Republican presidential candidate and former US President Donald Trump has received increased support from his party following his recent move into cryptocurrency, according to new research sponsored by Paradigm. survey.
Last month, Paradigm, a venture capital firm focused on cryptocurrency, surveyed 1,025 likely Republican voters to gauge their views on the emerging industry. The results showed deep trust in the current financial system and support for Trump.
Trump’s Election Chances
The poll found that about 13% of Republicans who said they had not planned to vote for Trump were now more likely to do so because of his pro-crypto stance. Another group of respondents also expressed increased enthusiasm for voting for the former president.
The former president has taken a more favorable stance toward cryptocurrency and has pledged to support the industry. During his campaign, Trump promised to make the U.S. a “powerhouse” producer of bitcoin and said the flagship cryptocurrency “maybe [the] “last line of defense” against central bank digital currency (CBDC).
Meanwhile, the majority of respondents acknowledged cryptocurrency as a significant force in the U.S. economy, with 40% suggesting that the U.S. government should create a path for American companies to develop products like stablecoins to compete with China’s central bank digital currency, the digital yuan.
Moreover, about 60% of respondents said Congress should pass legislation to provide regulatory clarity for the crypto industry. Additionally, 40% believe elected representatives should oversee cryptocurrency regulation rather than unelected appointees at government agencies like the U.S. Securities and Exchange Commission (SEC).
Owning Cryptocurrency
The survey also found an increase in cryptocurrency use among Republicans. Since March 2024, the percentage of Republicans who own or have purchased cryptocurrency has risen from the national average of 19% to 28%.
Of these people, 87% plan to buy more cryptocurrency in the next year, with the remaining 13% intending to make their first cryptocurrency purchase within the next twelve months.
Many respondents cited mistrust of financial systems as a reason for entering cryptocurrency. The report states:
“72% of Republican voters are at least somewhat concerned that they might lose access to financial services because of their political or religious views.”
