Crypto issuing a factor for 37% of US voters, study shows
American voters want clearer regulations for cryptocurrencies.
Cryptocurrency investments have gained steam in the United States, according to a new survey that could have implications for next week’s election.
The report by The Harris Poll, conducted on behalf of digital asset manager Grayscale Investments, found that 37% of registered voters said they paid attention to the candidates’ positions on cryptocurrency issues, and 81% agreed that there should be clearer regulation of industry. Rules written specifically for the new asset class have been bogged down in Congress, leaving regulatory agencies to interpret existing legislation with sometimes ill-defined results.
The study also confirmed other recent research that has found crypto-assets are more popular among young, black and Hispanic voters than older and white voters, even though the majority of all demographics do not consider them good long-term investments. The category included stablecoins and more volatile crypto competitors from bitcoin and ether to dogecoin.
By age, 33% of adults younger than 44 believe cryptocurrencies are a good place to put money long-term, compared to 13% for older Americans. Non-Hispanic black respondents were most supportive, with 35% calling crypto a smart investment, followed by 24% of Hispanics and just 18% of non-Hispanic whites. By gender, 27% of men had a favorable view of cryptocurrencies, compared to just 17% of women.
“The survey findings tell an important and compelling story,” said Craig Salm, General Counsel at Grayscale. “There is a young, diverse group of constituents who recognize the value of crypto – today and as part of their financial future. Crypto is here to stay, and policymakers and regulators have a responsibility to continue to learn about this asset class.” »
Overall, cryptocurrencies only received an approval rating of 22%, ahead of non-fungible tokens at 10% and, surprisingly, exchange-traded funds (ETFs) at 20%. Mutual funds, which are similar investments, were much more popular with 41% approval, followed by individual stocks at 37% and bonds at 35%. Leading for all these categories was rental property with 43%.
Previous research has found that black investors are more enthusiastic about crypto than whites, perhaps reflecting its accessibility and anti-establishment, while recent Hispanic immigrants may appreciate the ability to easily transfer money to families left behind. Young investors have also proven to be in love with an asset class that is actively traded 24/7 via mobile applications.
