Cryptocurrency Emerges as Key Issue in Upcoming U.S. Presidential Elections: Grayscale Survey
Summary:
As the upcoming US Presidential Elections loom, cryptocurrency's role proves to be pivotal, according to a new survey sponsored by Grayscale. Conducted by Harris Poll, the survey underlines voters' increasing interest in candidates' positions on cryptocurrency. Shifting stances from figures such as former President Trump indicate the growing political significance of the crypto world. Around three-quarters of respondents believe presidential candidates should be well-versed in technologies like crypto and AI, and one-third say crypto stance will affect their voting decision. A vast majority of participants are aware of Bitcoin, with 17% having invested in it. The survey highlights increased investment in crypto among Gen Z and Millennials, particularly in the face of inflation.
As the United States Presidential Elections scheduled for November approach, cryptocurrency is shaping up to be a significant issue. Grayscale, a crypto asset manager, has funded an insightful study exploring US voters' views on cryptocurrency and its political implications in light of the impending elections. Polling firm Harris Poll gathered the survey data for Grayscale from November 27 to 29, 2023, encompassing 1,759 potential voters aged 18 and above. The results underline cryptocurrency's escalating significance to US voters.
Former President Donald Trump's changing attitudes toward crypto underscore its influence this election season. Having initially criticized Bitcoin (BTC) during his presidency, Trump now openly backs Bitcoin and various other crypto-linked activities. Meanwhile, other candidates, including the Biden government and Robert F. Kennedy Jr., have displayed a notable change in their policies, endorsing cryptocurrency.
The survey indicated that 73% of respondents deem it crucial for presidential aspirants to possess an informed understanding of progressive technologies such as cryptocurrency and artificial intelligence (AI). Furthermore, one-third of US voters acknowledged that a candidate's stance on crypto would affect their vote.
The survey found that 98% of participants had heard of Bitcoin, while Ether (ETH) was known to a significant portion of respondents, with less than half (46%) stating they had not heard of it. A considerable 17% of voters professed to have invested in Bitcoin - a percentage almost as high as bondholders and significantly more than those holding exchange-traded funds (ETFs).
Seven out of ten participants admitted having made investments, and roughly one in five (19%) revealed they own cryptocurrencies. This percentage is particularly high among male respondents (23%), Black and Hispanic voters (26% and 32%, respectively), and the younger voting demographic (31% of Gen Z). Many respondents cited inflation as a key factor piquing their interest in cryptocurrency. Additionally, 40% of investors envisage including crypto in their future portfolios.
As per the survey, the younger generations, namely Gen Z and Millennials, are more likely to invest in cryptocurrency over traditional assets such as stocks and bonds. The data showed that 31% of Gen Z and 35% of Millennials have invested in cryptocurrency.
Published At
5/28/2024 3:41:48 PM
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