Donald Trump has fans in the cryptocurrency community, with 48% of cryptocurrency holders planning to vote for the former president, while 39% plan to vote for US President Joe Biden. The figures come from a poll of 1,000 registered voters commissioned by leading cryptocurrency venture capital firm Paradigm, the results of which were released on Thursday.
The poll was conducted nationwide from February 28 to March 4 by Virginia-based Public Opinion Strategies, and found that the price of Bitcoin rose from $58,000 to $68,000, an all-time high. Recorded.
Without a cryptocurrency holdings lens, Paradigm points out that its poll mirrored numbers from other established polling firms. Among all registered voters, 45% prefer Trump and 42% support Biden.
“Americans trust neither side when it comes to cryptocurrencies,” the company said. “49% of voters trust neither party when it comes to cryptocurrencies, including 40% of Democrats and 30% of Republicans.”
Republicans have elevated cryptocurrencies higher than Democrats on their national platform thanks to the debate over central bank digital currencies (CBDCs). This is something Trump has pledged to kill if he is elected in November. Congressional Republicans’ attempt to enact a ban on CBDCs in the U.S. received another boost today after it was revealed that the Federal Reserve considers CBDCs one of its top liabilities.
Paradigm says its polls show that cryptocurrency holders are no longer a niche or fringe group.
“Cryptocurrency holders now make up a significant portion of the voting block and it is time for elected officials to take note,” the company asserts, adding that 19% of voters own or use cryptocurrency and an additional 16% own crypto. It pointed to public opinion polls showing the likelihood of owning or using currency. Invest in digital assets.
“Cryptocurrency owners themselves are a demographic vote, and if the election were to be another closely contested election, it could be decisive,” Paradigm’s analysis says.
The report notes that cryptocurrencies are an issue that may have already moved the needle compared to the last showdown between Biden and Trump.
“43% of cryptocurrency holders remember voting for President Biden in 2020, while only 39% of cryptocurrency voters remember voting for former President Trump that year,” Paradigm said. “So it appears that some of the voters that President Biden is currently losing to Trump are cryptocurrency holders. “Maybe it’s because of the actions taken by some agencies in the Biden administration.”
These measures are not specifically specified, but could include a campaign by the U.S. Securities and Exchange Commission (SEC) against the sale of ‘unregistered securities’ and a statement by U.S. Treasury Secretary Janet Yellen that digital assets pose a threat to the United States. Domestic financial market. Biden’s senior adviser also called for more regulation of cryptocurrencies.
Paradigm’s poll also shows a shift in the demographics of cryptocurrency holders.
“Cryptocurrency ownership is significantly higher among communities of color and young people,” the report notes, adding that 33% of African Americans and 32% of Hispanics “will own, trade or use cryptocurrency as of 2024.” “There is,” he said. Last year, it was 20% and 22%.
“There has been a lot of commentary about the changing electoral preferences of younger and non-white voters,” Paradigm concluded. “It’s clear that one of the things these groups are interested in is how policymakers approach cryptocurrencies.”
The poll was conducted recently enough to capture the market’s enthusiasm for the spot Bitcoin ETF, which is known to have driven the recent bull market. 6% of voters said they had invested in a cryptocurrency ETF, another 6% said they planned to do so, and 22% said they might purchase a physical Bitcoin ETF.
“Americans have taken notice of the option to purchase Bitcoin spot ETFs in droves,” the report said. “Act cryptocurrency ETFs have, as expected, proven to be a major vehicle for attracting Americans to cryptocurrencies and could eventually become a leading step in cryptocurrency ownership.”
The margin of error for this poll is 3.5%.
