging technologies like cryptocurrency and artificial intelligence (AI). About one in three voters indicated they would consider a political candidate’s stance on cryptocurrencies before casting their vote. Nearly all respondents (98%) were aware of Bitcoin, and a notable portion mentioned Ether, with 46% expressing unfamiliarity with it.

In terms of investment behavior, a little over 17% of surveyed voters reported having invested in Bitcoin, which is close to the number who own bonds and significantly higher than those invested in exchange-traded funds (ETFs). Seven-tenths of the participants claimed to be investors, with almost one in five (19%) holding cryptocurrency. This figure is particularly pronounced among specific demographics, including men (23%), Black and Hispanic voters (26% and 32%, respectively), and younger voters (31% of Generation Z).

Inflation appears to be a driving force behind the increased interest in cryptocurrency, as it has made many people consider digital assets as a hedge. 40% of those invested noted that they plan to incorporate more cryptocurrency into their future investment portfolios.

The data also revealed generational differences in investment preferences. Both Generation Z and Millennials are more inclined towards investing in cryptocurrency compared to traditional assets like stocks and bonds. Specifically, 31% of Gen Z and 35% of Millennials have ventured into cryptocurrency investments. This behavior underscores the broader acceptance and enthusiasm for digital currencies among younger voters.

Given these revelations, it is apparent that cryptocurrency will play a pivotal role in the forthcoming elections, as voters are clearly interested in where candidates stand on this issue. The shifting perspectives of political figures and the broader public towards digital currencies suggest that this technology might not only influence election outcomes but also shape future economic policies.

Candidates in the upcoming election will need to articulate clear and informed policies on cryptocurrency to capture the interest and votes of a technologically savvy and economically concerned electorate. As this evolving landscape unfolds, it will be crucial to observe how these digital assets continue to weave into the fabric of political and economic discussions in the United States.

Both the political narratives and voter priorities are likely to reflect this significant shift, emphasizing the growing importance of cryptocurrency in shaping the future direction of the nation.