Regulation News

US Cryptocurrency Enthusiasts Lean Towards Trump

A survey by Paradigm suggests that cryptocurrency ownership has little correlation with political affiliation but could still shape its own voting bloc. Published on March 14 by investment firm Paradigm, the survey highlights that a larger portion of Democratic voters in the United States owns digital currencies compared to Republicans, despite the partisan stance in Congressional halls. Paradigm found that overall, 19% of registered voters in the U.S. hold cryptocurrencies, with Democrats at 19%, Republicans at 18%, and Independents at 24%, yet only 7% of voters own more than $1000 in crypto, while 32% hold stocks. Despite these figures, Paradigm notes that one-fifth of the country is not a specific subgroup.

Former U.S. President Donald Trump leads among digital currency owners with 48% support, compared to current President Joe Biden’s 13%, with the remaining voters undecided. This marks a significant shift from the last presidential election, where 43% of crypto owners voted for Biden and 39% for Trump. Surveys conclude that crypto holders are a volatile voter demographic, potentially decisive in a close race.

However, 49% of all voters and 45% from both parties distrust both sides in the crypto debate. Ownership is highest among men aged 18 to 54 at 40%, with African American and Hispanic Americans owning crypto above the national average, at 33% and 32%, respectively. Digital currency trading or usage is expected to rise in 2024, from 20% and 22% last year, respectively.

The survey also revealed that since the Securities and Exchange Commission approved Bitcoin on January 10, 6% of U.S. voters have invested in it, with another 6% planning to do so, and 22% considering investment. Following the withdrawal of crypto-supportive Republican candidates Ron DeSantis and Vivek Ramaswamy from the primary race, only Democrats Robert F. Kennedy Jr. and Dean Phillips remain as crypto supporters, though neither is considered a viable candidate.

Trump has claimed he was not a fan of cryptocurrencies during his presidency and continues to speak on the subject, having made millions from selling non-fungible tokens since leaving office. Notably, many of his branded sneaker pairs were purchased with digital currency, marking a shift in his position on March 11, widely regarded as a change in stance. However, observers remain skeptical of Trump’s loyalty to crypto.

This survey, conducted between February 28 and March 4 with 1,000 respondents, has a margin of error of 3.5%.

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