A poll conducted by Paradigm Policy Lab revealed a growing affinity for cryptocurrency among Democratic voters, potentially reshaping the landscape of the upcoming presidential election.
The survey, conducted between July 25 and August 1, 2024, polled 804 registered Democratic voters and highlights the increasing political relevance of crypto.
Paradigm Lab’s Poll Timing and Crypto Adoption Among Democrats
The timing of the Paradigm Lab’s poll is particularly significant as Vice President Kamala Harris emerges as the Democratic nominee following President Joe Biden’s decision not to seek re-election.
Notably, the survey found that 18% of all Democratic voters have already invested in cryptocurrency. This figure rises significantly among Democrats of color, with 22% of Black Democrats, 25% of Hispanic Democrats, and 27% of Asian American and Pacific Islander Democrats reporting crypto investments.
In an exclusive conversation with CryptoNews, Paradigm’s Vice President of Regulatory Affairs, Justin Slaughter said the recent study unequivocally indicates that voters will persistently back candidates who champion clear and comprehensive regulatory frameworks.
“Overall, our poll found that crypto ownership is on the rise across the electorate. Republican and Democratic voters alike benefit from informed crypto regulation that supports financial privacy. It’s clear that crypto owners will continue to care about this issue and vote in favor of those who support clear guidance,” Slaughter explained.
This sentiment is echoed in the poll’s findings, which suggest ample room for growth in crypto adoption among Democrats with 27% of those who haven’t yet invested in crypto expressing interest in doing so within the next year.
This projected increase could lead to crypto ownership reaching parity with stock ownership among Democratic voters.
Meanwhile, the poll revealed that 13% of surveyed Democrats do not intend to vote for Harris.
It was gathered that 18% of these non-Harris voters have invested in crypto, and 21% feel the Biden administration was “too hostile” towards cryptocurrency.
This suggests an opportunity for the Harris campaign to attract these voters by adopting a more crypto-friendly stance.
Financial Privacy and Crypto’s Role in the Upcoming Election
Financial privacy emerged as a significant concern among Democratic voters, with 72% agreeing that personal financial transactions should remain private.
Additionally, 80% of those polled expressed worry about maintaining purchasing power, reflecting bipartisan anxiety in the current economic climate.
The survey also uncovered a notable fear among Democrats regarding potential political retaliation affecting their access to financial services.
62% of respondents worry about losing access to financial services due to their political views, especially if former President Donald Trump wins re-election.
The poll is coming on the heels of a recently launched Crypto4Harris initiative aimed at improving Harris’s relationship with the crypto community and countering Republican efforts led by Donald Trump.
This initiative includes participation from figures like Congressman Wiley Nickel and billionaire investor Mark Cuban, who seeks to craft a pro-crypto policy framework among Democrats.
This effort aims to gain support from the crypto electorate in the upcoming presidential election and could potentially sway some of the currently undecided pro-crypto voters if Harris adopts strong crypto rhetoric at the upcoming Democratic National Convention.
As the election season heats up, cryptocurrency has asserted itself as a key issue, with millions of dollars flowing into super political action committees and candidates taking notice.
While President Trump has promised to end what he calls an “unlawful and un-American crackdown” on the U.S. crypto industry, the Harris campaign has begun reaching out to learn more about crypto. However, Harris has not yet taken a public position on the issue.
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