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Cryptowire Survey: Crypto Community’s Political Preferences
A recent survey conducted by leading crypto venture capital firm Paradigm reveals interesting insights into the political preferences of the crypto community for the upcoming 2024 US Presidential Election.
Key Findings:
- 48% of crypto owners plan to vote for former President Donald Trump.
- 39% intend to vote for current U.S. President Joe Biden.
- 45% of all registered voters favored Trump, while 42% supported Biden.
Crypto Community’s Trust Issues with Major Political Parties
The survey also highlighted a lack of trust among voters toward both major political parties when it comes to crypto-related matters:
- 49% of voters expressed distrust in both parties regarding crypto.
- 40% of Democrats and 30% of Republicans shared this sentiment.
Republican Party’s Stance on Crypto and CBDCs
The Republican Party has shown more interest in crypto-related issues, particularly in relation to central bank digital currencies (CBDCs):
- Former President Trump has vowed to eliminate CBDCs if re-elected.
- Congressional Republicans have attempted to ban a U.S. CBDC.
Crypto Community’s Growing Influence
The survey revealed that crypto holders are no longer a niche group but have emerged as a significant voting bloc:
- 19% of voters currently own or use cryptocurrencies.
- An additional 16% express interest in investing in digital assets.
Shifts in Crypto Ownership Demographics
The poll also revealed shifts in cryptocurrency ownership demographics:
- Ownership of crypto is higher among communities of color and younger individuals.
- 33% of African Americans and 32% of Hispanics currently own or have traded cryptocurrencies in 2024.
Market Frenzy and Crypto ETFs
The survey captured the market frenzy surrounding spot Bitcoin ETFs:
- Approximately 6% of voters reported investing in crypto ETFs.
- Another 6% are planning to do so, with an additional 22% expressing interest in buying into a spot Bitcoin ETF.
The margin of error for the poll is 3.5%, indicating a reasonable level of confidence in the results.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
