Crypto Influence On 2024 US Presidential Election Bigger Than Expected, Survey Finds
Understanding the 26 Million Strong Crypto Voting Bloc
The term “crypto voting bloc” represents a significant group of voters across the United States who prioritize digital assets in their political decision-making process. This group, comprising both Republicans and Democrats, is increasingly inclined to back candidates who adopt pro-crypto stances.
According to a survey conducted by The Digital Chamber, a pro-crypto trade organization, approximately 16% of the 1,004 respondents, which equates to one in seven individuals, indicated that digital assets would significantly influence their voting choices. This data highlights a notable shift in voter priorities as digital currencies become more mainstream.
Interestingly, the survey also revealed that a quarter of Democratic voters and 21% of Republican voters are inclined towards choosing a pro-crypto presidential candidate. This finding challenges the commonly held belief that digital asset regulations are predominantly a concern for Republican voters.
From a demographic perspective, nearly 40% of Black voters consider digital assets to be “extremely important” or “very important” when deciding on their candidate in the upcoming November 2024 elections. In contrast, only 13% of white voters and 22% of Asian voters shared this sentiment, indicating varying levels of interest across different communities.
Perception Gaps and Political Priorities
The survey also unveiled perception gaps among voters concerning the candidates’ stance on digital assets. For instance, supporters of Kamala Harris perceive her as more supportive of digital assets compared to Donald Trump. Conversely, Trump’s supporters believe he has a stronger pro-crypto stance than Harris.
Furthermore, the survey highlighted that 34% of both Democratic and Republican voters feel that the crypto industry should be at least a “medium” priority for the president and Congress. Moreover, 32% of Democratic and 27% of Republican voters think cryptocurrency should be a “very high” or “high” priority for the upcoming administration.
Perianne Boring, founder and CEO of the Digital Chamber, emphasized the importance of these findings, stating, “Voters are sending a clear message – they want smart, balanced regulation that protects consumers without stifling innovation. Embracing a pro-crypto stance is a powerful opportunity for candidates to connect with this rapidly growing base.”
Interestingly, the survey also found a correlation between familiarity with digital assets and positive sentiment towards them. Americans who are more knowledgeable about cryptocurrencies tend to trust government officials more, highlighting the educational aspect in shaping public opinion on digital currencies.
Harris and Trump’s Promises for Positive Crypto Regulations
As the electoral landscape evolves, both presidential candidates are striving to secure and expand support from the crypto voting bloc. This demographic’s influence is undeniable, and candidates are keen to align their strategies accordingly.
Alex Thorn from Galaxy Research recently noted that the digital assets industry might see favorable policies under Kamala Harris, as she could be “more supportive” than the current administration. The Biden administration has faced criticism for allegedly hindering the growth of the digital asset sector through stringent regulations.
Meanwhile, a report by Bernstein speculated that Bitcoin (BTC) could soar to values between $80,000 and $90,000 if Trump wins the presidency. The firm also highlighted the crypto community’s desire for Harris to adopt a clearer stance on the emerging asset class.
In recent developments, a filing with the Federal Election Commission revealed that Trump received approximately $7.5 million in donations made in BTC, Ethereum (ETH), and XRP since early June. This financial support underscores the growing importance of cryptocurrency in political campaigns and fundraising efforts.
