As the 2024 U.S. presidential election approaches, cryptocurrencies have emerged as a significant issue for the first time. A recent survey reveals that many American crypto investors plan to base their voting decisions on candidates’ stances on regulating digital assets.
Crypto Regulation Influencing Voter Decisions
According to a new report from Gemini, the cryptocurrency exchange founded by the Winklevoss twins, 73% of U.S. crypto holders say a candidate’s stance on crypto regulations will influence their vote. Conducted between May and June 2024, the survey included responses from 6,000 adults across five countries, including the United States.
Among these respondents, 37% stated that a candidate’s position on cryptocurrencies would have a “significant impact” on their voting decision. This shift highlights the growing importance of crypto in the broader political discourse.
Gemini noted, “For the first time in United States history, crypto has become a significant campaign issue in a presidential election.”
Regulatory Concerns Remain a Major Obstacle
While the growing interest in crypto is clear, the regulatory landscape continues to be a sticking point for both investors and those hesitant to enter the market.
The Gemini survey found that 38% of U.S. respondents cited regulatory uncertainty as a primary barrier to crypto investment—a notable jump from 28% in 2022. This growing concern reflects ongoing debates around how cryptocurrencies should be regulated in the U.S., with potential implications for future investors.
Crypto Adoption Continues to Rise Despite Concerns
Despite these regulatory concerns, crypto adoption in the U.S. has steadily increased. The percentage of respondents with no exposure to crypto dropped from 75% in 2022 to 65% in 2024, signaling a slow but consistent shift toward digital assets.
- Current crypto holders increased slightly from 20% in 2022 to 21% in 2024.
- Past crypto owners jumped from 5% in 2022 to 14% in 2024.
Even though there’s been some fluctuation in crypto usage, with reports showing a decline in Americans actively using crypto between 2021 and 2023, interest remains high. According to the U.S. Federal Reserve’s “Survey of Household Economics and Decisionmaking,” 7% of U.S. adults used crypto in 2023, down from 10% in 2022 and 12% in 2021.
