Cryptocurrencies are still seen as very risky by many in the more established financial worlds, but younger people are much more curious about the new asset class, which is starting to change the political landscape.
A recent poll by the Crypto Council for Innovation (CCI) found that a candidate’s position on crypto is starting to affect how their constituents feel about them, and it could affect the results of elections, starting with the upcoming midterm elections in the US.
The CCI said, “Many elections are likely to be decided by small margins, and new numbers show that the crypto community has a chance to be heard in statehouses and Congress.” “1 in 7 people who have crypto say they are ready to vote for candidates who support crypto.”
And the results didn’t just come from “red” or “blue” states; voters from both sides of the political spectrum think that cryptos have more to offer society.
The report said, “Almost 1 in 2 people on both sides of the aisle say crypto is a long-term part of the economy.” “A clear majority agrees with what the industry has been asking for: rules of the road that protect customers and encourage new ideas.”
The CCI also said that almost three out of four people who own cryptocurrency think it is the future of money. More than half of African Americans and Hispanics who answered the survey “like crypto and credit unions better than banks.”
Between October 8 and 10, the CCI asked 1,208 people what they thought about crypto and the upcoming elections. More than the average number of Independents (17%), Hispanic Americans (18%), African Americans (18%), and young voters (20%) owned crypto.
The number of people who own cryptocurrency (13% of respondents) is about the same as the number of people who own stocks (16%) or mutual funds (12%), and they are much more popular than bonds (5%). People under 45 are most likely to invest in cryptocurrencies.
When asked where they liked to get their financial news, 36% of respondents said social media, while 31% said traditional news outlets. This shows that there are changes in how people from different generations think and act.
The number of people who want cryptos to be properly regulated keeps going up. 45% of respondents said they “want legislators to treat crypto as a serious and valid part of the economy,” and 52% said crypto needs more regulation.
Changes in saving for retirement
In a separate study, Charles Schwab found that young investors in the US are choosing cryptocurrency over traditional 401(k)s more and more to save for retirement. The survey found that 37% of Gen Z workers and 54% of millennials got their first experience with investing through a 401(k), while both Gen X and baby boomers got their first experience through a 401(k).
Younger investors were more likely than older investors to also invest in crypto, real estate, annuities, and small businesses. In fact, 11% of Gen Z workers said that crypto was their first investment. This group is also growing in terms of the number of people (22%) who started investing through a mobile app.
32% of people who answered the survey said they wished they could invest in cryptocurrency through their 401(k), including 46% of Gen Z and 45% of millennials.
As the use of cryptocurrencies, especially by younger people, continues to grow, politicians would be smart to pay attention to the changing landscape and find ways to connect with a voting base that could be a force for change in the coming decades.
