Key takeaways
- Half of American voters support pro-cryptocurrency policies, according to a new survey from Consensys and HarrisX.
- Cryptocurrency owners are very likely to vote, with 92% indicating their intention to participate in the elections.
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a new study from Consensys and HarrisX reveals that pro-cryptocurrency policies could influence a significant portion of voters in the 2024 US presidential election, with neither party currently having a decisive advantage on the issue. The survey highlights the growing importance of cryptocurrencies as an electoral issue and the potential for candidates to gain an advantage by taking clear and supportive stances.
Key findings show that while Republicans have a slight advantage in perceived cryptocurrency compatibility, Democrats stand to gain more from voters of all parties attracted to pro-cryptocurrency policies. With close races expected in several swing states, the crypto voting bloc could prove crucial in determining the outcome.
Cryptocurrencies as a voting issue
The survey found that 49% of voters nationwide consider cryptocurrencies to be an important issue when evaluating candidates. This figure jumps to 85% among cryptocurrency owners, who also report a high probability of voting (92%), making them a potentially influential voting bloc.
Importantly, voters are willing to cross partisan lines based on crypto policies. The survey reveals that voters are +13 points more likely to consider voting for a candidate outside their preferred party if they support their preferred pro-cryptocurrency policies. This willingness to switch parties is even more pronounced among cryptocurrency owners, who are +58 points more likely to do so.
Partisan perceptions and positions of the candidates
While Donald Trump's public pro-crypto policies have 56% support and Kamala Harris' hypothetical position Opposing restrictive SEC rules garnered 55% support, neither side has established a clear advantage as the pro-cryptocurrency option. Voters are almost evenly divided on which party they trust most to set crypto policies, with 35% favoring Republicans and 32% favoring Democrats.
The poll highlights a desire for greater clarity from the candidates, particularly Vice President Harris. 54% of voters highlighted the importance of Harris clarifying her political positions on cryptocurrencies. This suggests an opportunity for candidates to differentiate themselves and potentially gain support by articulating clear and supportive crypto policies.
Oscillation State Dynamics
Results from the state-focused survey reveal nuanced dynamics in key battleground states. In Pennsylvania, Michigan, Wisconsin, and Texas, voters showed a slight preference for the Republican Party when setting crypto policies. However, in every state except Texas, Democratic candidates were able to win more voters across parties by taking pro-cryptocurrency stances.
For example, in Pennsylvania, 38% of voters trust Republicans on crypto policies, compared to 36% of Democrats. However, Democratic Senate candidate Bob Casey Jr. could see a net gain of +11 points in support by adopting pro-crypto policies, compared to a +4 point gain for his Republican opponent David McCormick.
Similar trends were observed in Michigan and Wisconsin, underscoring the potential impact of crypto policies in these crucial swing states.
Voter priorities and concerns
The survey also shed light on what voters want to see in terms of cryptocurrency policy and regulation. Better consumer protection, clearer regulations and greater transparency in operations are among the main factors that would make voters more confident when investing in cryptocurrencies.
Interestingly, voters across party lines cited the perception of cryptocurrencies as “too risky” as the top barrier to investment. This was followed by lack of funds to invest and the complexity of cryptocurrencies as other major obstacles.
The need for crypto education
The survey revealed a significant need for education about cryptocurrencies. Only 17% of voters reported a high level of understanding of cryptocurrencies, and more than half reported their understanding was low or no. Even more surprising is that less than 1 in 10 voters could correctly match different crypto terms to their definitions in a knowledge test. There is also the factor of electoral disinformation campaigns of bad actors, which Crypto Briefing has covered before.
This lack of understanding likely contributes to the mixed emotions surrounding cryptocurrencies. While curiosity was high among many groups, skepticism and confusion were the most common emotions associated with cryptocurrencies across most voter segments.
Implications for candidates and parties
The survey results suggest that candidates and parties have the opportunity to attract voters by adopting clear and supportive crypto policies. Since neither party currently has a decisive advantage on this issue, there is room for candidates to differentiate themselves and potentially influence crucial votes in close races.
Dritan Nesho, founder and CEO of HarrisX, emphasized the potential impact of crypto voters.
“It is not surprising that this bloc of voters, which is at stake for either presidential campaign, could tip the balance in an election that increasingly appears likely to be decided by a narrow margin,” Nesho said.
Joe Lubin, CEO and founder of Consensys, highlighted the bipartisan nature of crypto issues and the desire for regulatory clarity.
“There is a myth that the crypto sector does not want regulation, but that is simply not true. “The results of this poll show that cryptocurrencies are a bipartisan issue, and voters are also asking for clarity and a pro-cryptocurrency stance,” Lubin said.
As the 2024 election approaches, candidates who can effectively address voter concerns about crypto risks, provide clear policy positions, and demonstrate an understanding of the technology may find themselves with a crucial advantage in what promises to be a race. close
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