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Crypto Enthusiasts Could Tip Scales in 2024 US Election, Poll Reveals

Last Updated January 6, 2024 11:12 AM
Giuseppe Ciccomascolo
Last Updated January 6, 2024 11:12 AM
Key Takeaways
  • A national Crypto Council poll shows unusual ticket-splitting between the presidential ballot and Congress.
  • Nearly 50% of crypto voters believe their access to financial products is “fair” or “poor”.
  •  The poll shows both parties can gain from addressing crypto.

A new poll suggests that crypto enthusiasts could play a pivotal role in the 2024 US presidential election, with a significant portion of them indicating their willingness to vote based on candidates’ stance on cryptocurrencies.

The poll, conducted by the Crypto Council for Innovation , found that one in seven voters own cryptocurrency with support across party lines. A majority thinks crypto has unrealized potential and can be an access point for those historically excluded from the financial system. However, all agree there needs to be regulation.

Crypto Voters Care About Inflation And Employment

Similar to the broader electorate, crypto voters are predominantly focused on economic issues. Exactly half of them (50%) consider these as the most crucial matters for the President and Congress. This included 31% concerned about inflation and the cost of living, with 19% prioritizing the economy and jobs. Other issues from the provided list garner single-digit interest.

Notably, 78% of crypto voters stress the importance of both Congress and the White House addressing cryptocurrency issues. This bipartisan sentiment is particularly evident, with 85% of Democrats and 74% of Republicans highlighting the significance of government involvement in cryptocurrency matters.

In terms of sentiment, nearly 90% of crypto voters harbor a favorable impression of cryptocurrency, with only 9% holding an unfavorable view. The majority of these voters express support for proposals that provide clarity, enabling Americans to invest securely and reliably.

The Role Of Disparities In Financial Service Accessibility

Assessing the financial condition of the United States, just 28% of crypto voters rate it as “excellent” or “good”. Another 27% deems it “fair” and 44% labels it as “poor.”

Regarding their current access to financial products and services, 53% of crypto voters perceive it as “excellent” or “good”. 47% of them say it is “fair” or “poor,” indicating ongoing disparities in access within the U.S. financial system.

In acknowledging these dynamics, Sheila Warren, CEO of the Crypto Council for Innovation, said: “Our research illuminates why a significant portion of the population feels left behind by traditional financial systems. By embracing digital assets as not just an inevitable but also a helpful tool, we’re paving the way for economic participation for those historically underserved, ensuring everyone ultimately has a fair chance to thrive in the global digital economy.”

Income and education levels exhibit a strong correlation. In fact, 78% of crypto voters in households earning over $100,000 annually rate their access as “excellent” or “good”. This compares to 45% in the $50,000-$100,000 bracket and only 34% in households earning less than $50,000. The educational divide is evident, as 69% of college graduate crypto voters report excellent or good access. This is in contrast with fewer than 40% of those without a college degree.

Notably, a significant 86% of polled crypto voters express openness to using cryptocurrency for obtaining financial products and services, with 47% indicating a strong inclination toward this prospect.

Who Would Crypto Voters Prefer In A Head-To-Head Clash?

Senator Cory Gardner, Political Advisor for the Crypto Council for Innovation, said: “This latest poll confirms what our very first poll  showed. Crypto voters are here to stay and are sending a clear message: they want Congress to prioritize cryptocurrency regulation. This issue could be the deciding factor in tight races, offering a unique opportunity for any party ready to earn their trust.”

Despite being more inclined to support a generic Democratic candidate for Congress over a Republican by a 4-point margin, crypto owners exhibit a noteworthy trend of favoring Donald Trump over Joe Biden in a head-to-head matchup, with a substantial 10-point lead. This underscores a significant level of ticket-splitting within this demographic.

 

Brett Quick, Head of Government Affairs for the Crypto Council for Innovation, said: “Crypto voters are not just a niche group; they’re a diverse and influential group that could shape the 2024 election landscape. This underscores the need for nuanced, informed policy-making, since these priorities could very well tip the scales in closely contested races.”

Cryptocurrency issues are poised to wield substantial influence on the choices made by crypto voters in the 2024 ballot. A resounding 80% of crypto voters emphasize the importance of a candidate’s stance on cryptocurrency in their voting decision.

When presented with two candidate positions on cryptocurrency, an overwhelming 83% supermajority of crypto voters express a preference for a candidate advocating the formulation of clear rules for cryptocurrency. This approach, aimed at facilitating investor choices and fostering industry growth to generate employment, resonates strongly with the crypto electorate.

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