Crypto voters emerge as key bloc in 2024 election, new poll shows

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A new study by Consensys and HarrisX reveals that crypto-friendly policies could sway a significant portion of voters in the 2024 US presidential election, with neither party currently holding a decisive advantage on the issue. The survey highlights the growing importance of crypto as an election issue and the potential for candidates to gain an advantage by taking clear and supportive positions.

Key findings show that while Republicans have a slight lead in perceived crypto-friendliness, Democrats stand to gain more from voters across all parties drawn to pro-crypto policies. With close races expected in several swing states, the bloc of crypto voters could prove crucial in determining the outcome.

Crypto as a voting issue

The poll found that 49 percent of voters nationwide consider crypto an important issue when evaluating candidates. This figure rises to 85% among crypto owners, who also report a high likelihood of voting (92%), making them a potentially influential voting bloc.

Importantly, voters are willing to cross party lines on crypto policies. The survey reveals that voters are +13 points more likely to consider voting for a candidate outside their preferred party if they support their preferred pro-crypto policies. This willingness to switch sides is even more pronounced among crypto holders, who are more than 58 points more likely to do so.

Party perceptions and candidate positions

While Donald Trump’s pro-crypto public policies are supported at 56%, and Kamala Harris’ hypothetical stance against restrictive SEC rules garnered 55% support, neither side has established a clear advantage as an option pro-crypto. Voters are almost evenly split on which party they trust more to set crypto policy, with 35% favoring Republicans and 32% favoring Democrats.

The poll highlights a desire for more clarity from the candidates, especially Vice President Harris. 54% of voters stressed the importance of Harris clarifying his policy positions on crypto. This suggests an opportunity for candidates to differentiate themselves and possibly gain support by articulating clear and supportive crypto policies.

The dynamics of the swing state

State-focused survey results reveal nuanced dynamics in key battleground states. In Pennsylvania, Michigan, Wisconsin and Texas, voters showed a slight preference for the Republican party in setting crypto policies. However, in all states except Texas, Democratic candidates wanted to win over voters from all parties by adopting crypto-friendly positions.

For example, in Pennsylvania, 38% of voters trust Republicans on crypto policies, compared to 36% for Democrats. However, Democratic Senate candidate Bob Casey Jr. could see a net gain of +11 points in support by adopting pro-crypto policies, compared to a +4 point gain for his Republican opponent David McCormick.

Similar trends were seen in Michigan and Wisconsin, highlighting the potential impact of crypto policies in these crucial states.

Voter priorities and concerns

The survey also shed light on what voters want to see in terms of crypto regulation and policy. Improved consumer protection, clearer regulations and increased transparency in operations were among the main factors that would make voters more confident in investing in cryptocurrencies.

Interestingly, voters across partisan lines cited the perception of crypto as “too risky” as the main barrier to investment. This was followed by the lack of funds to invest and the complexity of crypto as other major obstacles.

The need for crypto education

The survey revealed a significant need for education about cryptocurrencies. Only 17% of voters reported a high level of understanding of cryptocurrency, with over half reporting low to no understanding. Even more striking, less than 1 in 10 voters could correctly match various cryptographic terms with their definitions in a knowledge test. There’s also the factor of election disinformation campaigns by bad actors, which Crypto Briefing has covered before.

This lack of understanding likely contributes to the mixed emotions surrounding crypto. While curiosity was high among many groups, skepticism and confusion were the most common emotions associated with cryptocurrencies in most voter segments.

Implications for candidates and parties

The survey results suggest that candidates and parties have an opportunity to attract voters by adopting clear and supportive policies for crypto. With neither party currently holding a decisive advantage on the issue, there is room for candidates to differentiate themselves and potentially sway crucial votes in close races.

Dritan Nesho, founder and CEO of HarrisX, emphasized the potential impact of crypto voters.

“It’s no surprise that this voter deadlock, which is at stake in any presidential campaign, could tip the balance in an election that looks increasingly likely to be decided by a narrow margin,” Nesho said.

Joe Lubin, CEO and founder of Consensys, emphasized the bipartisan nature of crypto issues and the desire for regulatory clarity.

“There’s a myth that the crypto sector doesn’t want regulation, but that’s simply not true. The results of this poll show that crypto is a bipartisan issue, with voters also demanding clarity and a pro-crypto stance,” said Lubin.

As the 2024 election approaches, candidates who can effectively address voters’ concerns about crypto risks, offer clear policy positions and demonstrate an understanding of technology may find themselves with a crucial advantage in what promises to be a close race contested.

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