- 118th Congress will be the “Crypto Congress” as it navigates decisions that will have a lasting impact on our financial future.
- National survey conducted by CCI shows 1 in 7 voters own crypto, with support across party lines.
- In comparison, 12% of voters own mutual funds, 5% own bonds, and 4% own Exchange Traded Funds (ETFs).
- 52% of voters believe crypto needs more regulation, though they’re split down the middle on party lines.
With midterms just hours away, the results of the Crypto Council’s national survey of likely voters offers a look into what some are thinking. Importantly, the survey found crypto is in the investment mix, higher adoption among young, Hispanic, and Black voters and a majority (52%) calling for Congress to act.
Crypto is in the investment mix
According to the survey, 1 in 7 voters (~13%) say they own crypto. This number is higher when you break numbers down further, with 20% of voters under 45, and 18% of both African American voters and Hispanic voters, owning crypto.
Yet, despite crypto’s volatility and risk, more voters say they own crypto than own mutual funds (12%), and more than three times as many voters own crypto than own ETFs (4%) or bonds (5%).
American voters want crypto to be regulated
The poll makes clear that many voters (45%) want crypto to be treated as a serious part of the economy. It also shows that crypto has become part of the investment mix. In comparison to other financial holdings, 16% of respondents said they hold stocks, 13% hold crypto, 12% hold mutual funds, and 5% hold bonds.
Some poll respondents even had a more positive view of crypto than more traditional financial institutions. For example, more than 50% of Latino and African American respondents have a more favorable view of crypto and credit unions than banks.
While the big picture shows more voters own crypto than mutual funds, the market size shows these regulated asset classes are much larger. The market for mutual funds in the U.S. is over $23 trillion, while the market for ETFs tops $7 trillion in the U.S. (and over $10 trillion globally).
So, that means 4% of voters own over $7 trillion in ETFs, while more than double the number of voters own crypto, which has a global market cap of $1 trillion.
Role of the “Crypto Congress”
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.
Breaking down crypto by party ID shows 17% of independents, 13% of democrats and 10% of republicans hold crypto.
The US’s digital future will be front and center in the 118th Congress. We expect key crypto legislation to move forward. This Crypto Congress could be known as the ones who helped spur meaningful economic growth and secured a digital future where crypto’s full potential is realized.