More Democrats Own Crypto Than Republicans; Voters Distrust Both Parties' Crypto Policies: Paradigm Survey
Summary:
The survey by Paradigm indicates more US Democrats own cryptocurrencies than Republicans, representing 19% of registered voters. Among crypto users, Donald Trump has more support than Joe Biden. However, neither party is trusted to handle cryptocurrencies appropriately. The survey also showed an increase in crypto ownership among African Americans and Hispanics. While Trump has criticized crypto in the past, his recent earnings through non-fungible tokens suggest a potential shift in his stance.
Based on a recent survey by investing company Paradigm, more American Democrats own digital currencies than Republicans, underscoring the politicization within Congress's corridors. Despite this, neither political party has won voters' faith in managing cryptocurrencies. The study, conducted on March 14, showed 19% of all registered voters possess cryptocurrencies, with the figure distributed as 19% Democrats, 18% Republicans, and 24% Independents. However, only 7% hold over $1,000 worth of crypto, while 32% have stock investments. Nonetheless, Paradigm highlights that one-fifth of the US isn't a niche group.
Former President Donald Trump proved popular among voters owning crypto, with a 48% backing, juxtaposed to a 39% support for incumbent President Biden. The remaining 13% were uncommitted, marking a considerable shift from the previous election when 43% of crypto users voted for Biden and 39% for Trump. This shows that cryptocurrency owners could significantly influence a closely-contested election, acting as a swing vote demographic.
However, neither party convinces crypto-wise, as 49% of all voters (including 45% of both parties' members) state that neither Democrats nor Republicans are reliable in handling digital currency.
In terms of demographic groups, men between 18 and 54 years dominate cryptocurrency ownership at 40%. Compared to the average, crypto usage is higher among African American and Hispanic communities, with usage rates in 2024 projected at 33% and 32%, respectively, up from 20% and 22% in 2023.
Post the acceptance of Bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission on January 10, 6% of voters have invested in them, with another 6% planning to, and an additional 22% contemplating their investment.
With the withdrawal of pro-crypto Republican candidates Ron DeSantis and Vivek Ramaswamy, the burden of cryptocurrency advocacy has shifted to independent Robert F. Kennedy, Jr. and Democrat Dean Phillips. However, these candidates are not considered strong contenders.
Despite having expressed his disapproval of cryptocurrencies during his tenure and after stepping down, Donald Trump managed to make significant revenue through non-fungible tokens (NFTs). There was acknowledgment from Trump about his branded shoes being procured with cryptocurrencies, leading many to view this as a potential shift in his stance during his March 11 interview. However, skepticism continues to prevail regarding Trump's true stance on cryptocurrencies.
With 1,000 respondents, the survey was carried out between February 28 and March 4, and has a margin of error of 3.5%.
Published At
3/14/2024 10:40:00 PM
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