A mountain of money could fall into Bitcoin and other coins once the U.S. government sorts out its cryptocurrency regulations, a new survey from Grayscale suggests.
According to poll results published on Tuesday, 44% of U.S. voters who don’t own crypto say they are “waiting on additional policies and/or regulation” before buying in.
“There have been some noteworthy shifts in interest and perception around owning crypto and how voters are thinking of crypto in the political landscape—both increasingly important topics leading up to the 2024 U.S. election,” wrote Grayscale in its results report.
NEW POLL: With US elections on the horizon, American voters’ feelings about #crypto are coming into focus. Here are some of the findings from @HarrisPoll’s latest longitudinal survey on behalf of @Grayscale. 1/5
Read the full report: https://t.co/d3mMEASVh9 pic.twitter.com/YrAf0LCBs2
— Grayscale (@Grayscale) May 28, 2024
Having Bitcoin in their portfolio represents “an investment in the future of blockchain technology” for 65% of respondents, while 53% see it as “a way to pay for things digitally or a digital currency,“ according to the poll. 43% perceive it as “a speculative investment,” while 36% said Bitcoin is “a digital form of gold or a hedge against inflation.”
The company’s crypto-focused survey was conducted by global market research and consulting firm The Harris Poll between April 30 and May 2. It gathered insights from 1,768 adult online respondents who said they plan to vote in the upcoming 2024 U.S. Presidential election.
The results reinforced findings from Grayscale’s parent company earlier this month, showing that digital assets have quickly become a major election issue.
Across all of Grayscale’s respondents, 47% said they expect to have crypto included in their portfolios in the future—up from 40% in November. Furthermore, 41% of respondents said they’re now paying attention to Bitcoin and other cryptocurrencies “because of geopolitical tensions, inflation, and a weakening U.S. dollar.” That’s up from 34% six months prior.
Interest is especially strong among millennial and Gen Z voters, with 62% agreeing that crypto is the “future of finance.”
The rising interest is largely attributable to the successful launch of U.S. spot Bitcoin ETFs in January, which have now absorbed $13.7 billion in net flows since launch. Grayscale said that nearly one-third of voters grew more interested in crypto as an asset class after the ETFs were greenlighted by regulators.
Over the past month, multiple pieces of pro-crypto legislation passed through the House and Senate with bipartisan support, signaling a growing recognition of crypto’s legitimacy across both parties. Ex-President Donald Trump—once a Bitcoin skeptic—has even flipped pro-crypto lately, promising to protect citizens’ rights to own Bitcoin from the crypto-hostile “goons” on the other side of the aisle.
Among voters, crypto support doesn’t appear to be partisan. Grayscale noted that digital asset ownership looks similar among Republicans (18%) and Democrats (19%). An equal portion of respondents (30% each) believed either the Democratic or Republican parties were more favorable towards crypto.
“With voters increasingly interested in crypto, the next administration’s approach to this emerging digital asset will be important,” concluded Grayscale.
Edited by Ryan Ozawa.
