Survey Shows Americans See More Promise Than Risks in Crypto

Regulators, legislators and stick-in-the-mud Peter Schiff may be skeptical of crypto, but the American people say they believe in crypto and want to leave it free to innovate and develop, according to a new bipartisan survey by the Crypto Council.

The poll of 1,200 likely voters taken in early October was very positive, with the most surprising and pleasing finding being how wide-spread crypto ownership is compared to traditional financial instruments. The poll found that 13% of those surveyed hold crypto. This compares to 12% who hold mutual funds, 5% invested in bonds, and the 16% who hold stock. Poll respondents held crypto equally whether Democrat or Republican.

Also of note, voters in the survey said they want legislators to treat crypto as a serious and valid part of the economy (45%) more than they want to see it treated as a mechanism for fraud and abuse (36%). Also, minorities said they see crypto as more trustworthy than traditional financial institutions.

According to Forkcast:

The Crypto Council’s polling also finds that a majority of U.S. voters think crypto has unrealized potential. “Our national survey shows voters believe in the promise of digital assets and see it as a long-term part of the economy and their financial future,” said Cory Gardner, former U.S. senator and chief strategist of political affairs for the Crypto Council. Such confidence in this potential has been bolstered recently amid global economic instability rocking traditional financial institutions, the report said.

The findings also point toward crypto’s potential benefits for those historically excluded from the financial system. Many members of these key voting demographics are already seeking to reap these, with Hispanic Americans and African Americans each being 18% more likely to own crypto. The pattern is similar with groups often under-targeted in elections, with independents being 17% more likely to own crypto, and young voters 20%. 

Some respondents from these groups have professed greater confidence in crypto than traditional financial institutions, including the more than 50% of Latino and African Americans polled who professed “a more favorable view of crypto and credit unions than banks.” 

A report from the Joint Economic Committee Democrats argued to the contrary, stating that such groups do not stand to benefit from crypto developments, but rather that “risky, unregulated” crypto amounted to “predatory inclusion.”

Such a pessimistic policy stance may backfire on Democrats seeking re-election, according to the Crypto Council’s findings, as 45% of voters want legislators to treat crypto as a serious and valid part of the economy, compared to the 36% who want lawmakers to treat the industry as a mechanism for fraud and abuse. 

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Ahead of such legislative action, however, many of the would-be legislators will be elected. On the basis of the report’s findings, Garner believes the candidates who succeed in November will be the ones who acknowledge crypto’s growing popularity and influence.

“This election promises some of the most competitive races in a generation,” he said, “with many races likely to be decided by narrow margins. The crypto community is ready to make its voice heard in November — those candidates that listen will get their vote.”