Cryptocurrency Becomes USA Election Topic

Cryptocurrencies such as Bitcoin are expected to play a role in the upcoming United States presidential election, with a growing number of U.S. crypto investors paying close attention to the candidates' regulatory approaches to the industry.

According to a recent report by the Gemini crypto exchange, founded by the Winklevoss twins, the majority of U.S. crypto owners intend to consider the crypto regulation positions of presidential candidates in the November election.

Gemini's latest “Global State of Crypto” report, released on September 10, included a survey of 6,000 adults representing a random sample of consumers in the U.S., the United Kingdom, France, Singapore, and Turkey.

This survey was conducted online from May 23 to June 28, 2024.

Gemini's findings revealed that 73% of U.S. respondents who currently own cryptocurrency stated that a candidate's stance on crypto would have "some impact" on their voting decision.

Moreover, 37% of respondents said that a presidential candidate's stance on crypto would have a "significant impact" on their vote.

According to Gemini, these survey results indicate the increasing importance of cryptocurrency in the current U.S. presidential campaigns:

“For the first time in United States history, crypto has become a significant campaign issue in a presidential election.”

Other insights from the survey show that respondents are increasingly concerned about regulatory uncertainty as a barrier to investing in cryptocurrencies compared to 2022.

In 2024, 38% of U.S. respondents cited regulatory concerns as a reason for hesitating to invest in crypto, up from 28% in 2022.

The survey also suggests that U.S. investors have been gradually turning to cryptocurrencies despite growing regulatory concerns in recent years.

The proportion of U.S. respondents with no crypto exposure fell from 75% in 2022 to 65% in 2024.

Meanwhile, the percentage of crypto holders rose slightly from 20% in 2022 to 21% in 2024, and the share of past crypto owners increased from 5% in 2022 to 14% in 2024.

Some earlier reports have indicated that the number of U.S. adults with crypto exposure has declined over the past few years.

According to the U.S. Federal Reserve's Survey of Household Economics and Decisionmaking, only 7% of surveyed U.S. adults reported using cryptocurrencies in 2023, a notable decrease from 10% in 2022 and 12% in 2021.

Sources:

https://cointelegraph.com/news/crypto-us-election-issue-first-time-history-gemini

https://www.gemini.com/blog/introducing-the-2024-global-state-of-crypto-report