Crypto voters emerge as key bloc in 2024 election, new survey finds

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 edge by adopting clear, supportive stances.

Key findings show that while Republicans have a slight lead in perceived crypto-friendliness, Democrats stand to gain more from cross-party voters attracted to pro-crypto policies. With tight races expected in several swing states, the crypto voter bloc could prove crucial in determining the outcome.

Crypto as a voting issue

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

Importantly, voters are willing to cross party lines based 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 parties is even more pronounced among crypto owners, who are +58 points more likely to do so.

Party perceptions and candidate stances

While Donald Trump’s public pro-crypto policies have 56% support and Kamala Harris’ hypothetical stance opposing restrictive SEC rules garnered 55% support, neither party has established a clear lead as the pro-crypto option. Voters are nearly evenly split on which party they trust more to set crypto policies, with 35% favoring Republicans and 32% favoring Democrats.

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

Swing state dynamics

The state-focused poll 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 stood to gain more cross-party voters by adopting crypto-friendly stances.

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 +11 point gain in support by adopting pro-crypto policies, compared to a +4 point gain for his Republican opponent David McCormick.

Similar trends were observed in Michigan and Wisconsin, underscoring the potential impact of crypto policies in these crucial swing 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 protections, clearer regulations, and increased transparency in operations were among the top 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 primary barrier to investment. This was followed by 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 crypto, with over half reporting low to no understanding. Even more strikingly, less than 1 in 10 voters could correctly match different crypto terms to their definitions in a knowledge test. There is also the factor of electoral disinformation campaigns from 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 across 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, supportive crypto policies. 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 tight races.

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

“It’s no surprise that this voter block, which is up for grabs by either presidential campaign, could tip the scales in an election that increasingly looks likely to be decided by a thin margin,” Nesho said.

Joe Lubin, CEO and Founder of Consensys, highlighted 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 calling for clarity and a pro-crypto stance,” Lubin said.

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