For the “first” time in United States history, crypto has become a significant campaign issue in a presidential election, according to Gemini‘s upcoming 2024 State of Crypto survey.
The study shared by Gemini found that “more than one in five Americans currently own cryptocurrency (21%).”
Among those who own crypto, the “vast majority (73%) plan to consider a candidate’s stance on crypto when they vote for the next president of the United States.”
More than a third (37%) say that “a presidential candidate’s position on crypto would have a significant impact on their vote for president.”
The 2024 State of Crypto study shared by Gemini “explores adoption and attitudes towards crypto among 1,200 Americans and was conducted between May 23, 2024 and June 28, 2024 by Data Driven Consulting Group on behalf of Gemini.”
As part of the study, 233 cryptocurrency owners were asked “about the impact on their vote of a presidential candidate’s crypto stance between June 10 and June 27, 2024.”
Thoughtful regulation of crypto continues to be a barrier to entry for Americans who do not own crypto:
- 38% of Americans who do not own crypto say that concerns about laws around cryptocurrency have discouraged them from getting started.
- Nearly half of non-owners (47%) agree that we need more government regulation of cryptocurrency.
- 41% of non-owners agree there is legal uncertainty around using cryptocurrency.
For current crypto investors, cryptocurrency “offers protection from disruptions in the traditional monetary system.”
However, they recognize there is a need “for regulatory clarity in order to increase trust in the crypto industry” and protect it from bad actors:
- Nearly one in five (18%) of crypto owners see crypto as an alternative to government currencies controlled by a central bank.
- Nearly one in five (18%) of crypto owners think more government oversight of the crypto industry will be positive because it will protect consumers from bad actors.
- 41% of crypto owners say requiring crypto exchanges to comply with strict laws would increase trust in the crypto industry.
As the United States approaches its presidential election in November, crypto holders and crypto investors remain “engaged as a critical part of the voting electorate.”
Gemini supports crypto voter advocacy and education “by supporting Stand With Crypto.”
