Spot Bitcoin ETF Approval Shakes Up Voter Investment Preferences, Crypto Gains Favor: Grayscale

Spot Bitcoin ETF approval has heightened the interest of the American voter in investing in Bitcoin or crypto, according to a Grayscale survey released Tuesday.

Even so, the study pointed to multiple factors driving Bitcoin interest. These include global events, Bitcoin’s growing legitimacy, and inflation fears. The survey specifically shows voters paying closer attention to Bitcoin in the past six months due to geopolitical tensions, inflation, and a weakening dollar. Inflation is the top voter concern (28%), potentially making Bitcoin’s limited supply even more attractive.

The Grayscale-commissioned Harris Poll was conducted online between April 30 and May 2nd, 2024 among 1,768 adults. Close to one-third of voters were more interested in learning about crypto investing, or actually investing in crypto, so far this year.

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

NEW POLL: With US elections on the horizon, American voters’ feelings about #crypto are coming into focus. Here are some of the findings from @HarrisPoll’s latest longitudinal survey on behalf of @Grayscale. 1/5

Read the full report: https://t.co/d3mMEASVh9 pic.twitter.com/YrAf0LCBs2

— Grayscale (@Grayscale) May 28, 2024

Trump Commits to Crypto, Rejects Biden’s Attempts

Politically, presidential candidate Donald Trump is making cryptocurrencies a key part of his campaign strategy. His move comes as data reveals crypto’s growing appeal across the political spectrum, with ownership rates nearly identical between Republicans and Democrats.

Recently, Trump said he’s “very positive and open minded to cryptocurrency companies.” He promised to safeguard the vitality of crypto, slinging mud at Joe Biden’s efforts to quell crypto assets.

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

Voters Attitude Towards Crypto Ownership

However, Grayscale found that voters aren’t strongly aligned with one party on crypto. An equal percentage of voters (30% each) believe Democrats and Republicans are more crypto-friendly. This shows crypto interest isn’t one-sided and cuts across political lines.

Ownership levels are similar across parties. But Republicans prioritize Bitcoin and crypto issues like inflation and economics, while Democrats focus more on concerns such as 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 with voters, especially young voters, the way the next government handles crypto will be crucial. This is especially important because a large majority of young voters (62% of Gen Z and Millennials) believe crypto and blockchain will revolutionize finance.

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