Crypto Voters May Influence US Politics – Study

Cryptocurrency is no longer just a digital asset. It’s rapidly becoming a political force reshaping how Americans engage with the democratic process.

Per a recent ConsenSys report, pro-crypto policies have the potential to significantly influence voter behavior. It can also capture the attention of the growing crypto electorate.

The study reveals that crypto voters are emerging as a growing constituency with the potential to influence elections. However, it also says that these voters are pushing beyond election results to transform how governance is discussed in the United States. They have their ideals rooted in blockchain technology — such as decentralization, privacy, and financial freedom.

Key Findings of the Report

Voter Influence: Voters are 13 points more likely to consider voting outside their party. This is if a candidate supports pro-crypto policies (40% likely vs. 27% unlikely). Nearly half (49%) say it’s crucial for their candidate to back such.
Partisan Trust: There is no clear partisan advantage on crypto issues. 35% of voters trusting Republicans and 32% trust Democrats on setting crypto policies.
Trump’s Appeal: A majority of voters (56%) support Donald Trump’s pro-crypto stance, and one-third are more likely to vote for him because of it. Additionally, 41% are inclined to support down-ballot candidates who align with his views.
Harris’s Stance: Over half of voters (54%) want Kamala Harris to take a clear position on crypto. While many appreciate her opposition to restrictive SEC rules (55%), 53% say her stance won’t significantly affect their vote.

People perceive the U.S. as a global leader in crypto. However, a lack of clear regulation is leaving voters uncertain about who should be in charge.

Regulatory Confusion: Voters are split on who should regulate crypto, with the SEC and Treasury being the most preferred authorities.
Government Support: 44% believe the government is doing too little to support the crypto industry. More than half feel the same about its regulatory efforts.
Confidence Boosters: Key drivers to increase confidence in crypto include better consumer protections, more information access, simplified user experiences, clearer regulations, and enhanced transparency.

The crypto community is an emerging voter base that no political party currently dominates.

Crypto Demographics: Crypto owners tend to be younger, male, wealthier, well-educated, and multicultural, making them a high-propensity voting group.
Ownership and Growth: Currently, 19% of U.S. voters own crypto, with Bitcoin being the most popular asset (13%). One-third are likely to invest in crypto within the next year.
Investment Barriers: Concerns over risk (35%), lack of funds (29%), complexity (22%), and volatility (21%) are major barriers to further investment.
Education Gap: A lack of understanding is a significant issue, with only 17% of voters having a high knowledge of crypto, while over half report little to no understanding.

Blockchain and Crypto Voters Take Center Stage in the 2024 Presidential Campaign

Both Donald Trump and Kamala Harris have talked about blockchain and crypto at length. Trump has embraced crypto, incorporating it into his campaign, with a focus on making the U.S. a leader in the space.

He even accepted donations in Bitcoin and other cryptocurrencies and promoted crypto-friendly policies, such as supporting Bitcoin mining and opposing Central Bank Digital Currencies (CBDCs).

He has also launched his own crypto project, World Liberty Financial, aiming to attract more crypto-focused voters, particularly among younger demographics.

Meanwhile, in a recent address, Harris stated she will recommit this nation to global leadership in the industries that will shape the 21st century. “We will invest heavily in biomanufacturing, and aerospace, maintain our edge in AI and quantum computing, and harness the potential of blockchain and other emerging technologies,” she said.

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Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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