Spot Crypto ETFs Upend Voters’ Investment Preferences

Last updated: May 28, 2024 at 11:46 p.m. EDT | 1 minute reading

Place Bitcoin The approval of the ETF has increased the interest of American voter to invest in Bitcoin or crypto, according to a grayscale survey released Tuesday.

Nonetheless, the study highlighted several factors that drive interest in Bitcoin. These include global events, the growing legitimacy of Bitcoin, and inflationary fears. The survey specifically shows that voters have paid more attention to Bitcoin over the past six months due to geopolitical tensions, inflation and a weakening dollar. Inflation is voters’ top concern (28%), which could make Bitcoin’s limited supply even more attractive.

The Harris Poll commissioned by Grayscale was conducted online between April 30 and May 2, 2024 among 1,768 adults. So far this year, nearly a third of voters were more interested in learning about crypto investing or actually investing in crypto.

Compared to last November, more voters view cryptocurrencies as a good long-term investment opportunity (23% versus 19%). And a growing number of them expect some of their investments to include crypto (47% vs. 40%).

Trump commits to crypto, rejects Biden’s attempts

On the political front, presidential candidate Donald Trump is making cryptocurrencies a key part of his campaign strategy. His decision comes as data reveals crypto’s growing appeal across the political spectrumwith nearly identical homeownership rates between Republicans and Democrats.

Recently, Trump said he was “very positive and open-minded about cryptocurrency companies.” He promised to safeguard the vitality of cryptothrowing mud at Joe Biden’s efforts to crack down on crypto assets.

“Crooked Joe Biden, on the other hand, the worst president in our country’s history, wants him to die a slow, painful death. This will never happen with me,” he wrote on Truth Social.

Voter Attitude Toward Crypto Ownership

However, Grayscale found that voters are not strongly aligned with one party when it comes to crypto. An equal percentage of voters (30% each) think Democrats and Republicans are more supportive of crypto. This shows that interest in crypto is not one-sided and crosses political lines.

Ownership levels are similar across parties. But Republicans prioritize Bitcoin and crypto-related issues like inflation and the economy, while Democrats focus more on concerns like gun violence, climate change and income inequality, Grayscale said. This could explain Trump’s recent emphasis on crypto during the campaign.

As crypto gains popularity among voters, especially younger voters, how the next government handles crypto will be crucial. This is particularly important because a large majority of young voters (62% of Gen Z and millennials) believe that crypto and blockchain will revolutionize finance.

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