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Bitcoin and, by extension, cryptocurrencies have never been more relevant to voters than in the 2024 presidential election.
A new poll funded by crypto-focused investment firm Paradigm showed that 13% of Republicans who originally did not intend to vote for Donald Trump had a more positive view of him after he reversed his previous stance on the asset and positioned himself as a proponent of the industry.
Trump’s Crypto Conversion Sways Reluctant Republicans
As Trump solidifies his support among Republican voters and gears up for the upcoming general election, crypto emerges as a crucial issue owing to Bitcoin’s massive surge to an all-time high near $74,000 at the beginning of the year.
In fact, Paradigm found that 13% of Republicans who were initially unsure about voting for Trump indicate that his recent endorsements of crypto make them more inclined to support him. Additionally, 38% of non-white Republican supporters of Trump express increased enthusiasm due to his stance on crypto.
36% of Republicans view cryptocurrency positively in the economy compared to 30% who see it negatively. This positive sentiment widens to a margin of +6 points among men, +12 points among GOP voters under 40, and +27 points among non-white Republicans.
Following revelations about China’s development of a digital yuan, 40% of Republicans favor the United States facilitating the creation of payment products by American private sector firms, like stablecoins, to compete with the digital yuan. This support outweighs opposition (31%), particularly among men (52%) and college-educated Republicans (49%).
Meanwhile, 28% of surveyed Republicans currently hold or have bought crypto, surpassing the national average of 19% among all registered voters identified by Paradigm in March 2024. However, a deeper analysis reveals even more interesting trends: Among non-white Republicans, 41% have acquired or hold crypto, a figure only 11 points lower than the 52% who own stocks.
Furthermore, 87% of Republicans who already own crypto expressed intentions to increase their holdings in the next twelve months. Additionally, 13% of Republicans who do not currently own crypto indicated they are likely to make their first purchase within the next year.
Paradigm also highlighted Republican voters’ loss of confidence in financial institutions. The study revealed that 67% had expressed dissatisfaction with the current workings of the financial system in the US.
Trump has been very vocal about crypto on his campaign trail, vowing to boost the development of the asset class in the United States rather than pushing it overseas. As part of his crypto crusade, Trump has also advocated for all remaining Bitcoin to be mined domestically, aiming to ramp up the country’s energy dominance.
United States President Joe Biden, on the other hand, reluctance to support the industry could alienate a significant portion of the vote base. While Trump’s lead is widening in almost every post-debate survey, one advocacy group still believes that Biden still has a “pivotal opportunity” to alter his position on crypto.
Can Biden Shift Course Secure Voter Confidence?
Earlier this week, the tech advocacy organization Chamber of Progress urged President Biden to advocate for comprehensive regulation of cryptocurrency amidst mounting concerns over impending legislative decisions and the upcoming election. The group highlighted that clarity in crypto regulation could be pivotal in securing voter support, contrasting Biden’s stance with Trump’s evolving position on the issue.
Referring to Trump’s recent shift in favor of cryptocurrency, the Chamber of Progress pointed out that Biden has the opportunity to assert leadership in providing the regulatory certainty desired by voters, positioning himself as a champion of American technological innovation and economic advancement.
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