Trump’s Crypto Pivot Wins Over 13% of Previously Skeptical Republican Voters: Paradigm Poll

Bitcoin, and by extension cryptocurrencies, have never been more relevant to voters than in the 2024 presidential election.

A new poll funded by cryptocurrency-focused investment firm Paradigm found that 13% of Republicans who originally did not intend to vote for Donald Trump had a more positive view of him after he reversed his earlier position on the ‘active and positioned himself as a defender of the industry.

Trump’s crypto conversion sways reluctant Republicans

As Trump consolidates support among Republican voters and prepares for the upcoming general election, crypto is emerging as a crucial issue due to Bitcoin’s massive surge to an all-time high near $74,000 in early ‘year.

In fact, Paradigm found that 13% of Republicans who were initially unsure about voting for Trump indicate that his recent crypto endorsements make them more inclined to support him. Additionally, 38% of Trump’s non-white Republican supporters express greater enthusiasm because of his stance on crypto.

36% of Republicans view cryptocurrency positively in the economy compared to 30% who view it negatively. That positive sentiment widens to a margin of +6 points among men, +12 points among Republican voters under 40, and +27 points among non-white Republicans.

After revelations about the development of a digital yuan in China, 40% of Republicans favor the United States making it easier for American private sector companies to create payment products, such as stablecoins, to compete with the digital yuan. This support exceeds the opposition (31%), especially among men (52%) and Republicans with university degrees (49%).

Meanwhile, 28% of Republicans surveyed currently own or have purchased cryptocurrencies, surpassing the national average of 19% among all registered voters identified by Paradigm in March 2024. However, a deeper analysis reveals even more interesting trends: among non-white Republicans, 41% have acquired or own crypto, a figure only 11 points lower than the 52% who own stocks.

Additionally, 87% of Republicans who already own crypto expressed their intention to increase their holdings in the next twelve months. Additionally, 13% of Republicans who do not currently own crypto indicated that they are likely to make their first purchase within the next year.

Paradigm also highlighted Republican voters’ loss of trust in financial institutions. The study revealed that 67% had expressed dissatisfaction with the current functioning of the financial system in the US.

Trump has been vocal about crypto during his campaign, promising to push development of the asset class in the United States rather than pushing it abroad. As part of his crypto crusade, Trump has also advocated that all remaining Bitcoins be mined domestically, with the goal of increasing the country’s energy dominance.

US President Joe Biden, on the other hand, reluctance to support the industry could alienate a significant part of the voting base. While Trump’s lead is widening in nearly all post-debate polls, one advocacy group still believes Biden still has a “fundamental opportunity” to change his position on crypto.

Can Biden’s Course of Change Secure Voter Confidence?

Earlier this week, the tech advocacy organization Chamber of Progress urged President Biden to advocate for comprehensive regulation of cryptocurrency amid growing concerns over looming legislative decisions and the upcoming election. The group stressed that clarity on crypto regulation could be critical to securing voter support, contrasting Biden’s position with Trump’s evolving position on the issue.

Referring to Trump’s recent shift in favor of cryptocurrency, the Chamber of Progress noted that Biden has an opportunity to assert leadership in providing the regulatory certainty voters desire, positioning himself as a champion of technological innovation and American economic progress.

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