Swing states are crucial battlegrounds for both the Democratic and Republican parties in the US presidential elections. Winning the electoral votes in these states is essential for winning the overall election, as no specific candidate or party has overwhelming support in these states. This month, the long-established polling firm Harris Poll and blockchain venture capital company Digital Currency Group released a report titled “Crypto Attitudes in Swing States.” The report surveyed 1,201 registered US voters from politically undecided swing states. It also highlighted the recent shift in the Democratic party’s stance on cryptocurrencies and the Republican party’s friendly attitude towards them, confirming some of the findings of the report.
The 45-page survey report revealed several key findings. For instance, 40% of the surveyed voters wanted political candidates to talk more about digital currencies. Over half of the respondents were concerned that policymakers would stifle innovation through excessive regulation. Nearly half of the voters did not trust political candidates to not interfere with cryptocurrencies. A quarter of the respondents said that their enthusiasm for cryptocurrencies would make them trust a political candidate more. Furthermore, 30% of the participants expressed a greater inclination to support a cryptocurrency-friendly political candidate.
The survey was conducted from April 4th to April 16th, and participants filled out an online questionnaire that took about 10 minutes to complete. Eligible voters had to be US residents who were at least 18 years old and lived in swing states, including Michigan, Nevada, Ohio, Montana, Pennsylvania, and Arizona. Participants needed to be registered voters in their respective states. Here are some more details from the survey.
Findings:
1. The current financial system is generally unpopular, with voters perceiving it as unfair, particularly to the younger generation.
– Specifically, the current financial system elicited negative reactions from voters, with the majority believing it favored elites over ordinary people (80%), lacked transparency (79%), was difficult to understand (67%), and doomed the younger generation to failure (63%).
– In contrast, few people believed that the current financial system was designed for people like themselves (38%) or was fair to everyone (26%).
– Interestingly, most people (60-65%) held an overall positive attitude towards their current and future personal financial health, and they expressed confidence in their understanding of the financial system (77%). However, this positive attitude did not translate into a positive perception of the overall current financial system.
2. Cryptocurrencies attracted a certain degree of interest among a considerable number of voters, leading to a favorable sentiment towards them.
– Currently, the percentage of voters who hold cryptocurrencies is relatively low (14%), and most people do not feel knowledgeable about cryptocurrencies (69%). Approximately one-fifth of the voters plan to own cryptocurrencies in the next six months.
– However, nearly one-third of the voters have a positive attitude towards cryptocurrencies (referred to as “crypto enthusiasts”). Crypto enthusiasts consistently showed higher enthusiasm for cryptocurrencies compared to the overall voters, with the majority associating cryptocurrencies with innovation (62%), potential (50%), and accessibility (45%).
– Most crypto enthusiasts agreed that cryptocurrencies represent a new path to financial security and prosperity (83%), are the future of transactions (79%), create a fair competitive environment for financial health (77%), and are designed for people like themselves (70%).
– Although skepticism towards cryptocurrencies exists, about half of the overall voters and the majority of crypto enthusiasts indicated that they would be more likely to purchase cryptocurrencies if the assets were offered by mature or regulated companies (50% overall, 76% crypto enthusiasts) or if the government enacted consumer and investor protection laws (48% overall, 69% crypto enthusiasts).
3. Treating cryptocurrencies as an election issue could provide key opportunities for political candidates.
– Overall, a vast majority of voters and crypto enthusiasts plan to participate in the upcoming 2024 elections (90%+), with support for both the Republican and Democratic parties being very close.
– A considerable number of voters (40%) want political candidates to talk more about digital currencies.
– Most voters do not trust elected officials to understand innovative technologies like cryptocurrencies, and over half of them are concerned that policymakers would stifle innovation through excessive regulation. The majority wants policymakers to ensure their understanding of cryptocurrencies before implementing regulations. Nearly half of the voters do not trust political candidates who would interfere with cryptocurrencies. A quarter of the respondents said that their enthusiasm for cryptocurrencies would make them trust a political candidate more. Additionally, 30% of the participants expressed a greater inclination to support a cryptocurrency-friendly political candidate.
– Crypto enthusiasts are more steadfastly supportive of cryptocurrency positions compared to the overall voters.
– Notably, cryptocurrency regulation received broad support. The majority of voters and nearly half of the cryptocurrency supporters favored thorough reforms of cryptocurrencies. Similarly, approximately 20-25% of voters and one-third of cryptocurrency supporters hoped that elected officials would focus on cryptocurrency regulation or investor protection.
4. Some noteworthy groups are more open to cryptocurrencies.
– Crypto enthusiasts are more likely to be male, young, Black, or Hispanic, and they are less likely to possess a four-year college degree compared to the overall voters.
– Crypto enthusiasts do not significantly differ from the overall voting population in terms of household income and political leanings.
– Positive attitudes towards cryptocurrencies are not limited to cryptocurrency holders, as approximately 40% of voters with a positive attitude towards cryptocurrencies have never owned them.
– Among the surveyed states, Ohio voters had a more negative attitude towards cryptocurrencies.
What implications do these findings have?
– The image of cryptocurrencies among voters could be improved through further education.
– Most voters feel unfamiliar with cryptocurrencies, and even most crypto enthusiasts find them difficult to understand. When asked about their negative views on cryptocurrencies, some respondents cited their lack of familiarity or experience, indicating that their perception could potentially be changed through more information or experience.
– Voters with a positive attitude towards cryptocurrencies represent an opportunity in the upcoming elections.
– In a highly polarized political environment, cryptocurrencies could be a relatively non-partisan issue that garners support from some voters.
– The group characteristics of voters with a positive attitude towards cryptocurrencies (young people and people of color) are particularly attractive to Democratic candidates.
– Talking about cryptocurrencies in an informed manner could help candidates stand out.
– There is significant interest among people for candidates to discuss digital currencies, but there is low trust in candidates’ actual understanding of cryptocurrencies. A politician who demonstrates knowledge of cryptocurrencies could stand out.
– Voters who support cryptocurrency-friendly candidates indicate that they would perceive such candidates as forward-thinking and open-minded, implying the potential for a halo effect.
– In addition to supporting cryptocurrencies, candidates can win favor by supporting reasonable regulation.
– A high percentage of both the overall voters and cryptocurrency supporters favor comprehensive reforms of cryptocurrencies. More people would purchase cryptocurrencies if supported by government protection laws, indicating that hesitancy towards cryptocurrencies could be alleviated through trust in authoritative figures.
– In the overall support for cryptocurrencies, suggestions for reasonable regulation can ease concerns among skeptical voters and attract crypto enthusiasts.
