Rise of the Crypto Voter: Americans Want Banking Freedom
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Key Takeaways
- A growing constituency of pro-crypto voters threatens to damage turnout for anti-crypto politicians in upcoming elections.
- Mostly younger or more technologically inclined, crypto voters span the spectrum of political affiliations from conservatives advocating for financial sovereignty to progressives who want banking inclusion.
- Republicans are generally viewed as more friendly to cryptocurrency, advocating for limited regulations and supporting the proliferation of blockchain technology. Democrats are more often viewed as anti-crypto and draconian on financial regulation.
Our Methodology
Demographics
All Voters
Sample Size
1,000
Geographical Breakdown
National
Time Period
7 Days
MIG Reports leverages EyesOver technology, employing Advanced AI for precise analysis. This ensures unparalleled precision, setting a new standard. Find out more about the unique data pull for this article.
Cryptocurrency has rapidly evolved from a niche technological curiosity into a global financial phenomenon, rapidly increasing in interest to American voters. Some reports suggest 40% of Americans own crypto in 2024, which is a 10% increase since 2023. The debate over whether tighter regulations should be imposed on the crypto industry has become a pivotal issue, potentially influencing political alignments.
How Different Demographics View Cryptocurrency
Millennials and Gen Z are generally more tech-savvy and open to adopting new technologies, including cryptocurrencies. They view crypto as an innovative financial tool offering decentralized control, financial inclusion, and the potential for significant returns on investment.
This group tends to be skeptical of heavy-handed regulations. They favor a balanced approach to protect investors without stifling innovation. Young voters often argue excessive regulation could drive crypto activities underground or push them to more crypto-friendly jurisdictions.
Libertarians and free-market proponents also view cryptocurrency positively. They see it as a means to promote individual freedom and financial sovereignty. They appreciate the decentralized nature of cryptocurrencies, which aligns with their ideology of minimizing government intervention in personal and financial affairs. This group is almost universally skeptical of tighter crypto regulations.
Individuals from traditional financial backgrounds and older generations often have a more skeptical view of cryptocurrencies. They may perceive crypto as volatile, risky, and lacking in intrinsic value. Concerns about fraud, money laundering, and the absence of regulatory oversight further fuel their wariness.
Older voters are more likely to be in favor of tighter regulations. They argue stringent regulatory frameworks are necessary to protect investors, ensure market stability, and prevent illicit activities.
Progressive and socially conscious voters have a nuanced view of cryptocurrency. Many acknowledge its potential to democratize finance and provide financial services to the unbanked. However, they are also concerned about environmental impacts. They support some regulations like environmental and social protections. However, this group likely would not support regulations that hinder cryptocurrency’s goal of financial inclusion.
Pro and Anti-Crypto Political Figures
A pervasive sentiment among the American crypto community is one of skepticism and distrust towards politicians and government officials who criticize crypto and advocate for stricter regulations. Many of these figures tend to be aligned with the Democratic Party, causing pro-crypto voters to express disapproval.
Gary Gensler
May crypto investors criticize SEC chair Gary Gensler's intentions and actions. They say Gensler's SEC has adopted an overly stringent approach, categorizing nearly all cryptocurrencies as securities. This regulatory stance is seen as stifling innovation and placing undue burdens on crypto companies. There are also concerns about impartiality and fairness in the regulatory process.
The decision-making process for approving Spot Ether ETFs has also drawn significant attention. Gensler's role as a pivotal vote in a 5-person panel underscores the weight of his influence. Many view this as an opportunity for Gensler to either redeem himself or further entrench his reputation as an obstructive force against crypto.
Politician Stances
In general, Republicans are seen as more pro-crypto than Democrats. Politicians like Donald Trump and Senator Cynthia Lummis receive praise for their advocacy of cryptocurrency. Despite Trump’s historical comments expressing skepticism towards crypto, his recent attempt to court the pro-crypto voting constituency seems well received.
Politicians like President Joe Biden and Elizabeth Warren frequently face criticism for their anti-crypto stances. Elizabeth Warren especially is known as an anti-crypto crusader who ignites the ire of many in the crypto community.
- Overall approval for crypto among Americans is relatively strong, reaching a high of 55% in the last week.
- Donald Trump also regularly gains higher support on crypto than Joe Biden, averaging 52% in the last week to Biden’s 50%.
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Democratic Politicians Are Losing the Crypto Vote
Many Democrat voters who are pro-crypto express significant disillusionment and frustration towards Democrat politicians who oppose or seem indifferent to cryptocurrencies. Voters view these politicians as hindering financial innovation and inclusion.
There is a call among Democratic voters for political realignment based on crypto policies. They advocate for supporting candidates who are explicitly pro-crypto, even if it means crossing party lines. Pro-crypto Democratic voters acknowledge that Republicans are generally be more pro-crypto. They suggest crypto should transcend partisan politics and become a central voting issue.
Pro-crypto Democrat voters are also engaging in strategic advocacy and lobbying efforts to influence policy. They actively participate in discussions and campaigns aimed at educating and persuading both the public and lawmakers about the benefits of cryptocurrencies.
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Potential Election Impact from Crypto Voters
A growing crypto voter constituency is poised to impact the 2024 election, especially for Democrats who push for stronger regulations. The rising prominence of cryptocurrency and the evolving regulatory landscape seems to be making this an increasingly important issue.
Pro-crypto voters are likely to support candidates who advocate for a more lenient regulatory framework that encourages innovation within the crypto space. Crypto enthusiasts often view increased regulation as an impediment to the decentralized ethos of cryptocurrencies.
This group is likely to vote for candidates who promise to minimize government intervention in the crypto market. The narrative around figures like Gensler, Biden, and Warren, could further galvanize this group against regulatory-heavy candidates.
Younger voters who are tech-savvy and more likely to engage with cryptocurrencies may support candidates who are open to integrating blockchain technology into broader economic systems. They might favor candidates who propose innovative uses of crypto and blockchain while ensuring consumer protection, striking a balance between innovation and regulation.
Because Republicans have been more favorable towards less regulation, they can likely attract pro-crypto voters who fear heavy-handed government intervention. Voters who are wary of cryptocurrencies due to their volatility and association with fraud may support candidates advocating for strict regulations or even restrictions on cryptocurrency trading. However, this group does not seem to prioritize crypto policy as highly as pro-crypto voters.
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