A recent survey by leading cryptocurrency venture capital firm Paradigm shows that Donald Trump ‘s poll results for the 2024 US presidential election enjoy significant support from the crypto community.
The poll, which surveyed 1,000 registered voters, found that 48% of cryptocurrency owners plan to vote for the former president, while 39% intend to vote for current US President Joe Biden. The latest poll ahead of the U.S. election, conducted by Virginia-based Public Opinion Strategies between February 28 and March 4, coincided with a period of rising Bitcoin prices.
However, viewed without a crypto-focused lens, the results of the latest poll closely mirror those of other established polling firms. Of all registered voters, 45% favored Trump and 42% favored Biden.
Crypto voters remain skeptical of both major parties despite poll results
Interestingly, the poll results also highlighted voters’ lack of trust in both major political parties on cryptocurrency issues. Paradigm reports that 49% of voters expressed distrust in cryptocurrencies, including 40% of Democrats and 30% of Republicans.
The Republican Party ‘s interest in cryptocurrency-related issues has increased, especially with regard to central bank digital currencies(CBDCs).
One of the reasons Trump’s polls for the 2024 presidential election are better is that the former president has promised to eliminate the Congressional Select Committee on Cryptocurrencies (CBDC) if re-elected, and Republicans in Congress have sought to ban CBDCs in the United States.
When the Federal Reserve made CBDC one of its most important tasks, the possibility of such a ban gained popularity. The Paradigm survey also underscores that cryptocurrency holders have emerged as an important voting bloc, not just a niche or marginal group.
The survey found that 19% of voters currently own or use cryptocurrencies, with an additional 16% expressing interest in investing in digital assets.
The report suggests that elected officials should pay attention to this demographic group, as cryptocurrency owners could potentially become the deciding vote in closely contested elections.
An analysis of the survey indicates that cryptocurrencies could have an impact on voting patterns compared to the 2020 election between Biden and Trump.
Among the crypto community, 43% voted for President Biden in 2020, while only 39% voted for former President Trump. This suggests that some cryptocurrency owners who voted for Biden in previous elections may have changed their views as a result of actions taken by some agencies in the Biden administration.
The report does not specify these actions, but suggests that campaigns against “unregistered securities” and concerns expressed by Treasury Secretary Janet Yellen about the impact of digital assets on financial markets may have played a role.
Characteristics of holders of cryptocurrencies
The survey also revealed changes in the demographics of cryptocurrency holders. Cryptocurrency ownership is higher among communities of different skin colors and younger people. The report notes that 33% of African-Americans and 32% of Hispanics currently own or have traded cryptocurrencies in 2024, up from 20% and 22%, respectively, the previous year.
Paradigm finds that the preferences of young voters and non-white racial voters are changing, and one of their concerns is policymakers’ attitudes toward cryptocurrencies. The survey captures the market frenzy around Bitcoin ETFs, which are credited with fueling the recent bull market.
About 6% of voters reported investing in cryptocurrency ETFs, with another 6% planning to do so. An additional 22% expressed the possibility of buying a Bitcoin ETF. The survey’s margin of error is 3.5%, indicating a reasonable level of confidence in the results.
