48% of Crypto Owners Plan to Vote for Donald Trump, According to Poll
A recent poll conducted by Paradigm, a leading crypto venture capital firm, revealed that 48% of crypto owners plan to vote for former President Donald Trump in the next election, compared to 39% who plan to vote for U.S. President Joe Biden. The poll was conducted nationally by Public Opinion Strategies and consisted of 1,000 registered voters. The results were released on Thursday.
The poll was conducted between February 28 and March 4, during a time when Bitcoin’s price was on the rise, reaching an all-time high of $68,000. Without considering the crypto aspect, the poll showed that Trump had the support of 45% of all registered voters, while Biden had the support of 42%.
Lack of Trust in Political Parties Regarding Crypto
The poll also highlighted the lack of trust in political parties when it comes to crypto. According to Paradigm, 49% of voters do not trust either party on crypto issues. This lack of trust is present across both Democrats and Republicans, with 40% of Democrats and 30% of Republicans expressing distrust.
It is worth noting that the Republican Party has taken a stronger stance on crypto compared to the Democrats due to the debate surrounding central bank digital currencies (CBDCs). Trump has vowed to eliminate CBDCs if elected in November. Congressional Republicans have even attempted to ban a U.S. CBDC, and this possibility gained further strength with recent news that the Federal Reserve considers a CBDC as one of its top responsibilities.
Crypto Holders No Longer a Niche Group
Paradigm’s poll indicates that crypto holders are no longer a niche or fringe constituency. The firm emphasized that elected officials need to take notice of this voting bloc. The poll revealed that 19% of voters own or use cryptocurrencies, and an additional 16% are likely to invest in digital assets.
The firm’s analysis suggests that crypto owners are a swing vote demographic and could play a decisive role in a close election. The poll also indicated a shift in voting preferences among crypto owners compared to the previous election. While 43% of crypto owners recalled voting for President Biden in 2020, only 39% recalled voting for former President Trump. This suggests that some crypto voters who previously supported Biden have switched their support to Trump, possibly due to actions taken by the Biden Administration against the crypto industry.
Actions Taken Against Crypto Industry
Although the specific actions taken against the crypto industry were not mentioned in the report, they could include the Securities and Exchange Commission’s campaign against the sale of “unregistered securities” and U.S. Treasury Secretary Janet Yellen’s statements about digital assets posing a threat to financial markets. Biden’s senior advisors have also called for increased regulation of cryptocurrencies.
Demographics of Crypto Holders
Paradigm’s poll also revealed shifts in the demographics of cryptocurrency holders. The report highlighted that ownership of crypto is higher among communities of color and young people. In 2024, 33% of African Americans and 32% of Hispanics currently own, trade, or use cryptocurrency, compared to figures of 20% and 22% respectively in the previous year.
This shift in demographics indicates that young voters and nonwhite voters are paying attention to how policymakers approach crypto-related issues. Paradigm concluded that these groups care about how politicians will address cryptocurrency in their policies.
Growing Interest in Crypto ETFs
The poll captured some of the market frenzy surrounding spot Bitcoin ETFs, which have been credited with fueling the recent bull run in the crypto market. The results showed that 6% of voters have invested in crypto ETFs, while another 6% plan to do so. Additionally, 22% expressed interest in buying into a spot Bitcoin ETF.
According to Paradigm, spot crypto ETFs have become a major vehicle for onboarding Americans into the crypto space and may lead to direct ownership of cryptocurrencies.
The poll has a margin of error of 3.5%.
Hot Take: Crypto Owners’ Voting Preferences
The recent poll conducted by Paradigm reveals interesting insights into the voting preferences of crypto owners:
- 48% of crypto owners plan to vote for Donald Trump, while 39% plan to vote for Joe Biden.
- There is a lack of trust in both political parties when it comes to crypto issues, with 49% of voters expressing distrust.
- The Republican Party has taken a stronger stance on crypto, particularly regarding central bank digital currencies (CBDCs).
- Crypto holders are no longer a niche group and make up a significant portion of the voting bloc.
- Voting preferences among crypto owners have shifted compared to the previous election, with some voters switching their support from Biden to Trump.
- Actions taken by the Biden Administration against the crypto industry may have influenced voting preferences among crypto owners.
- Ownership of crypto is higher among communities of color and young people.
- Growing interest in spot Bitcoin ETFs as a way to enter the crypto market directly.
These findings highlight the need for politicians to pay attention to the concerns and interests of crypto owners, as they have the potential to be a decisive factor in future elections.
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