According to a recent poll conducted by leading crypto venture capital firm Paradigm, 48% of crypto owners intend to vote for former president Donald Trump in the upcoming election, while 39% plan to vote for current U.S. President Joe Biden. The poll, which surveyed 1,000 registered voters, was conducted nationally by Virginia-based Public Opinion Strategies between February 28 and March 4. During this time, Bitcoin experienced a surge in value from $58,000 to $68,000, reaching an all-time high.
While the results may reflect a slight bias towards Trump among crypto owners, Paradigm notes that the overall numbers mirror those of other established polling firms. Among all registered voters, 45% favor Trump while 42% back Biden. However, the firm points out that when it comes to crypto, neither party has a high level of trust among voters, with 49% stating that they trust neither party on crypto-related issues.
The Republican Party has taken a stronger stance on crypto in their national platform compared to the Democrats, largely due to the ongoing debate over central bank digital currencies (CBDCs). Trump has promised to eliminate CBDCs if he is elected in November, and Congressional Republicans have attempted to pass a ban on a U.S. CBDC. This possibility gained more traction recently when the Federal Reserve revealed that a CBDC is among its top priorities.
Paradigm’s poll also highlights the increasing importance of crypto holders as a voting bloc. They make up a significant portion of the current voting population and have the potential to sway the outcome of a close election. The poll shows that 19% of voters currently own or use cryptocurrencies, and an additional 16% say they are likely to invest in digital assets.
The report also suggests that the issue of crypto may have already influenced the outcome of the 2020 election. Among crypto owners, 43% remember voting for Biden, while only 39% recall voting for Trump. This could mean that some of the voters who are now shifting towards Trump in the polls are crypto owners who are dissatisfied with the actions taken by the Biden Administration, such as the SEC’s crackdown on unregistered securities and statements from Treasury Secretary Janet Yellen about the potential risks of digital assets.
Paradigm’s poll also reveals that ownership of crypto is on the rise among communities of color and younger generations. The number of African American and Hispanic individuals who currently own, have traded, or used cryptocurrency has significantly increased from last year. This suggests that the attitudes towards crypto among these groups may also heavily influence their voting preferences.
The poll was conducted during the market frenzy surrounding the launch of spot Bitcoin ETFs, which have been credited with driving a significant portion of the recent bull run. 6% of voters say they have invested in crypto ETFs, and another 6% plan to do so. Additionally, 22% of voters say they may invest in a spot Bitcoin ETF in the future.
Overall, the poll has a margin of error of 3.5%, and its results highlight the growing significance of crypto as a political issue. As more Americans become interested in owning and investing in digital assets, it is clear that policymakers’ attitudes towards crypto will play a crucial role in their voting decisions.
