A recent study conducted by the pro-crypto trade organization The Digital Chamber indicates that the stance of US presidential candidates on cryptocurrency may be more impactful than previously thought.
26 Million Votes from the “Crypto Voting Bloc”
The term “crypto voting bloc” describes a coalition of voters from both major parties who deem digital assets as “very” or “extremely” significant in their voting decisions. Candidates with a pro-crypto position are more likely to garner their support.
Among the 1,004 participants surveyed, approximately 16%, or one in seven voters, indicated that digital assets will be an essential factor in their candidate choice.
Notably, 25% of Democratic voters and 21% of Republican voters expressed a preference for a presidential candidate who advocates for cryptocurrency. This challenges the widespread belief that Republican voters are more focused on regulating digital assets.
Demographically, close to 40% of Black voters regard digital assets as “extremely important” or “very important” for their voting decisions in November 2024. In contrast, only 13% of white voters and 22% of Asian voters share this view.
The study also highlighted perception disparities among voters. For instance, supporters of Kamala Harris believe she is more favorable toward digital assets than Donald Trump, while Trump supporters think he is more pro-crypto than Harris.
Significantly, 34% of both Democratic and Republican voters indicated that the crypto industry should be at least a “medium” priority for the next president and Congress. Moreover, 32% of Democratic voters and 27% of Republican voters stated that cryptocurrency should be categorized as a “very high” or “high” priority for the upcoming administration.
Commenting on the survey results, founder and CEO of the Digital Chamber, Perianne Boring, remarked:
Voters are clearly articulating their demand for intelligent, balanced regulations that safeguard consumers while fostering innovation. Adopting a pro-crypto position presents a significant opportunity for candidates to engage with this rapidly expanding voter base.
The survey also indicated that individuals more knowledgeable about digital assets tend to have a more favorable view of them. Similarly, those with greater cryptocurrency understanding are more inclined to trust government officials.
Harris and Trump Advocate for Positive Regulations
Both presidential candidates are actively working to secure or enhance electoral backing from the so-called crypto voting bloc.
Recently, Galaxy Research’s Alex Thorn shared insights that the digital asset sector may thrive under Harris, as she is likely to be “more supportive” than Joe Biden. It’s worth noting that the Biden administration has faced criticism for its approach to the burgeoning industry, particularly regarding its perceived intimidation of firms dealing with digital assets.
Meanwhile, a report from Bernstein anticipated that Bitcoin (BTC) could surge as high as $80,000 to $90,000 in the event of a Trump presidency. The firm also noted that the crypto community desires clearer guidance from Harris regarding this emerging asset class.
Most recently, a submission to the Federal Election Commission indicated that Trump has amassed roughly $7.5 million in BTC, Ethereum (ETH), and XRP contributions since early June. As of this writing, BTC is trading at $68,807, reflecting a 1.9% increase over the past 24 hours.
Featured Image from Unsplash.com, Chart from TradingView.com
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