Regulation
What would drive Americans to buy more Bitcoin? Clearer regulations, says survey
A mountain of money could fall into Bitcoin and other coins once the US government resolves its cryptocurrency regulations, a new survey from Grayscale suggests.
According to the results of a survey released on Tuesday, 44% of US voters who do not own cryptocurrencies say they are “waiting for further policies and/or regulations” before purchasing them.
“There have been some noteworthy shifts in interest and perceptions around cryptocurrency ownership and how voters think about cryptocurrencies in the political landscape, both of which are increasingly important topics ahead of the 2024 US elections,” he wrote Grayscale in his results report.
Having Bitcoin in your wallet represents “an investment in the future of blockchain technology” for 65% of respondents, while 53% see it as “a way to pay for things digitally or a digital currency,” according to the survey. 43% perceive it to be “a speculative investment,” while 36% believe Bitcoin is “a digital form of gold or a hedge against inflation.”
The company’s cryptocurrency-focused survey was conducted by global market research and consultancy firm The Harris Poll between April 30 and May 2. It collected information from 1,768 adult online respondents who said they planned to vote in the upcoming 2024 U.S. presidential election.
The results bolstered Grayscale’s parent company’s results earlier this month, showing that digital assets have quickly become an asset important electoral issue.
Among all Grayscale respondents, 47% said they expect to include cryptocurrencies in their portfolios in the future, up from 40% in November. Additionally, 41% of respondents said they are paying attention to Bitcoin and other cryptocurrencies “due to geopolitical tensions, inflation and the weakening of the US dollar.” This is up from 34% six months earlier.
Interest is particularly strong among millennial and Gen Z voters, with 62% agreeing that cryptocurrencies are the “future of finance.”
The growing interest is largely attributable to the successful launch of spot Bitcoin ETFs in the US in January, which have drawn $13.7 billion in net flows since launch. Grayscale said nearly a third of voters became more interested in cryptocurrencies as an asset class after ETFs received the green light from regulators.
Over the past month, several pieces of pro-cryptocurrency legislation have passed the House and Senate with bipartisan support, signaling a growing recognition of cryptocurrency’s legitimacy from both parties. Former President Donald Trump, once skeptical of Bitcoin, has recently even thrown his weight behind cryptocurrencies, promising to protect citizens’ rights to own Bitcoin from the crypto-hostile “goons” across the hall.
Among voters, support for cryptocurrencies does not appear to be partisan. Grayscale noted that ownership of digital assets is similar between Republicans (18%) and Democrats (19%). An equal portion of respondents (30% each) believe the Democratic or Republican parties are more supportive of cryptocurrencies.
“With voters increasingly interested in cryptocurrencies, the next administration’s approach to this emerging digital asset will be important,” Grayscale concluded.
By Ryan Ozawa.