KEY POINTS
- The poll found that crypto is quite popular among "Democratic voters of color"
- Only 15% of the respondents said personal transactions should generally be easily accessed by the government
- A growing number of Democratic voters believe the US should lead the world in crypto
Democratic voters are increasingly turning toward the cryptocurrency space, at least based on a new poll that found majority of Dem voters agree with crypto's core goal of protecting one's financial privacy.
Increasing interest
A new poll by Paradigm and Mercury Analytics which was conducted from July 25 – August 1 found that a growing number of Democratic voters are interested in crypto, with digital assets being "most popular among Democratic voters of color."
Among 804 self-identified Democratic registered voters, 18% said they have invested in, traded, or used crypto such as Bitcoin and Ethereum. "To be clear, crypto is the most popular among non-white Democrats regardless of ownership," the poll states.
A total of 32% of Hispanic Democratic voters, 28% Blacks, and 27% of AAPI (Asian American and Pacific Islander) Democrats said that "crypto plays a positive role in the U.S. economy."
Fears around losing financial privacy
While figures were higher among colored respondents in terms of crypto use, the overall majority feared losing their financial privacy, which is "a core goal of crypto." A total of 72% of the respondents agreed that "personal financial transactions should generally be kept private, and only made available to government agencies when needed for specific purposes."
Only 15% of the polled voters said personal financial transactions should generally be logged into a system that the government can easily monitor.
Concern over a 2nd Trump term
The poll also found that majority of Democratic voters were concerned a new administration under Republican presidential candidate Donald Trump "might cut off" their access to financial services.
Of the respondents, 59% were "very concerned" about the issue, while 21% were "somewhat concerned." Notably, many Bitcoiners appear to be supportive of Trump, including some key industry figures such as the Gemini exchange's Winklevoss twins.
Increasing belief that US should lead in crypto
A total of 43% of the respondents were either fully convinced or extremely convinced that the United States should lead the world "in high-tech software innovations such as cryptocurrency and fintech."
The poll notes that the figures are a "strong sign" that Democratic voters do want crypto innovation to be centered in the country.
Democratic lawmakers hopping in
The recent poll's results came as more Democratic policymakers are turning toward the burgeoning digital assets sector. Late last month, over a dozen Democratic leaders and candidates urged the Party to take a "forward-looking" approach toward the industry that has often felt the Biden administration has been "hostile."
They pointed out the "outsized impact" of crypto in the November elections and called on the Democratic National Committee (DNC) to view the industry as one that holds "immense potential" for innovation, economic growth, and financial conclusion in the country.
