- Majority of voters believe crypto has unrealized potential and can be an access point for those historically excluded from traditional financial services.
- Results support the idea that regulatory clarity is needed – both to protect consumers and to achieve the full promise of digital assets.
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With Americans preparing to go to the polls, the results of a nationwide survey show crypto users are poised to have an impact in close races across the country. Many elections are likely to be decided by narrow margins and new numbers indicate the crypto community has a chance to make its voice heard in statehouses and the halls of Congress – 1 in 7 hold crypto and say that they are ready to vote for pro-crypto candidates.
The results show that this nascent technology is neither a red nor a blue issue. Voters from across the political spectrum believe in the promise of digital assets – nearly 1 in 2 people on both sides of the aisle say crypto is a long-term part of the economy. An outright majority echoes what the industry has been calling for: rules of the road that protect consumers while encouraging innovation.
While we are in the early days for this technology – and many still find it complex – the more people know about it, the more opportunity they see. Nearly 3 in 4 people that hold crypto see it as the future of finance. More than 50% of Hispanic and African American respondents have a more favorable view of crypto and credit unions than banks.
But, many people are finding their feet and there is still progress to be made in this nascent industry. While a majority understand the term “digital assets” other terms, like Web3, have not yet made their way into the mainstream (8 in 10 are unsure what Web3 is).
In addition to growing awareness of new developments, further details on protecting consumers will help the industry reach its potential. Crypto has not been immune to the economic headwinds experienced by the wider market, including tech and fintech sectors. Therefore, it’s not surprising to see concerns about market fluctuations. Additionally, ways to ensure consumer safety from fraud and scams is top of mind for many. The Crypto Council will track sentiment on these issues through regular polls to see how sentiment changes with regulation. As the survey finds, having clear rules of the road will do a lot to reassure consumers and to help companies grow.
What comes next? The poll shows that crypto has made its way into the investment mix and is here to stay. Congress has an important role to play to ensure consistency and transparency in the next steps for this industry. Through careful conversation and continued dialogue, it’s possible for policymakers at the state and federal levels to build more pathways that can spur meaningful economic growth.
Here are some key takeaways:
Demographic groups important in close elections are even more likely to own crypto than the broader electorate.
- Overall, roughly one in seven likely voters (13%) reported owning crypto.
- Survey results showed that political independents (17%), Hispanics and African Americans (18%), and voters under the age of 45 (20%) are more likely than the public at large to be crypto owners.
- This means that candidates with strong pro-crypto messages are directly appealing to some of the most important segments of today’s electorate.
Results reflect the public’s desire for rules of the road that ensure the potential of this technology works to their benefit.
- Among voters with an opinion, more feel that legislators should treat crypto as a serious and valid part of the economy (45%) rather than simply treating it as a means of fraud or abuse (36%).
- More than 50% of Latino and African American respondents have a more favorable view of crypto and credit unions than banks.
- Cryptocurrencies are on the same tier as mutual funds and individual stock holdings as investments held by voters and is the leading investment for voters under age 45.
- People are more likely to get information on cryptocurrency from social media outlets like Facebook, TikTok and Instagram than financial or mainstream news sources (36% to 31%).
- An outright majority of voters (52%) believe additional regulation would be beneficial.
- These results show the potential political benefit of supporting regulation that treats crypto as a serious component of the American economy.
Methodology note: The survey of more than 1,200 likely voters was conducted for the Crypto Council by a bipartisan team led by Sean McElwee (Pioneer Polling) and B.J. Martino (The Tarrance Group). Responses were gathered online between October 8th and October 10th, 2022.