The latest Harris Poll survey commissioned by Grayscale indicates a noteworthy change in voter attitudes towards cryptocurrency. Almost half of American voters intend to incorporate crypto into their investment strategies, underscoring its increasing significance in the context of the upcoming 2024 US Election.
Investment Views and the Effect of Inflation
Sixty-five percent of Bitcoin owners see their investment in the future of blockchain technology, according to the survey. While 43% view Bitcoin as a speculative asset, 53% use it as money. Remarkably, 36% regard BTC as a hedge against inflation or digital gold, while 8% are unsure of its exact meaning.
A major factor influencing the interest in Bitcoin has been inflation. 21% of voters are more interested in Bitcoin as a result of rising inflation, compared to 33% who are less interested and 44% who indicate no change.
More than 40% of voters, particularly Gen Z and Millennials, are hesitant to invest in cryptocurrency until more policies and regulations are established. Interest in crypto has risen from 40% to 47% since late 2023, with 44% awaiting regulatory clarity and 41% citing geopolitical tensions, inflation, and economic concerns as factors influencing their attention to crypto. Ownership rates are similar among Republicans and Democrats, both showing interest in crypto policies, with around 30% believing both parties are favorable towards crypto.
Events like the approval of the US spot Bitcoin ETF and the Bitcoin Halving in early 2024 have intensified interest, especially among retirees. Despite growing awareness, there's still a significant knowledge gap among crypto investors, with many lacking confidence in their understanding and struggling with blockchain technology concepts.
Common crypto terms are frequently searched, indicating a strong curiosity. As the 2024 US Election nears, cryptocurrency's impact on voter sentiment and investment strategies is evident, emphasizing the need for clear policies and regulations.
This underscores the importance of addressing emerging concerns to connect with an increasingly crypto-savvy electorate, as noted in the report's conclusion.
May 2024, Cryptoniteuae