Swing states are crucial targets for both the Democratic and Republican parties in the US presidential election. Winning the electoral votes in these states is vital to winning the overall election, as there are no specific candidates or parties that overwhelmingly dominate in these states.
In early May, the long-standing polling firm Harris Poll, established in 1963, and blockchain venture capital firm Digital Currency Group, jointly released a report titled “Crypto Attitudes in Swing States.” The survey included 1,201 registered US voters from politically undecided swing states. Additionally, recent shifts in the Democratic Party’s policies towards cryptocurrency and the friendly attitude of the Republican Party towards crypto support some of the findings in this report.
The 45-page poll report reveals several key findings. For example, 40% of the surveyed voters expressed a desire for political candidates to talk more about digital currencies. Over half of the respondents were concerned that excessive regulation by policymakers would stifle innovation. Nearly half of the voters distrusted political candidates who would interfere with cryptocurrencies. A quarter of the respondents stated that their enthusiasm for cryptocurrencies would make them trust a political candidate more. Additionally, 30% of the participants said they would be more inclined to support a cryptocurrency-friendly political candidate.
The survey was conducted from April 4th to April 16th and involved participants filling out a 10-minute online questionnaire. Eligible voters needed to be 18 years or older US residents residing in swing states, including Michigan, Nevada, Ohio, Montana, Pennsylvania, and Arizona. Participants were required to be registered voters in their respective states. Here are more details from this poll:
Discovery 1: The existing financial system is generally unpopular, with voters perceiving it as unfair, particularly disadvantaging the younger generation.
– Specifically, the current financial system elicited negative reactions from voters, with most believing that it favors elites over ordinary people (80%), lacks transparency (79%), is hard to understand (67%), and dooms the younger generation to failure (63%).
– Conversely, few people believe that the current financial system is designed for people like themselves (38%) or fair to everyone (26%).
– Interestingly, the majority of people (60-65%) hold an overall positive attitude towards their current and future personal financial health and express confidence in their understanding of the financial system (77%). However, this positive attitude does not translate into positive feelings towards the overall existing financial system.
Discovery 2: Cryptocurrencies have attracted a certain level of interest among a significant number of voters, creating a sentiment in support of crypto.
– Currently, the percentage of voters who own cryptocurrencies is relatively low (14%), and most people do not feel knowledgeable about cryptocurrencies (69%). Approximately one-fifth of voters plan to own cryptocurrencies in the next six months.
– However, nearly one-third of voters have a positive attitude towards cryptocurrencies (referred to as “crypto enthusiasts”). Crypto enthusiasts consistently exhibit higher enthusiasm for cryptocurrencies compared to the overall voters, with most associating cryptocurrencies with innovation (62%), potential (50%), and accessibility (45%).
– The majority of crypto enthusiasts believe that cryptocurrencies represent a new path to financial security and prosperity (83%), the future of transactions (79%), create a fair competitive environment for financial health (77%), and are designed for people like themselves (70%).
– While skepticism towards cryptocurrencies exists, overall, about half of the voters and a majority of crypto enthusiasts indicate that they are more likely to purchase cryptocurrencies if the crypto assets are offered by mature or regulated companies (overall 50%, crypto enthusiasts 76%), or if the government establishes consumer and investor protection laws (overall 48%, crypto enthusiasts 69%).
Discovery 3: Treating cryptocurrencies as an election issue could provide key opportunities for political candidates.
– Overall, the vast majority of voters and crypto enthusiasts plan to participate in the upcoming 2024 election (90%+), with support for the Republican and Democratic parties being relatively close.
– A significant number of voters (40%) hope that political candidates will talk more about digital currencies.
– Most voters distrust elected officials’ ability to understand innovative technologies like cryptocurrencies, and over half of the respondents worry that policymakers will stifle innovation through excessive regulation. The majority want policymakers to ensure their understanding of cryptocurrencies before implementing regulations.
– Nearly half of the voters distrust political candidates who would interfere with cryptocurrencies. A quarter of the respondents stated that their enthusiasm for cryptocurrencies would make them trust a political candidate more. Additionally, 30% of the participants said they would be more inclined to support a cryptocurrency-friendly political candidate.
– Crypto enthusiasts are more steadfast in their support of cryptocurrency-friendly positions compared to the overall voters.
– It is worth noting that cryptocurrency regulation receives broad support. The majority of voters and nearly half of the cryptocurrency supporters endorse comprehensive reforms for cryptocurrencies. Similarly, about 20-25% of voters and one-third of cryptocurrency supporters hope that elected officials focus on cryptocurrency regulation or the protection of cryptocurrency investors.
Discovery 4: Some notable groups are more open to cryptocurrencies.
– Crypto enthusiasts are more likely to be male, young, Black, or Hispanic and less likely to possess a four-year college degree compared to the overall voters.
– Compared to the overall voting population, crypto enthusiasts do not significantly differ in terms of household income and political inclination.
– Positive attitudes towards cryptocurrencies are not limited to cryptocurrency owners, as approximately 40% of voters with positive attitudes towards cryptocurrencies have never owned cryptocurrencies.
– Among the surveyed states, Ohio voters exhibited a more negative attitude towards cryptocurrencies.
What impact can these findings have?
Improving the image of cryptocurrencies among voters may be achieved through further education.
– Most voters feel unfamiliar with cryptocurrencies, and even most crypto enthusiasts find cryptocurrencies hard to understand.
– When asked about their negative views on cryptocurrencies, some people expressed their lack of familiarity or experience with cryptocurrencies, indicating that their opinions could potentially change with more information or experience.
Voters with positive attitudes towards cryptocurrencies represent an opportunity in the upcoming elections.
– In a highly polarized political environment, cryptocurrencies can be a relatively bipartisan issue that garners support from some voters.
– The group characteristics of voters with positive attitudes towards cryptocurrencies, such as young people and people of color, are particularly appealing to Democratic candidates.
Discussing cryptocurrencies in an informed manner may help candidates stand out.
– People show significant interest in candidates talking about digital currencies but have low trust in candidates’ actual understanding of cryptocurrencies. A politician who demonstrates knowledge of cryptocurrencies may stand out.
– Voters who support pro-cryptocurrency candidates indicate that they would perceive these candidates as forward-thinking and open-minded, implying a potential halo effect.
In addition to supporting cryptocurrencies, candidates can win favor by supporting reasonable regulation.
– A significant proportion of both overall voters and crypto enthusiasts support comprehensive reforms for cryptocurrencies. If there is support for government protection laws, more people will purchase cryptocurrencies, suggesting that hesitations towards cryptocurrencies can be mitigated through trusted authorities.
– Among the overall support for cryptocurrencies, recommendations for reasonable regulation of cryptocurrencies can alleviate the concerns of skeptical voters and attract crypto enthusiasts.