Trump’s Popularity Among Crypto Community Grows Ahead of US Presidential Election
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 Donald Trump
- 39% intend to vote for current US President Joe Biden
This survey was conducted between February 28 and March 4, coinciding with 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
The poll numbers also highlighted a lack of trust among voters towards both major political parties regarding crypto-related matters.
According to Paradigm:
- 49% of voters expressed distrust in both parties when it comes to crypto
- 40% of Democrats and 30% of Republicans do not trust either party on crypto-related issues
The Republican Party has shown more interest in crypto-related issues compared to the Democratic Party. One reason Trump’s poll numbers for the 2024 presidential election are better is that he has vowed to eliminate central bank digital currencies (CBDCs) if re-elected. Congressional Republicans have also attempted to ban a US CBDC. The possibility of such a ban has gained traction recently, as 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:
- 19% of voters currently own or use cryptocurrencies
- An additional 16% express 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. Among the crypto community, 43% recalled voting for Biden in 2020, while only 39% remembered voting for 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.
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
- 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
The report notes that the preferences of young and nonwhite voters are shifting, with the approach of policymakers towards 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
- Another 6% planned 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.
Hot Take: Crypto Community’s Influence on US Elections
The survey conducted by Paradigm reveals that Donald Trump enjoys significant support from the crypto community for the 2024 US Presidential Election. However, it is important to note that these poll numbers closely mirror those of other established polling firms when viewed without a crypto-focused lens. Despite Trump’s popularity among crypto owners, there is a general lack of trust towards both major political parties when it comes to crypto-related matters.
This survey highlights the growing significance of crypto holders as a voting bloc. Elected officials should take notice of this demographic, as they could potentially become a decisive swing vote in closely contested elections. The preferences of young and nonwhite voters are shifting, and their concerns regarding cryptocurrency are influencing their voting patterns.
It will be interesting to see how these dynamics play out in future elections and how politicians respond to the demands and concerns of the crypto community.
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