According to a recent poll conducted by The Digital Chamber, a crypto advocacy organization, candidates’ views on cryptocurrencies are becoming a more important factor in American voters’ voting decisions. This data suggests that cryptocurrencies could have a strong influence on the 2024 White House race, even more so than political observers previously predicted.
Cryptocurrency Voters: A Significant Force
A key takeaway from the poll is the emergence of a “cryptocurrency voting bloc,” comprising about 26 million voters from both major parties – Democrats and Republicans. These voters place a high value on their digital assets and tend to strongly support candidates with positive views on cryptocurrencies and related policies.
Of the 1,004 people surveyed, 16% – or 1 in 7 – believe a candidate’s stance on cryptocurrencies will play a major role in their voting decision, suggesting that crypto-related policies are no longer a fringe issue, but are becoming a central factor that could influence millions of votes.
Cryptocurrency Crosses Party Lines
Another notable finding from the poll is the broad support for pro-cryptocurrency candidates from both parties. Specifically, 25% of Democrats and 21% of Republicans said they would support a president with a positive stance on cryptocurrencies. This challenges the stereotype that Republicans are more concerned about issues related to digital assets.
Differences in Voter Demographics
The survey also revealed a sharp divide in views on cryptocurrencies across different demographic groups. For example, 40% of black voters said digital assets were “extremely important” or “very important” to them, and that this would influence their vote in the 2024 election. Meanwhile, only 13% of white voters and 22% of Asian voters shared the same views, suggesting a large difference in interest in cryptocurrencies across ethnic groups.
Comparing Views Between Candidates
The poll also revealed differences in opinion among the potential candidates. Supporters of Vice President Kamala Harris believe she has a more positive view of cryptocurrency use than former President Donald Trump. Conversely, Trump supporters believe he is more friendly to cryptocurrency than Harris. This paints a mixed picture of how the candidates are viewed in the crypto community.
Notably, 34% of voters from both parties believe that cryptocurrencies should be considered a moderately important factor in presidential and congressional decisions. Meanwhile, 32% of Democrats and 27% of Republicans say that cryptocurrencies should be considered a high or very high priority for the next administration.
Message From Voters: Cryptocurrencies Need Fair Treatment
According to Perianne Boring, founder and president of The Digital Chamber, the message from voters is clear: “Consumers want a regulatory balance where they can enjoy the opportunities offered by cryptocurrencies without unnecessary regulatory burdens.” She emphasized that supporting cryptocurrencies could be a unique opportunity for candidates to reach a new and rapidly growing group of voters.
Impact on the Cryptocurrency Market
The poll also found that those who are knowledgeable about cryptocurrencies tend to have a more positive view of digital assets and government. Recently, Alex Thorn of Galaxy Research predicted that if Kamala Harris is elected, the digital asset industry could flourish as she is likely to be “more open” to crypto-related issues than current President Joe Biden.
On the other hand, a report from Bernstein predicts that if Donald Trump is re-elected, the price of Bitcoin could skyrocket to between $80,000 and $90,000, thanks to his crypto-friendly policies. The report also highlights the importance of Harris clarifying his stance on the asset class before the election.
Cryptocurrency in Campaigning
Trump has also raised about $7.5 million in donations in cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and XRP since June, according to FEC filings. At press time, Bitcoin was trading at $68,807, up 1.9% over the past 24 hours.
The 2024 presidential election is shaping up to be a fierce battle not only over economic and foreign policy, but also over how the candidates deal with the future of cryptocurrencies — a factor that could decide the outcome of this highly anticipated election.
