The 2024 presidential election saw a notable shift in US voters’ preferences, as they began to favor candidates with a better understanding of cryptocurrency over those lacking any knowledge.
A recent survey conducted by Grayscale highlights how familiarity with cryptocurrency significantly influences voting decisions among U.S. voters.
The Grayscale survey aimed to understand the voter’s perception of investing in crypto, their views on the traditional financial system, and how these factors might affect their voting behavior in the upcoming 2024 presidential election.
The Growing Familiarity with Cryptocurrency
According to a grayscale survey, a notable increase in voters’ familiarity with cryptocurrency. Additionally, cryptocurrency owners prioritize presidential candidates who are knowledgeable about crypto.
As of September 2024, 53% of the voters are familiar with cryptocurrency which is up from 47% in December 2023 and 49% in May 2024. This data shows that voters are considering cryptocurrency when evaluating candidates’ platforms and also indicates the growing awareness about cryptocurrency among them.
Source: Grayscale crypto election research report
Among those who own cryptocurrency, the stakes are even higher. About 78% of crypto owners say they prefer to vote for candidates who are more knowledgeable about cryptocurrency. On the other hand, only 50% of non-crypto owners expressed similar sentiments. This highlights that for the crypto owners, a candidate’s stance on digital assets is not just an ancillary issue but a pivotal factor influencing their electoral choices.
How Cryptocurrency Awareness Shapes Electoral Choices
You might be wondering why and how this shift happens in the voter’s perception and the reason behind this they believe that crypto and blockchain technology is the future of finance. The voters feel skeptical about the current financial system saying it lacks transparency.
Source: Grayscale crypto election research report
Moreover, according to the survey’s data three in 4 likely voters believe the financial system lacks transparency. The two third of voters say it’s outdated and needs to be updated with new regulation which supports and promotes emerging technologies. Besides this, some 61% of owners agreed that the traditional finance system is not designed to support underserved communities.
In 2024 voters are now prioritizing their health, safety, family, and financial stability. This thing is changing their voting behavior. Now they want a candidate who addresses issues like Inflation, National security, unemployment, and more.
1 in 4 likely voters see inflation as single the most pressing problem in the US right now and now they see crypto as the new financial and investment tool. Voters think crypto can primarily help create new jobs and create equitable access to the financial system.
The Republican Party Is the Favourite of Crypto Voters
The survey data also revealed a notable preference for the Republican Party among cryptocurrency-focused voters. The data indicates that approximately one-third of the likely voters view the Republican Party as better positioned for crypto investors and financial privacy protection.
Source: Grayscale crypto election research report
The Republican Party holds a modest lead across several key metrics, with 32% of voters believing Republicans better serve crypto investors, compared to 24% for Democrats. Likewise 33% favour Republicans for crypto companies, versus 25% for Democrats. On protecting investor financial privacy, Republicans maintain a slight edge at 34% compared to Democrats’ 32%.
Perhaps most striking is that crypto ownership significantly influences political perspectives. Crypto owners show consistent support for both major parties’ crypto policies compared to noncrypto owners. The crypto owners believe that political leaders should embrace new technologies and protect against cyber threats.
Conclusion
The Grayscale survey indicates a significant shift in the American political scene, where crypto knowledge has become an increasingly important factor in voters’ decision-making process. Voters are now embracing new technologies and financial instruments like crypto and want to learn about them more.
Now crypto literacy has become a meaningful electoral issue. The data suggests that voters’ growing skepticism of the traditional financial system, combined with their belief in blockchain technology as the future of finance, is reshaping political preferences.
As the 2024 presidential election approaches, candidates’ positions on cryptocurrency regulation, financial system modernization, and technological innovation may play a more crucial role in determining voter support than ever before.
Also Read: Crypto Gets a Colour- It’s Black, Courtesy Kamala Harris
