A new survey by Grayscale suggests that a mountain of money could fall into Bitcoin and other coins once the US government sorts out its cryptocurrency regulations.
According to survey results published on Tuesday, 44% of US voters who do not own cryptocurrencies said they were “waiting for additional policies and/or regulation” before purchasing.
“There have been some noteworthy shifts in interest and perceptions around owning cryptocurrencies and how voters think about cryptocurrencies in the political landscape – both increasingly important topics ahead of the 2024 US elections,” Grayscale wrote in its findings report.
Having bitcoin in their portfolio represents “an investment in the future of blockchain technology” for 65% of respondents, while 53% see it as “a way to pay for things digitally or with digital currency,” according to the survey. 43% of them view it as a “speculative investment,” while 36% said that Bitcoin is a “digital form of gold or a hedge against inflation.”
The company’s cryptocurrency-focused survey was conducted by global market research and consulting firm The Harris Poll between April 30 and May 2. It collected insights from 1,768 online adults who said they planned to vote in the upcoming 2024 US presidential election.
The findings reinforce findings by Grayscale’s parent company earlier this month, which showed that digital assets are quickly becoming a major election issue.
Across all Grayscale respondents, 47% said they expect to include cryptocurrencies in their portfolios in the future — up from 40% in November. Furthermore, 41% of respondents said they are now interested in Bitcoin and other cryptocurrencies “due to geopolitical tensions, inflation, and a weak US dollar.” This is up from 34% six months ago.
Interest is particularly strong among Millennial and Gen Z voters, with 62% agreeing that cryptocurrencies are the “future of finance.”
The increased interest has been largely attributed to the successful launch of spot bitcoin ETFs in the US in January, which have now absorbed $13.7 billion in net inflows since their launch. Nearly a third of voters have become more interested in cryptocurrencies as an asset class after ETFs were given the green light by regulators, Grayscale said.
Over the past month, several pro-cryptocurrency pieces of legislation have passed through the House and Senate with bipartisan support, indicating growing recognition of the legitimacy of cryptocurrencies across both parties. Even former President Donald Trump — once a bitcoin skeptic — has recently turned against the cryptocurrency, promising to protect citizens’ rights to own bitcoin from anti-crypto “idiots” on the other side of the aisle.
Among voters, support for cryptocurrencies does not appear to be partisan. Grayscale noted that digital asset ownership appears similar between Republicans (18%) and Democrats (19%). An equal portion of participants (30% each) believed that the Democratic or Republican parties were more favorable to cryptocurrencies.
“As voters become increasingly interested in cryptocurrencies, the next administration’s approach to these emerging digital assets will be important,” Grayscale concluded.
Edited by Ryan Ozawa.