A Quarter of Americans Say Inflation, Economy Woes Sparking Interest in Crypto, Poll Finds
Fears over inflation and the struggling economy has translated to a growing interest in crypto for a quarter of voters surveyed in a new poll commissioned by crypto asset management firm Grayscale.
Among young and diverse voters, economic woes were even more likely to pique an interest in cryptocurrencies.
Nearly 40% of voters under the age of 45 reported being more interested in crypto in the current economic climate, compared to only 15% of those 45 or older. Approximately one-third of Black and Hispanic voters told pollsters they were more crypto-curious because of the economy, while only 21% of white voters polled said the same. Over half of voters surveyed who did not already own crypto said they were waiting until the economy improves before investing.
Poll results also indicated that young and diverse voters aren’t just more likely to be interested in crypto – they’re also more likely to own it already. Roughly a third of Black (30%), Hispanic (32%) and young voters under the age of 45 (33%) already own cryptocurrencies.
U.S. midterm elections are around the corner, and crypto-friendly candidates (and many of the crypto companies that support them) are working overtime to win over voters, but poll results have so far been mixed about whether crypto investors are likely to vote in line with their wallets.
Of the 2,000 voters surveyed by Grayscale (which, like CoinDesk, is owned by Digital Currency Group), 37% said they would factor candidates’ policy positions on crypto before casting a vote. However, another poll released last week by the Crypto Council for Innovation revealed that crypto is unlikely to be a deciding factor for the majority of voters, with only 6% of all respondents describing themselves as “much more likely” to vote for a politician who supports crypto.
Though it remains to be seen whether crypto ownership will translate into votes for crypto-friendly candidates during the midterm elections, the overwhelming majority of voters surveyed in Grayscale’s poll indicated that they want more crypto-savvy politicians in office – and that they want those politicians to establish a clear regulatory framework for the crypto industry.
Over 80% of Democrats surveyed and 77% of Republicans want clearer regulation on crypto – both for the industry and for investors. Three-quarters of respondents told pollsters they don’t understand the current crypto regulations, and 57% said they’d be more interested in investing in cryptocurrencies if regulations were clearer.
The findings of the survey are in line with other polls, which have found that a majority of U.S. voters – including many crypto holders – want the industry to be more regulated.
However, Grayscale’s poll revealed that, while voters want more regulation, they don’t want the industry to be regulated out of existence. Over 80% of both Republicans and Democrats agreed that they want the government to take a consumer-first approach to regulation, allowing individual investors to make their own decisions about how to invest in the crypto markets.