A recent survey conducted by investment firm Paradigm, released on March 14, reveals interesting insights into cryptocurrency ownership and political affiliations among U.S. voters. Despite the partisan divide in Congress, a higher percentage of Democratic voters than Republican voters are found to own cryptocurrency. However, both parties are perceived as equally untrustworthy when it comes to handling cryptocurrencies, according to these voters.
The survey indicates that 19% of registered U.S. voters own cryptocurrency, with Democrats constituting 19%, Republicans 18%, and independents 24%. However, only 7% of voters possess over $1,000 worth of cryptocurrency, compared to 32% who own stocks. Paradigm emphasizes that this substantial ownership rate signifies that cryptocurrency ownership is not confined to a niche group but encompasses a significant portion of the population.
Former President Donald Trump enjoys a higher approval rating among cryptocurrency-owning voters compared to current President Joe Biden, with 48% supporting Trump and 39% backing Biden. This marks a notable shift from the previous presidential election, where 43% of cryptocurrency owners favored Biden and 39% supported Trump. The survey suggests that cryptocurrency owners constitute a swing voting group that could influence election outcomes in close races.
Despite their political leanings, 49% of voters and 45% of members from both parties express distrust towards either party regarding cryptocurrency matters. Men aged 18 to 54 exhibit the highest ownership rate at 40%, while African Americans and Hispanics also show above-average ownership rates, with 33% and 32% respectively, indicating a growing interest in cryptocurrency within these demographics.
Since the Securities and Exchange Commission approved spot Bitcoin exchange-traded funds on January 10, 6% of U.S. voters have invested in these funds, with an additional 6% planning to invest. Another 22% are considering investing in them. Notably, despite the withdrawal of pro-cryptocurrency Republican candidates from the primary, independent Robert F. Kennedy Jr. and Democrat Dean Phillips emerged as advocates for cryptocurrencies, although neither was perceived as a viable candidate. Trump's stance on cryptocurrencies has evolved, with him expressing negative views during his tenure but later embracing them, particularly evident in his involvement with non-fungible tokens and acceptance of cryptocurrency payments for branded merchandise. However, skepticism remains regarding Trump's true allegiance to cryptocurrencies, despite his recent supportive comments.
