Poll commissioned by Paradigm reveals voting preferences of crypto owners, highlighting Trump's lead over Biden among this demographic. Impact on election discussed.

A significant portion of the cryptocurrency community expresses support for former President Donald Trump, with 48% of crypto holders indicating their intention to vote for him, compared to 39% for current U.S. President Joe Biden. These statistics emerge from a survey of 1,000 registered voters conducted by leading crypto venture capital firm Paradigm, with results unveiled on Thursday.

Commissioned between Feb. 28 and March 4, the poll coincided with Bitcoin's surge from $58,000 to $68,000, reaching an all-time high.

Paradigm emphasizes that its findings, viewed without a crypto-focused lens, closely align with those of established polling agencies: 45% of registered voters favor Trump, while 42% back Biden.

"Trust in either political party regarding crypto remains low among Americans," notes the firm. "49% of voters express distrust in both parties on crypto-related matters, including 40% of Democrats and 30% of Republicans."

The Republican Party has prominently featured crypto-related issues in its national agenda, particularly in discussions concerning central bank digital currencies (CBDCs), a subject Trump pledges to address if re-elected in November. Congressional Republicans have pushed for a ban on a U.S. CBDC, a stance bolstered by recent indications that the Federal Reserve views CBDC implementation as a top priority.

Highlighting the increasing influence of crypto holders, Paradigm asserts, "Crypto owners represent a significant portion of the current voting demographic, necessitating attention from elected officials." Survey results reveal that 19% of voters currently own or use cryptocurrencies, with an additional 16% expressing intent to invest in digital assets.

"Crypto holders constitute a pivotal swing vote demographic, potentially wielding significant influence in close electoral contests," suggests Paradigm's analysis.

The report suggests that crypto-related considerations may have influenced voter preferences since the last Biden-Trump election. "Among crypto owners, 43% recall voting for President Biden in 2020, compared to just 39% who recall supporting former President Trump," observes Paradigm. This shift in sentiment could stem from actions taken by certain agencies within the Biden Administration, although specifics remain unspecified.

Actions potentially impacting voter sentiment include the Securities and Exchange Commission's ongoing crackdown on the sale of "unregistered securities" and remarks from U.S. Treasury Secretary Janet Yellen regarding the perceived threat of digital assets to financial markets. Biden's advisors have also advocated for increased cryptocurrency regulation.

Paradigm's survey also highlights demographic shifts among cryptocurrency holders. "Ownership of crypto is notably higher among communities of color and the younger population," the report reveals. In 2024, 33% of African Americans and 32% of Hispanics have engaged with cryptocurrency, compared to 20% and 22%, respectively, in the previous year.

"The evolving electoral preferences of young and nonwhite voters underscore their concern regarding policymakers' approach to crypto," concludes Paradigm.

The survey, conducted amidst market excitement surrounding spot Bitcoin ETFs, reflects growing interest in these investment vehicles. While 6% of voters have invested in crypto ETFs and another 6% plan to do so, an additional 22% express potential interest in spot Bitcoin ETFs.

"The availability of spot Bitcoin ETFs has garnered significant attention among Americans," remarks the report. "These ETFs serve as a vital gateway for individuals entering the crypto market and may pave the way for direct crypto ownership."

The survey carries a margin of error of 3.5%.