A recent survey conducted by the leading crypto venture capital firm, Paradigm, provides insights into the potential impact of cryptocurrency owners on the upcoming 2024 US Presidential Election. The survey, which included 1,000 registered voters, revealed that there is significant support for former President Donald Trump within the crypto community.
The survey results showed that 48% of crypto owners plan to vote for Donald Trump, while 39% intend to vote for the current President, Joe Biden. This shift in support is interesting, especially when compared to the general voter population where Trump holds a slight lead with 45% over Biden’s 42%. It is evident that the crypto community plays a unique role in shaping the political landscape.
One of the key findings of the survey is the lack of trust among voters towards both major political parties when it comes to crypto-related matters. This sentiment was echoed by 49% of voters, with Democrats showing 40% distrust and Republicans with 30%. The Republican Party has shown a greater interest in crypto-related issues, particularly in relation to central bank digital currencies (CBDCs).
The survey suggests that crypto owners are no longer a niche group but have emerged as a significant voting bloc. With 19% of voters currently owning or using cryptocurrencies and an additional 16% expressing interest in investing in digital assets, elected officials need to take notice of this demographic. Crypto owners could potentially become a decisive swing vote in closely contested elections.
Interestingly, the survey highlighted a shift in voting allegiance among crypto owners compared to the 2020 election. While 43% of crypto owners recalled voting for Biden in 2020, the current support has shifted to Trump at 48%. This swing in support could play a decisive role in the upcoming election, especially in a closely contested race.
The report suggests that actions taken by certain agencies in the Biden Administration may have influenced the shift in voting allegiance among crypto owners. Campaigns against “unregistered securities” and concerns raised by Treasury Secretary Janet Yellen about digital assets impact on financial markets may have played a role in this changing dynamic.
The survey also revealed shifts in cryptocurrency ownership demographics, with a higher ownership rate among communities of color and younger individuals. The market frenzy surrounding spot Bitcoin ETFs has been credited with fueling the recent bull run in the crypto market. Approximately 6% of voters reported investing in crypto ETFs, with another 6% planning to do so, hinting at the growing interest in digital assets.
The Paradigm survey sheds light on the evolving role of cryptocurrency owners in shaping the political landscape of the 2024 US Presidential Election. With changing voting patterns, lack of trust in political parties, and increasing interest in digital assets, it is clear that crypto owners could play a crucial role in determining the outcome of the upcoming election. Elected officials would do well to pay attention to this emerging demographic and tailor their policies to address the concerns and interests of the crypto community.
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