According to a recent poll by Paradigm Policy Lab, more Democratic voters are warming up to cryptocurrency. This might be important for the elections and how presidential candidates appeal to crypto enthusiasts.
The July 25-August 1 NY1/Ipsos poll of 804 registered Democratic voters is further evidence of crypto's growing political relevance, as Vice President Kamala Harris is now all but certain to ascend to the party's nomination after President Joe Biden made the surprise decision not to run for a second term.
This survey takes place shortly after Democratic lawmakers and Harris's campaign team initiated the Crypto4Harris campaign to tap into the crypto industry, raise Sen. Kamala Harris's profile among crypto supporters, and counter Republican efforts spearheaded by Donald Trump.
The campaign will involve too many big shots, including Congressman Wiley Nickel and billionaire Mark Cuban. The goal of the campaign is to develop a pro-crypto policy that will woo crypto-friendly voters in the presidential election.
It found that 13% of Democrats surveyed in the poll weren't planning on voting for Harris. Of those not voting for Harris, a pretty high 18%, had invested in crypto. Another 21% believe the Biden administration was "too hostile" towards crypto. It found that 13% of Democrats surveyed in the poll weren't planning on voting for Harris. Of those not planning to vote for Harris, a pretty high 18% have invested in crypto; another 21% believe the Biden administration was "too hostile" towards crypto.
If Harris trumpets her support for crypto at the Democratic National Convention, some of these pro-crypto voters might swing their support to her.
Democratic voters believe in financial privacy, with 72% agreeing that "a person's financial transactions should remain private." Even further, 80% of those surveyed are concerned about maintaining their purchasing power, a consideration illustrating broad economic anxiety.
The survey results show that a majority of Democrats believe that Web3 can safeguard financial privacy. This will perhaps counter popular understanding, Democratic voters know the ills of mass surveillance.
Crypto got particularly strong support from non-white Democrats. A fifth of the black Democrats surveyed said they had bought crypto. So too had a quarter of Hispanic Democrats and 27% of Asian American and Pacific Islander Democrats. The results may yet have consequences on how the party reacts to its constituencies in future policy decisions.
The poll showed that more Democrats are likely to invest in crypto over the next year, with 27% of those who haven't yet bought crypto showing interest. Such a potential increase in crypto adoption might soon rival stock ownership among Democrats.
Sixty-two percent of Democrats would find it troubling if they were denied banking services due to their political beliefs, and the numbers are magnified if Trump wins again. This is where it all suddenly sweeps around the room: decentralised finance, in and of itself, is—no pun meant—attractive to certain people as a means to preempt politics-angled revenge.
The two findings are troubling for what happened next in the survey. Of this, 43% said that "the U.S. should really be leading on crypto and fintech innovations."
Earlier in the campaign season, Trump's pro-crypto stance endeared him to 13% of GOP voters, who suggested that they had a more favorable view of Trump because of it. Moreover, Trump also received huge financial support from leaders in the crypto industry. Now, it seems that Harris is leveraging her networking skills with crypto leaders and lobbyists to pull off a similar trick for winning over the crypto investment community.
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