According to a fresh survey funded by Bitcoin BTC/USD ETF issuer Grayscale, one in three U.S. voters has indicated that a political candidate’s stance on cryptocurrencies will influence their voting decision in the 2024 elections.
What Happened: Experts say that a large number of people in the crypto community right now are scared of Biden staying in office, primarily because of his hostile stance toward the crypto industry as a whole.
The Harris Poll surveyed over 1,700 likely U.S. voters and found that 77% believe a presidential candidate should possess an informed perspective on digital assets.
The poll also showed voters are evenly divided on which political party is more adept at handling digital asset issues, reflecting increasing bipartisan interest.
The survey revealed a growing belief that cryptocurrencies will eventually be part of investment portfolios, with 47% of respondents expecting to include crypto in their investments.
Zach Pandl, Grayscale's head of research, noted, “Likely American voters from across the political spectrum indicate a heightened interest in investing in crypto assets and in supporting candidates well-versed in the emerging technologies.”
Awareness of cryptocurrencies remains high, with 98% of respondents having heard of Bitcoin, and a significant portion familiar with Ethereum’s Ether CRYPTO: (ETH).
Specifically, 54% were aware of Ethereum, and 17% of voters reported investing in Bitcoin, a figure nearly on par with those holding bonds and higher than those investing in exchange-traded funds (ETFs).
The introduction of Ether ETFs, which recently gained preliminary SEC approval, could further influence investor interest, with 24% of respondents indicating that such options would make them more inclined to invest.
Furthermore, 44% of voters believe that “crypto and blockchain technology are the future of finance,” an increase of four percentage points from last year.
However, there is also a strong desire for government oversight, with 52% of respondents more likely to invest in digital assets if there were more regulation.
Also Read: Argentina Seeks Guidance From El Salvador On Bitcoin Adoption
Why It Matters: The poll’s findings highlight the increasing importance of cryptocurrency positions in political campaigns, a sentiment echoed by industry experts.
Phillip Shoemaker, executive director of Identity.com, commented on the crypto community’s apprehension towards President Biden’s stance on digital assets.
“A large number of people in the crypto community right now are scared of Biden staying in office, primarily because of his hostile stance toward the crypto industry as a whole,” he said.
Shoemaker noted that many in the crypto space are one-issue voters, swayed by Trump’s positive rhetoric towards the industry.
Similarly, Stephanie Vaughan, co-founder at Veda, observed that many in the digital asset community might vote for Trump or consider third-party candidates due to Biden’s tough regulatory approach.
“In the last election, there were likely many crypto-adjacent voters who voted for Biden because it wasn't clear back then that he would take such a tough approach against the industry,” she explained.
Vaughan emphasized that a pro-crypto candidate could have beneficial effects on regulation and legislation both in the U.S. and internationally.
What Happened: These insights come ahead of Benzinga’s Future of Digital Assets event on Nov. 19, where industry leaders will delve into the latest developments and future trends in the digital asset space.
This event promises to offer valuable perspectives on how these political and regulatory shifts could shape the future of cryptocurrencies and blockchain technology.
Read Next: Where Is Ethereum’s Price Headed 5 Days After The ETF Approval?
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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