Challenges & Choices: US Swing Voters Assessing Financial System & Crypto Solutions

A bunch of folks in states that flip between Democrats and Republicans in the US think the money system is old-fashioned. They say it’s not keeping up with the times. But they’re not all sold on crypto being the fix, either. That’s what a survey found out.

The study, done by the Digital Currency Group and the Harris Group, asked 1,201 folks in six “swing states” — those states that could go either Democrat or Republican in a statewide election.

According to earlier reporting by Cointelegraph, over 90% of these respondents plan to vote in the upcoming U.S. election, and a politician’s stance on crypto could significantly influence their decisions.

Despite 70% of surveyed voters agreeing that the current financial system is “outdated” and 74% stating that it needs an “overhaul,” only a third of respondents, as per the May 7 report, believe that crypto could address this issue.

Moreover, four out of five participants expressed the view that the current financial system favors elites over regular people. However, nearly 75% of respondents don’t see crypto as a more equitable alternative.

When it comes to perceptions of crypto’s role in financial security and prosperity, only 41% of swing voters agree that it represents a new path. In comparison, 35% believe it is the future of transacting.

Participants’ views on the current financial system and whether crypto can solve those problems. Source: Digital Currency Group, the Harris Group

However, there was a significant disparity in responses between individuals who own or have owned cryptocurrency and those who have never interacted with it.

Crypto Intentions: Holders Ready To Expand

More than 90% of existing cryptocurrency holders intend to acquire additional coins or uphold their portfolios within the next six months. In contrast, only 7% of non-crypto holders plan to invest in this asset class during that period.

Approximately 76% of voters who currently or previously held cryptocurrency stated that it positively impacted their financial well-being.

Participants from Michigan, Nevada, Ohio, Montana, Pennsylvania, and Arizona took part in a 10-minute online survey between April 4 and 16, 2024.

To take part, participants needed to be residents of the United States, at least 18 years old, and registered to vote.

The survey revealed that swing voters distrust political candidates who meddle with cryptocurrency development, especially those lacking understanding of the technology.

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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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