Vice President Kamala Harris may need to gain more support from the crypto community to boost the Democratic Party’s chances of winning the November election, a recent survey has found. questionnaire by crypto investment firm Paradigm.
The survey, which surveyed 804 registered Democrats, found that 13% were undecided about voting for Harris. Of these, 18% have invested in crypto, while 21% of these crypto investors believe the Biden administration has been “too hostile” to the industry.
Overall, the survey indicated that due to the Biden administration’s perceived hostility toward crypto, a small but notable fraction of Democrats — between 1% and 2% — may be leaning toward Republican nominee Donald Trump.
The poll was conducted between July 25 and August 1, shortly after Biden announced his withdrawal from the Democratic nomination. There is a margin of error of 3.5%.
Democrats crypto
Meanwhile, the survey also revealed growing interest in crypto among Democratic voters.
According to the report, 18% of Democratic voters have invested in crypto, with this figure expected to rise in the coming year.
Of this demographic, 9% are “very likely” to invest in crypto in the coming year, and 18% are “somewhat likely.” Conversely, 54% said they are “not at all likely” to invest in the emerging industry.
Justin Slaughter, policy director at Paradigm, pointed out that Democrats want the U.S. to lead the world in high-tech software innovations “including cryptocurrency.” He said:
“If you think everyone hates crypto, that’s a sign you’re in an information bubble.”
Meanwhile, support for crypto is significantly higher among non-white Democrats. While 18% of all Democratic voters reported owning crypto, this percentage stands at 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 in crypto, while only 5% owned more than $10,000.
Slaughter emphasized that the size of crypto holdings can influence election decisions. He noted:
“Of the 5% of Democrats who own more than $10,000 in crypto, 33% say this will be a voting issue for them, along with 23% of all crypto owners.”