Ahead of the 2024 presidential election, a poll reveals that Trump is the frontrunner among crypto voters, highlighting the expanding political influence of cryptocurrency.
Crypto investments firm Paradigm survey indicates that U.S. voters who own cryptocurrencies appear to lean toward Republican presidential candidate Donald Trump.
Public Opinion Strategies surveyed 1000 respondents to “catch” the trends of political preferences among crypto holders ahead of the 2024 presidential election.
Crypto Holders’ Presidential Preference
According to the results of the survey, 48% of cryptocurrency owners support Donald Trump, whereas 39% support Joe Biden.
Due to the 3.5% error margin associated with this preference, the outcome may be closer than it appears.
However, with the presidential election approaching in eight months and candidates nominated for both major parties, the results of the poll indicate a remarkable feature among the crypto-savvy voters.
Additionally, the survey examines a substantial segment of the population engaging with cryptocurrencies.
A mere 7% of the respondents indicated that they possess cryptocurrency worth more than $1,000, whereas 19% have engaged in some form of cryptocurrency purchase.
This information highlights the increasing prominence of digital currencies in political discourse and urges future politicians to comprehensively understand crypto policies.
Trust Concerns and Political Alignment
The degree to which voters trust or mistrust political parties concerning cryptocurrency policy is an intriguing aspect of the survey.
Majority of the respondents (49%) expressed a lack of trust in “none” of the parties involved in effectively resolving crypto-related issues.
This sentiment is universal, as substantial segments of both Biden and Trump’s supporters harbor skepticism regarding the two parties’ stance on cryptocurrency policy.
The growing interest in Bitcoin spot ETFs further demonstrates the survey’s finding that the U.S. public is developing an appetite for cryptocurrency investments.
Meanwhile, 6% of voters who gave their consent two months before the survey have already invested in these ETFs, and another 6% have expressed intentions to do so.
Crypto’s Involvement in U.S. Election
The demographic characteristics of electors who own cryptocurrencies offer insight into a group that could potentially influence the outcomes of future elections.
Younger and non-white voters are also more likely to purchase or own cryptocurrencies in 2024, with over 40% of men aged 18 to 54 and over 30% of African Americans and Hispanics doing so, according to the poll.
In future elections, cryptocurrency policy could become a crucial concern due to the combination of this demographic shift and the growing discontent among voters regarding the current financial system.
Furthermore, there is a disparity in the proportion of college graduates holding cryptocurrencies compared to those holding postgraduate degrees, suggesting that educational attainment influences perspectives on financial systems.