Originally published on: September 10, 2024
Cryptocurrencies like Bitcoin are set to become a pivotal issue in the upcoming United States presidential election, with a growing number of American crypto investors closely scrutinizing candidates’ regulatory approach to the industry.
Survey Highlights Impact on Voter Decision-making
A recent report by Gemini, the crypto exchange co-founded by the Winklevoss twins, sheds light on the growing significance of crypto regulations in the US political landscape. The report, titled “Global State of Crypto,” unveiled insights gleaned from a survey of 6,000 adults across the US, the United Kingdom, France, Singapore, and Turkey.
The survey, conducted online between May 23 and June 28, 2024, revealed that a staggering 73% of US respondents who own cryptocurrencies indicated that a candidate’s stance on crypto would influence their voting decision. Moreover, 37% of respondents stated that a presidential candidate’s position on crypto would hold significant sway over their vote.
Evolving Concerns and Trends
Gemini’s findings underscore the escalating role of crypto in shaping the US electoral discourse. The survey also highlighted a noticeable shift in sentiment regarding regulatory uncertainties surrounding crypto investments, particularly in the US.
Compared to previous years, the report revealed a notable increase in US respondents expressing concerns about regulatory barriers to entry into the crypto sphere. In 2024, 38% of US participants cited regulatory uncertainties as a hindrance, marking a significant uptick from 28% in 2022.
Rising Crypto Adoption Amid Regulatory Uncertainties
Despite mounting concerns around regulatory clarity, US investors seem increasingly inclined towards embracing cryptocurrencies. The survey indicated a decline in the percentage of US adults with zero exposure to crypto, dropping from 75% in 2022 to 65% in 2024. Notably, the number of crypto holders experienced a slight uptick from 20% in 2022 to 21% in 2024, while past owners surged from 5% to 14% during the same period.
Trends in Crypto Ownership: Comparing Data
In contrast to certain earlier reports suggesting a decline in US adults engaging with cryptocurrencies, Gemini’s survey presents a contrasting picture. The Federal Reserve’s Survey of Household Economics and Decisionmaking indicated a diminishing trend in the percentage of US adults using crypto – from 12% in 2021 to 7% in 2023.
Driving Political Endorsements: Ripple Co-founder’s Advocacy
Amidst the growing intersection of crypto and politics, Ripple co-founder’s endorsement of a presidential candidate hints at the increasing influence of the crypto community in electoral affairs.
In a dynamic landscape where digital assets are emerging as a decisive factor, the upcoming US presidential race is poised to witness the transformative impact of crypto on voter preferences and policy advocacy.
