Cryptocurrency becomes key issue for US Presidential candidates

WASHINGTON:

A recent report reveals that nearly 73% of cryptocurrency owners will consider a candidate’s stance on crypto in their vote for the US president in November this year, according to a report released on Friday.

The 2024 State of Crypto survey, released by US-based crypto exchange and custodian firm Gemini, marks the first time cryptocurrency has emerged as a significant issue in a US presidential election.

According to the survey, over one in five Americans (21%) currently own cryptocurrency. Among these owners, a substantial majority (73%) indicated that a candidate’s position on cryptocurrencies would influence their vote, with more than one-third (37%) stating that it would have “a significant impact” on their decision.

For those who do not own cryptocurrencies, 38% cited concerns about laws as a deterrent, and 47% agreed on the need for more government regulation in the crypto market. Additionally, 41% of non-owners acknowledged legal uncertainty around using cryptocurrency.

Among crypto owners, 18% view cryptocurrencies as an alternative to government currencies controlled by central banks. Another 18% believe that increased government oversight would benefit the industry by protecting consumers from bad actors.

Furthermore, 41% of crypto owners feel that requiring exchanges to comply with strict laws would enhance trust in the crypto industry.

The survey, conducted by the Data Driven Consulting Group on behalf of Gemini from May 23 to June 28, included 1,200 Americans. It highlights the growing significance of cryptocurrency in political discourse and the potential impact on voter behaviour in the upcoming presidential election.