Crypto rising influence on voter sentiment: 2024 US election

The 2024 U.S. presidential race is drawing near, with Bitcoin and cryptocurrencies emerging as key topics in political conversations. Recent data from a survey conducted by Harris Poll for Grayscale indicates a notable shift in voter attitudes towards the crypto market.

The survey, conducted from April 30 to May 2, 2024, reveals a notable shift: 47% of U.S. voters now anticipate integrating cryptocurrency into their investment portfolios, compared to 40% in late 2023. This growing enthusiasm coincides with global uncertainties and economic difficulties.

Bitcoin has seen a rise, influenced by global trends and its evolution. Voters are showing a growing interest in Bitcoin, driven by international tensions, inflation concerns, and vulnerabilities in the U.S. currency, as indicated by recent statistics, 41% compared to 34% in Nov. 2023.

Inflation remains the top election issue for 28% of voters, highlighting Bitcoin’s potential appeal as an asset with a transparent and limited supply.

However, recent events such as the approval of the U.S. spot Bitcoin ETF and the Bitcoin Halving have led to a rise in interest among 18% and 20% of voters, respectively. Surprisingly, 9% of retired voters also showed high curiosity in crypto investments post-ETF approval.

Moreover, BTC’s value soared to its highest point ever on March 13, 2024, surpassing levels observed in past election cycles. This surge fueled speculation that Nov. 2024 could mark a significant juncture as “the Bitcoin Election.”

Growing crypto education and investment

A large portion of voters (32%) report being more open towards educating themselves about or investing in crypto since the year’s start. In comparison to Nov. 2023, a percentage of voters presently perceive crypto as a promising long-term investment avenue (23% as opposed to 19%).

Meanwhile, crypto appears to be a bipartisan issue. Both Republicans (18%) and Democrats (19%) show comparable levels of involvement, starting a debate on which party holds a more favorable stance towards the sector. This balanced interest aligns with recent bipartisan support in Congress for crypto-friendly policies.