A recent survey conducted by leading crypto venture capital firm Paradigm reveals that Donald Trump’s poll numbers for the 2024 US Presidential Election enjoy significant support from the crypto community.
The survey, which included 1,000 registered voters, found that 48% of crypto owners plan to vote for the former president, while 39% intend to vote for current U.S. President Joe Biden.
The latest polls for the US election, conducted by Virginia-based Public Opinion Strategies between February 28 and March 4, coincided with a period of Bitcoin’s price surge from $58,000 to an all-time high of $68,000.
However, when viewed without a crypto-focused lens, the latest poll results closely mirror those of other established polling firms.
Among all registered voters, 45% favored Trump, while 42% supported Biden.
Crypto Voters Remain Skeptical of Both Major Parties Despite Trump Poll Numbers
Interestingly, the poll numbers also highlighted a lack of trust among voters toward both major political parties regarding crypto-related matters.
According to Paradigm, 49% of voters expressed distrust in both parties when it comes to crypto, including 40% of Democrats and 30% of Republicans.
The Republican Party has shown more interest in crypto-related issues, particularly in relation to central bank digital currencies (CBDCs).
Specifically, one reason Trump’s poll numbers for the 2024 presidential election are better is that the former president has vowed to eliminate CBDCs if re-elected, and congressional Republicans have attempted to ban a U.S. CBDC.
The possibility of such a ban has gained traction recently, with the revelation that the Federal Reserve considers CBDCs among its top responsibilities.
Paradigm’s poll also emphasizes that crypto holders are no longer a niche or fringe group but have emerged as a significant voting bloc.
The survey revealed that 19% of voters currently own or use cryptocurrencies, with an additional 16% expressing interest in investing in digital assets.
The report suggests that elected officials should take notice of this demographic, as crypto owners could potentially become a decisive swing vote in closely contested elections.
The poll’s analysis indicates that crypto could have influenced voting patterns compared to the 2020 election between Biden and Trump.
Now for something surprising: crypto voters leaned to Biden in 2020 but now lean Trump.
Among crypto owners, 43% recall voting for Biden in 2020 and 39% recall voting for Trump. Now crypto owners support Trump 48-39.
In a close election, this swing could be decisive. pic.twitter.com/SusAdEW2pJ
— Justin Slaughter (@JBSDC) March 14, 2024
Among the crypto community, 43% recalled voting for President Biden in 2020, while only 39% remembered voting for former President Trump.
This suggests that some crypto owners who voted for Biden in the previous election may have switched allegiance due to actions taken by certain agencies in the Biden Administration.
The report does not specify these actions but suggests that campaigns against “unregistered securities” and concerns voiced by Treasury Secretary Janet Yellen about digital assets’ impact on financial markets may have played a role.
People of Color and Younger Individuals More Likely to Own Crypto
The poll also revealed shifts in cryptocurrency ownership demographics.
Ownership of crypto is higher among communities of color and younger individuals.
The report notes that 33% of African Americans and 32% of Hispanics currently own or have traded cryptocurrencies in 2024, compared to 20% and 22%, respectively, in the previous year.
Paradigm concludes that the preferences of young and nonwhite voters are shifting, with the approach of policymakers toward crypto being one of their concerns.
The poll captured the market frenzy surrounding spot Bitcoin ETFs, which have been credited with fueling the recent bull run.
Approximately 6% of voters reported investing in crypto ETFs, with another 6% planning to do so.
An additional 22% expressed the possibility of buying into a spot Bitcoin ETF.
The margin of error for the poll is 3.5%, indicating a reasonable level of confidence in the results.
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