A new survey by crypto asset management company Grayscale found that a quarter of voters, especially young voters, have an increased interest in cryptocurrencies due to concerns about inflation and the struggling economy.
In the current economic context, nearly 40% of voters under the age of 45 said they were more interested in cryptocurrencies, compared to only 15% of those 45 and older. More than half of the voters surveyed who did not already own cryptocurrency stated they were holding off on investing until the economy improved.
According to poll data, young and diverse voters are not only more likely to be interested in cryptocurrency, but they are also more likely to already hold it. Approximately one-third of Black (30%), Latino (32%), and young voters under 45 (33%) already possess cryptocurrency.
Approximately one-third of Black and Latino voters claimed they were more interested in crypto due to the economy, whereas only 21% of white voters polled said the same.
The U.S. midterm elections are quickly approaching, and crypto-friendly candidates are working hard to win over voters, but survey results have been divided on whether crypto investors are likely to vote in accordance with their wallets.
Around 37% of the 2,000 respondents polled by Grayscale stated they would consider a candidate's stance on cryptocurrency before voting. However, according to a different survey conducted by the Crypto Council for Innovation and released last week, only 6% of all respondents said they would be "much more likely" to support a candidate for office if they supported cryptocurrency.
More than 80% of Democrats and 77% of Republicans polled favor clearer regulation of the cryptocurrency market for both the sector and investors. And 57% of respondents stated they would be more interested in investing in cryptocurrencies if rules were clearer, while 75% of respondents claimed they don't understand the current crypto regulations.
The vast majority of voters surveyed in Grayscale's poll said they want more crypto-savvy politicians in office and that they want those politicians to establish a clear regulatory framework for the crypto industry. It remains to be seen, however, whether crypto ownership will translate into votes for crypto-friendly candidates during the midterm elections.
The survey's results are consistent with earlier polls that have shown that most American voters, including many cryptocurrency owners, favor increased regulation of the sector.
Voters want more regulation, but they don't want the industry to be so heavily regulated that it ceases to exist, Grayscale noted.
