Regulation
Trump’s Crypto Pivot Wins Over 13% of Previously Skeptical Republican Voters: Paradigm Poll
Bitcoin and, by extension, cryptocurrencies have never been more relevant to voters than in the 2024 presidential election.
A new poll funded by cryptocurrency investment firm Paradigm has shown that 13 percent of Republicans who initially had no intention of voting for Donald Trump had a more positive opinion of him after he reversed his previous stance on cryptocurrency and positioned himself as a supporter of the sector.
Trump’s Cryptocurrency Conversion Wins Over Reluctant Republicans
As Trump consolidates his support among Republican voters and prepares for the upcoming general election, cryptocurrencies are emerging as a hot topic following Bitcoin’s massive rally, which hit an all-time high of nearly $74,000 earlier this year.
Indeed, Paradigm found that 13% of Republicans who were initially hesitant to vote for Trump say his recent cryptocurrency endorsements make them more likely to support him. Additionally, 38% of Trump’s non-white Republican supporters express growing enthusiasm because of his stance on cryptocurrency.
36% of Republicans view cryptocurrency positively for the economy compared to 30% who view it negatively. This positive sentiment widens to a margin of +6 points among men, +12 points among GOP voters under 40, and +27 points among non-white Republicans.
Following revelations about China’s development of a digital yuan, 40% of Republicans support the U.S. making it easier for American private sector companies to create payment products, such as stablecoins, to compete with the digital yuan. That support outweighs opposition (31%), particularly among men (52%) and college-educated Republicans (49%).
Meanwhile, 28% of Republicans surveyed own or have purchased cryptocurrency, surpassing the national average of 19% among all registered voters identified by Paradigm as of March 2024. But a deeper dive reveals even more interesting trends: Among nonwhite Republicans, 41% have owned or hold cryptocurrency, just 11 points lower than the 52% who own stocks.
Additionally, 87% of Republicans who already own cryptocurrency said they plan to increase their investments in the next 12 months. Additionally, 13% of Republicans who do not currently own cryptocurrency indicated they are likely to make their first purchase within the next year.
Paradigm also highlighted Republican voters’ loss of confidence in financial institutions. The study found that 67% expressed dissatisfaction with the current functioning of the financial system in the United States.
Trump has been very vocal about cryptocurrencies during his campaign, oath to boost the development of the asset class in the United States rather than pushing it abroad. As part of his cryptocurrency crusade, Trump has also supported for all remaining Bitcoin to be mined domestically, with the goal of strengthening the country’s energy dominance.
On the other hand, US President Joe Biden’s reluctance to support the industry could alienate a significant portion of the voting base. While Trump’s lead is widening in nearly every post-debate poll, one advocacy group still believes Biden still has a “fundamental opportunity” to reverse his stance on cryptocurrencies.
Can Biden turn things around to win voters’ trust?
Earlier this week, technology advocacy organization Chamber of Progress solicited President Biden will support comprehensive crypto regulation amid growing concerns about upcoming legislative decisions and the upcoming election. The group stressed that clarity in crypto regulation could be key to securing voter support, contrasting Biden’s stance with Trump’s evolving position on the issue.
Referring to Trump’s recent shift toward cryptocurrency, the House of Representatives noted that Biden has an opportunity to assert his leadership in providing the regulatory certainty voters want, positioning himself as a champion of American technological innovation and economic progress.