Grayscale Survey: Cryptocurrency Gains Prominence in U.S. Election, Voter Interest in Bitcoin Rises
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Grayscale Survey: Cryptocurrency Gains Prominence in U.S. Election, Voter Interest in Bitcoin Rises
Nearly half of voters (47%) now want cryptocurrencies included in their investment portfolios, up from 40% at the end of last year.
Navigating Web3 tides with focused insightsAuthor: Grayscale
Translation: Felix, PANews
According to Grayscale's latest public opinion survey, U.S. voters are increasingly interested in Bitcoin, driven by macroeconomic developments and Bitcoin’s evolution into a more mature asset. Approximately 47% of voters now want to include cryptocurrency in their investment portfolios, highlighting crypto’s growing prominence in the upcoming November election. Below is the full report:
The Harris Poll, commissioned by Grayscale, conducted a survey of voters in the 2024 U.S. presidential election. The second phase of this longitudinal study (data collected between April 30 and May 2, 2024) confirms findings from the first phase and underscores that American voters continue to share many of the same priorities and attitudes since the initial survey was conducted from November 27–29, 2023. However, there have been notable shifts in voter interest and perceptions regarding holding cryptocurrency, as well as how crypto fits within the political landscape—both topics gaining increasing importance ahead of the 2024 U.S. election.
Ahead of the June 2024 presidential debate between Biden and Trump, voters expressed uncertainty and concern over critical issues: wars raging globally, increasingly polarized political discourse, and persistent inflation in the U.S. economy. With two candidates offering starkly different visions for the country, nearly half of voters indicated they would replace the current nominees if given the choice. As revealed by the latest Harris Poll survey on behalf of Grayscale, amid this uncertainty, digital assets are becoming increasingly relevant to voters. Key takeaways include:
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We believe Bitcoin’s relevance is growing due to macro dynamics and its own maturation as an asset, with nearly half of voters (47%) now wanting cryptocurrency included in their investment portfolios (up from 40% at the end of last year).
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As in the first wave of this year’s survey, respondents ranked inflation as the top issue in the election (at 28%), again underscoring the potential value of assets like Bitcoin that offer transparency and a hard supply cap.
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Trump has embraced cryptocurrency in his campaign, while recent legislative efforts such as FIT21 and SAB 121 have received bipartisan support in Congress. Harris Poll data supports the view that crypto is a bipartisan issue, with similar ownership rates among Republicans (18%) and Democrats (19%).
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Will November become the "Bitcoin election month"?
Growing Attention Toward Bitcoin
Grayscale believes that Bitcoin is receiving increased attention due to macroeconomic trends and its maturation as an asset. Over the past six months—since the first phase of this survey—voters have become more attentive to Bitcoin (41%, up from 34% in November 2023), amid geopolitical tensions, inflation, and risks facing the U.S. dollar. Notably, 28% of voters identified inflation as the top election issue so far, highlighting the potential value of assets like Bitcoin that offer transparency and strict supply limits.
Meanwhile, Grayscale added new questions to the survey to gain deeper insights into voter sentiment. The Harris Poll found that Bitcoin-related events—including the January 2024 approval of spot Bitcoin ETFs in the U.S. and the April 2024 halving—have increased voter interest in investing in Bitcoin and other crypto assets (18% and 20% respectively). In particular, the ETF approval made 9% of retired voters more interested in investing in Bitcoin or crypto assets.
Figure 1: Voters are increasingly paying attention to Bitcoin
So far, 2024 has been a strong year for Bitcoin. It hit an all-time high on March 13; moreover, Bitcoin’s price has been higher every day in 2024 compared to previous election periods. Will November become the “Bitcoin election month”?
Figure 2: Bitcoin prices are higher than during any prior election period
Growing attention toward cryptocurrency extends beyond Bitcoin to digital assets more broadly. This interest is reflected in both greater openness and investment intent. Nearly one-third of voters (32%) said they have become more open to learning about crypto investments or actually investing in crypto since the beginning of the year. Compared to November 2023, voters are also more likely to view crypto as a good long-term investment opportunity (23% vs. 19%), and a growing number expect their portfolios to include cryptocurrency (47% vs. 40%).
Figure 3: Voters increasingly expect their portfolios to include cryptocurrency
Cryptocurrency as a Bipartisan Political Issue
Although Trump has shown stronger support for cryptocurrency during his campaign, data shows that crypto is a bipartisan concern, with nearly equal ownership rates among Republicans (18%) and Democrats (19%).
Voters are divided on which party is more favorable toward the crypto industry, with equal proportions (30% each) believing that either the Democratic or Republican Party holds the most favorable stance on crypto policy. These findings suggest that support for cryptocurrency does not lean entirely toward one party but remains balanced across the political spectrum. This aligns with recent bipartisan congressional support for the SAB 121 resolution, which would allow financial institutions to act as custodians of digital assets—potentially increasing accessibility for crypto investors.
Nevertheless, Republican voters are more likely than Democrats (54% vs. 33%) to view inflation and economic issues as the most pressing challenges facing the U.S. The GOP appears to prioritize Bitcoin- and crypto-related concerns such as inflation and the economy, while data shows Democrats are more concerned about gun violence, climate change, and income inequality, as illustrated in Figure 4 below. This may explain why Trump has recently leaned into crypto advocacy during his campaign.
Figure 4: Most urgent issues perceived by each party
Conclusion
In many ways, the United States stands at a crossroads. The two candidates hold divergent views on government deficits and debt, inflation, Federal Reserve independence, and America’s role in the world—positions that directly impact both the U.S. dollar and Bitcoin.
As voter interest in cryptocurrency grows, the next administration’s stance on this emerging digital asset will be crucial. This is especially important for younger voters, as 62% of Gen Z and Millennial voters believe cryptocurrency and blockchain technology represent the future of finance. Regardless, as November approaches, one clear trend emerges: candidates and policymakers across the spectrum preparing for the 2024 election will place increasing emphasis on cryptocurrency.
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