Grayscale Report: The Role of Crypto in the 2024 Election – Part 1

The next US presidential election is around the corner. Candidates’ knowledge of crypto is becoming necessary to get more votes, especially from those who are into crypto. Read on to get the details.

As a Grayscale report highlighted, crypto has taken root in the United States for politics, privacy, and personal finance.

U.S. Regulators

U.S. voters see a vital role for regulators in managing new and emerging technologies. What are the primary duties they apportion to the regulators? National security concerns (47%) and investor or consumer protection (45%). However, for Democrats, regulators occupy more of this space than their Republican or Independent counterparts.

The Political Divide on Crypto

When it comes to this industry, the Republican Party is more favorable to both investors and companies. The public views both parties equally when protecting financial privacy.

Source: Grayscale

Crypto Owners vs. Non-Owners: A Different View

Crypto investors have a different view of finances, privacy, and the monetary system. Non-investors may not get the point. They report greater confidence that tech companies and the U.S. government protect their money. As for crypto users, they do not have a problem with the government using data regarding their finances for security and regulatory purposes.

Crypto holders are more confident in other types of assets, including equities and fixed income. They trust in the development of these assets in the future, compared to the owners at a higher proportion. The same goes for their attitude toward crypto innovations. 78% of holders believe that such financial systems focus on a smaller number of bank branches but more on automated technologies. This will result in a fairer economy, while only 40% of non-investors are among those who think so.

Source: Grayscale

Crypto and the 2024 Election: A Key Issue for Owners

Crypto owners are paying attention to how presidential candidates view digital assets. 78% of crypto owners say they’re more likely to vote for an informed candidate than 50% of non-owners.

Besides, 74% of holders are more concerned with candidates’ positions on BTC and other digital currencies than before. It is also important to note that this category will take the candidate’s stand on digital assets before the election.

Voting Intentions: Crypto Owners vs. Non-Owners

Crypto investors and non-investors will vote during the 2024 election. 88% of these investors intend to vote, and respondents who do not own Crypto are 83%. Also, most respondents from both groups are already registered voters. Therefore, digital assets shift the issues voters consider when exercising the franchise.

Political Leanings of Voters

Regarding political orientation, those who have never owned digital assets are more inclined to go to the right side. The remaining population also has different political opinions, where 32% of non-owners refer to themselves as conservatives, but only 24% of crypto owners do. However, 47%, based on many surveys of the crypto owners, said they had moderate political inclination.

crypto really is a bipartisan issue

20% of likely voters in swing states say it’s a “major issue in the 2024 election” & these voters are split on party lean

45% R, 42% D, and 13% I

it’s national dems who’ve chosen to make it partisan & potentially *lose* votes over it. why? pic.twitter.com/xs4bQeDR2I

— Alex Thorn (@intangiblecoins) May 10, 2024

Conclusion

Grayscale’s report shows that cryptocurrency plays a more prominent role in voters’ thinking about the 2024 election. From financial privacy to national security to innovation, they put a lot of stock in a candidate’s stance on digital assets.

As the race intensifies, any candidate who wants to engage this group of voters must display interest in digital assets. Crypto in politics may increase as more people in the United States embrace the digital currency. This is only the first part of this article; it has a second part.

Disclaimer

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