Vice President Kamala Harris may need to attract more support from the crypto community to boost the Democratic Party’s chances of winning the November election, according to a recent survey from crypto investment firm Paradigm.
The poll, which surveyed 804 registered Democrats, found that 13% were undecided about Harris. Of those, 18% were invested in cryptocurrency, and 21% of those crypto investors believed the Biden administration was “too hostile” to the industry.
Overall, the poll found that the Biden administration’s perceived hostility to cryptocurrencies could cause a small but significant portion of Democrats — between 1% and 2% — to lean toward Republican nominee Donald Trump.
The poll was conducted between July 25 and August 1, shortly after Biden announced he was dropping the Democratic nomination. The poll has a margin of error of 3.5%.
Crypto Democrats
Meanwhile, the poll also found growing interest in cryptocurrencies among Democratic voters.
According to the report, 18% of Democratic voters have invested in cryptocurrency, and that number is expected to grow over the next year.
Among this demographic, 9% are “very likely” to invest in cryptocurrency in the next year, while 18% are “somewhat likely.” In contrast, 54% indicated they are “not at all likely” to invest in the emerging industry.
Justin Slaughter, director of policy at Paradigm, noted that Democrats want the U.S. to be a global leader in high-tech software innovation, “including cryptocurrency.” He said:
“If you think everyone doesn’t like cryptocurrency, that’s a sign you’re in a bubble.”
Meanwhile, support for cryptocurrency is significantly higher among non-white Democrats. While 18% of all Democratic voters reported owning cryptocurrency, that percentage is 22% among Black Democrats, 25% among Hispanic Democrats, and 27% among Asian American and Pacific Islander Democrats.
The survey also found that only 8% of respondents owned more than $1,000 worth of cryptocurrency, while only 5% owned more than $10,000 worth of cryptocurrency.
Slaughter emphasized that the size of crypto assets could influence election decisions. He noted:
“Among the 5% of Democrats who own more than $10,000 in cryptocurrency, 33% say it will be a voting issue for them, as do 23% of all cryptocurrency owners.”
