Cryptocurrencies such as Bitcoin are expected to have a notable influence on the forthcoming United States presidential election. As more American investors engage with the crypto market, their concerns about candidates’ regulatory stances on the industry are becoming increasingly significant.
Crypto Regulation in Voting Decisions
A new report by Gemini, the cryptocurrency exchange founded by the Winklevoss twins, underscores the rising impact of cryptocurrency regulation on voter behavior. Released on September 10, 2024, the report, titled “Global State of Crypto,” draws from a survey of 6,000 adults across the US, UK, France, Singapore, and Turkey. The survey was conducted online between May 23 and June 28, 2024.
According to the findings, a substantial portion of US crypto owners is considering candidates’ positions on crypto regulation as they head to the polls. Specifically, 73% of US respondents who currently own cryptocurrency indicated that a candidate’s stance on crypto regulation would influence their vote to some degree. Moreover, 37% of these respondents stated that this position would significantly impact their decision.
Crypto’s Role in Presidential Campaigns
Gemini’s report highlights a significant shift in the political landscape:
“For the first time in United States history, crypto has become a significant campaign issue in a presidential election.”
This reflects a broader trend where cryptocurrency concerns are increasingly shaping electoral politics. As more voters prioritize candidates’ approaches to crypto regulation, the industry is becoming a key issue in campaign debates and voter considerations.
The survey also reveals growing apprehension among investors about regulatory uncertainty. In 2024, 38% of US respondents identified regulatory concerns as a barrier to entering the cryptocurrency market, a notable increase from 28% in 2022. This uptick suggests that while interest in cryptocurrency remains strong, regulatory issues are creating hurdles for potential investors.
Shifts in Crypto Ownership and Exposure
Despite these regulatory concerns, the survey shows that the proportion of US adults with cryptocurrency exposure has increased. The percentage of respondents with no crypto exposure decreased from 75% in 2022 to 65% in 2024. In contrast, the number of crypto holders grew slightly from 20% in 2022 to 21% in 2024. Notably, the number of past crypto owners surged from 5% in 2022 to 14% in 2024, indicating a growing but fluctuating engagement with the cryptocurrency market.
Previous reports have painted a more mixed picture of cryptocurrency adoption. For instance, the US Federal Reserve’s Survey of Household Economics and Decisionmaking noted a decrease in crypto usage among adults, with only 7% of surveyed individuals reporting engagement with cryptocurrency in 2023. This represents a decline from 10% in 2022 and 12% in 2021.
| Metric | 2022 | 2024 |
|---|---|---|
| Percentage of adults with no crypto exposure | 75% | 65% |
| Percentage of current crypto holders | 20% | 21% |
| Percentage of past crypto owners | 5% | 14% |
| Regulatory concerns as investment barrier | 28% | 38% |
| Crypto usage (Federal Reserve Survey) | 10% (2022) | 7% (2023) |
Featured image credit: Marco Verch via CCNull
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