As crypto finds its way to becoming more of an issue in this year’s presidential contest, a new poll released by investment firm Paradigm shows that 18% of Democrats have bought crypto, and that figure is likely to grow in the next year.
Democrats saying they are “very likely” to invest in crypto in the next year came in at 9%, while 18% of Democrats said they were “somewhat likely” to invest. However, 54% of Democrats were “not at all likely” to invest in crypto, according to the poll.
Just 8% of the poll’s respondents say they own more than $1,000 in crypto, while 5% say they own more than $10,000 in crypto.
“This is the kind of holding that influences election decisions,” Justin Slaughter, policy director at Paradigm, said Monday in a post on X. “And sure enough, of that 5% of Democrats who own more than 10k, 33% say crypto will be a voting issue for them, along with 23% of total crypto owners.”
Days after U.S. President Joe Biden said he was withdrawing from the race and endorsed Harris to replace him, Paradigm polled 804 “self-identified Democratic registered voters” with a margin of error of 3.5%. The poll was conducted with research firm Mercury Analytics.
“We also oversampled Black, Hispanic, and AAPI [Asian American and Pacific Islander] Democrats, conducting 100 additional interviews with each of these audiences, to gain better insight into how non-white Democrats view crypto,” Paradigm said.
Crypto has asserted itself into the upcoming election season with millions of dollars flooding into super political action committees and presidential candidate President Trump telling voters that he would end an “unlawful and un-American crackdown” on the U.S. crypto industry. On the other side, candidate Kamala Harris has begun reaching out to the crypto industry and say they want to learn more about crypto, a source who spoke with a member of her campaign team has said. Harris has not yet taken a public position on crypto.
Thirteen percent of those surveyed were undecided about voting for Harris. Of those voters, 18% said they have bought crypto, and 21% say the Biden administration was “too hostile” or “much too hostile” toward the industry, according to the poll.
Paradigm also found that crypto is most popular with Democratic voters of color. While 18% of Democrats overall have invested in crypto, 22% of Black Democrats, 25% of Hispanic Democrats and 27% of AAPI Democrats have, according to the poll.
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