Donald Trump has fans within the crypto community: 48% of cryptocurrency owners plan to vote for the former president, compared to 39% who plan to vote for US President Joe Biden. These numbers are from a survey of 1000 registered voters commissioned by the leading cryptocurrency venture company Paradigm, which published the results on Thursday.
Paradigm claims that its survey also shows that cryptocurrency holders are no longer a niche or marginal group.
“Folks with crypto are making a significant dent in the current voting block, and it’s about time our elected officials take notice,” stated the firm, pointing to survey results showing that 19% of voters own or use cryptocurrencies, with another 16% saying they’re likely to use crypto or invest in digital assets.
The Paradigm survey also reveals shifts in the demographics of crypto holders.
“Ownership of crypto is even higher among minority communities and the youth,” noted the report, indicating that 33% of African Americans and 32% of Latino Americans “currently own, trade, or use cryptocurrency in 2024.” Last year, these figures stood at 20% and 22%, respectively.
“There’s been a lot of chatter about the changing electoral preferences of young and minority voters,” concluded Paradigm. “Clearly, one thing that concerns these groups is how politicians will approach cryptocurrency.”
The Republican Party has elevated cryptocurrency to a higher position on its national platform than the Democrats, thanks to debates over central bank digital currencies (CBDCs), which Trump promised to destroy if elected in November. Republicans in Congress have attempted to introduce a ban on CBDCs in the US, and this possibility gained traction today after it was revealed that the Federal Reserve considers CBDCs one of its primary responsibilities.
Biden Loses Voters to Trump Over Campaign Against ‘Unregistered Securities’ Sales
The report notes that cryptocurrency might be an issue that has possibly changed the game since the last showdown between Biden and Trump. The Paradigm notes:
Among cryptocurrency holders, 43% recall voting for President Biden in 2020, and only 39% of cryptocurrency voters remember casting their ballot for former President Trump that year. It seems that some of the voters President Biden is currently losing to Trump are cryptocurrency holders, perhaps due to actions taken by certain agencies in the Biden administration.
While these actions aren’t specified, they might include a prolonged campaign against the sale of ‘unregistered securities’ by the Securities and Exchange Commission (SEC), as well as statements from US Treasury Secretary Janet Yellen that digital assets pose a threat to the country’s economy and financial markets. Senior Biden advisors have also called for increased regulation of cryptocurrencies.
Related: CFTC’s Order Against Three DeFi Protocols
Spot Bitcoin ETFs Attract Americans
The survey was conducted recently enough to capture some of the market madness surrounding Bitcoin spot ETFs, which are believed to have fueled much of the recent bull run. While 6% of voters say they’ve invested in crypto ETFs, and another 6% say they plan to, a whopping 22% say they could consider buying a Bitcoin spot ETF.
Americans are widely eyeing the opportunity to buy Bitcoin spot ETFs. Spot crypto ETFs, as expected, are proving to be a primary gateway for Americans into cryptocurrency and could ultimately be a stepping stone to cryptocurrency ownership.
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The survey conducted by Paradigm highlights the growing importance of cryptocurrency holders in the political arena, signaling a need for politicians to take their perspectives into account. It also shines a light on the changing picture of electoral preferences among cryptocurrency holders, with a noticeable preference for Trump over Biden.
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