Democrats are starting to embrace crypto: poll

More Democrats are becoming pro-cryptocurrency, and Vice President Kamala Harris needs to appeal to the pro-cryptocurrency crowd if she wants to attract more voters within the Democratic Party.

A new poll conducted by Paradigm Policy Lab reveals a growing affinity for crypto among Democratic voters, which is crucial to the upcoming election and how both presidential candidates appeal to the crypto crowd.

The survey, conducted among 804 registered Democratic voters between July 25 and August 1, 2024, highlights the political importance of cryptocurrencies, especially as Vice President Kamala Harris emerges as the Democratic nominee following President Joe Biden’s decision not to seek re-election.

The survey comes as Democratic lawmakers and Harris’ campaign team recently launched the Crypto4Harris initiative to engage with the crypto industry. The initiative aims to improve Harris’ relationship with the crypto community and counter Republican efforts led by Donald Trump.

The campaign, which includes Congressman Wiley Nickel and billionaire investor Mark Cuban, aims to create a pro-crypto policy framework among Democrats in order to gain the support of crypto voters in the upcoming presidential election.

Crypto-friendly voters are scrambling

It was revealed that 13% of Democrats participating in the survey do not plan to vote for Harris, while 18% of voters other than Harris have invested in cryptocurrency.

Moreover, 21% of these voters think the Biden administration is “too hostile” to crypto, indicating the Harris campaign has the potential to appeal to these voters by adopting a crypto-friendly stance.

If Harris adopts a strong crypto rhetoric at the upcoming Democratic National Convention, some pro-crypto voters may shift their support to her.

Crypto financial privacy and concerns

Democratic voters deeply desire financial privacy; 72% say personal financial transactions should remain private.

Source: Paradigm

Additionally, 80% of survey respondents said they were concerned about preserving purchasing power, reflecting bipartisan concern in the current economic climate.

“One of crypto’s key goals — giving people more power to protect financial privacy — resonates with Democrats,” the poll found. “Contrary to some assumptions, Democratic voters recognize the dangers of mass surveillance.”

Cryptocurrency’s Popularity Among Non-White Democrats

Support for crypto is particularly strong among Democrats of color. While 18% of all Democratic voters report purchasing crypto, that number rises to 22% among Black Democrats, 25% among Hispanic Democrats, and 27% among Asian American and Pacific Islander Democrats. This demographic insight could shape future policy directions within the Democratic Party.

Crypto ownership growth and Trump concerns

The survey found that more Democrats are likely to invest in crypto in the coming year, with 27% of those who have not yet purchased crypto expressing interest in doing so. This potential increase in crypto adoption could lead to parity with stock ownership among Democrats.

Among Democrats, ownership is likely to rise next year.

Nine percent of Democrats say they are very likely to invest in crypto in the next year, while 18 percent of Democrats say they are likely to invest some. pic.twitter.com/L1KE1f9lR0

— Justin Slaughter (@JBSDC) August 12, 2024

A significant 62% of Democrats worry about losing access to financial services because of their political views, especially if former President Donald Trump is re-elected. This fear underscores the appeal of decentralized financial systems, which are seen as a hedge against political retaliation.

Almost half of survey respondents (43%) believe the US should lead the way in crypto and fintech innovation.

Harris vs. Trump

Earlier this election cycle, US voters embraced Trump’s pro-crypto approach, leading to 13% of likely GOP voters viewing him more favorably due to his pro-crypto stance.

Trump has received a large amount of campaign funding from the crypto industry, and it appears that Harris is attempting to build relationships with crypto leaders and advocates in an effort to replicate Trump’s success.