Democrats are starting to embrace crypto: poll

More Democrats are becoming pro-crypto, and Vice President Kamala Harris should cater to the pro-crypto crowd if she wants to attract more voters within the Democratic party.

A new poll conducted by Paradigm Policy Lab reveals a growing affinity for crypto among Democratic voters. This is crucial for the upcoming elections and how both presidential candidates pander to the crypto crowd. 

The poll, which surveyed 804 registered Democratic voters between July 25 and August 1, 2024, highlights the political relevance of crypto, especially as Vice President Kamala Harris emerges as the Democratic nominee following President Joe Biden’s decision not to seek re-election.

This poll comes as Democratic lawmakers and Harris’s campaign team recently launched the Crypto4Harris initiative to engage with the crypto industry. The initiative aims to improve Harris’s relationship with the crypto community and counter Republican efforts led by Donald Trump.

The campaign, which includes participation from figures like Congressman Wiley Nickel and billionaire investor Mark Cuban, seeks to craft a pro-crypto policy framework among Democrats to gain support from the crypto electorate in the upcoming presidential election.

Crypto-friendly voters are up for grabs

The poll found that 13% of surveyed Democrats do not intend to vote for Harris, with a notable 18% of these non-Harris voters having invested in crypto. 

Moreover, 21% of these voters feel the Biden administration was “too hostile” towards crypto, hinting at the potential for the Harris campaign to attract these voters by adopting a more crypto-friendly stance.

If Harris were to embrace strong crypto rhetoric at the upcoming Democratic National Convention, some of these pro-crypto voters might shift their support to her.

Crypto financial privacy and concerns

Democratic voters deeply desire financial privacy, with 72% agreeing that personal financial transactions should remain private. 

Additionally, 80% of those polled expressed concern over maintaining purchasing power, reflecting bipartisan anxiety in the current economic climate.

Per the poll findings, “A core goal of crypto – giving people greater ability to maintain financial privacy – resonates with Democrats. Contrary to some suppositions, Democratic voters recognize the dangers of mass surveillance.”

Crypto popularity among non-white Democrats

Support for crypto is particularly strong among non-white Democrats. While 18% of all Democratic voters reported having purchased crypto, the number rises to 22% among Black Democrats, 25% among Hispanic Democrats, and 27% among Asian American and Pacific Islander Democrats. This demographic insight could shape future policy directions within the Democratic Party.

Crypto ownership growth and Trump concerns

The poll showed that more Democrats are likely to invest in crypto within the next year, with 27% of those who haven’t yet bought crypto expressing interest in doing so. This potential surge in crypto adoption could lead to parity with stock ownership among Democrats.

A significant 62% of Democrats are worried about losing access to financial services due to their political views, especially if former President Donald Trump wins re-election. This fear underscores the appeal of decentralized financial systems, which are seen as a safeguard against political retaliation.

Nearly half of the respondents (43%) believe the United States must lead in crypto and fintech innovations.

Harris vs. Trump

Earlier this election season, U.S. voters saw a pro-crypto Trump embrace, which led to 13% of likely GOP voters viewing Trump more favorably due to his pro-crypto stance. 

Trump garnered large amounts of electoral funds from the crypto industry, and it appears that Harris is attempting to cultivate relationships with crypto leaders and advocates to replicate Trump’s success.