cryptopolitan.com
A survey by blockchain research firm Paradigm, updated on November 21, has revealed that crypto owners helped Donald Trump win the popular vote in the 2024 elections. The survey, which was conducted in partnership with Public Opinion Strategies, focused on the Election.
According to the report, only 13% of voters were current crypto owners, and they made a difference in the Election. The majority of them voted for Trump, spurring his win. Among the 86% of voters who do not currently own cryptocurrencies, Trump and Harris shared the votes 49 – 49.
The report also noted that voters who previously owned crypto likely contributed to the victory. However, crypto owners who supported Trump also preferred voting for Republicans over Democrats in the congressional elections.
It said:
“Non-crypto owners split 49-49 between Democrats and Republicans for Congres. Crypto owners voted for Republicans over Democrats by 13%, 55-42.”
The support from crypto voters likely contributed to the Republican sweep, allowing the GOP to take control of the Congress and Presidency.
Democrats failed to take their chance
Meanwhile, the report also confirmed speculations about how tight the race was until the Election’s final days. It noted that 21% of crypto owners only decided who they were voting for a few days before the Election, while almost 50% voted on election day.
This implied that many crypto owners voted for Trump after the Democratic Party failed to convince them. According to the survey, despite its late presidential campaign push to appeal to crypto voters, the party could not attract crypto owners.
It said:
“Democrats had a real opportunity to win over crypto voters into the last few days of the campaign but were not able to, likely in part due to internal division within the party over whether to be clearly pro-crypto.”
Paradigm Vice President on Regulatory Affairs Justin Slaughter also noted that this move by Crypto owners to support Republicans is even more significant given that polls show that a sizable percentage of these people who own crypto were young and nonwhite, with 43% of them voting Biden in 2020. Thus, it appears that some Democrats voted for Trump because of crypto.
Slaughter observed that this best highlights how Biden’s administration’s treatment of the crypto industry has returned to haunt the party.
“An industry that the Biden Admin didn’t focus on in 2020-21 became a major news topic, and rather than engage and learn about it, they presided over a few agencies’ efforts to destroy it.”
The executive added the administration failed in all its efforts to regulate crypto as it did not increase protections for consumers and investors, noting that Biden and Harris’s staff were reportedly surprised that crypto was a major issue.
Crypto-friendly senators increase as representatives decrease
Meanwhile, the head of research at crypto market maker GSR, Brian Rudick, has observed an increase in incoming pro-crypto senators. In a post shared on X, he noted that 58% of the next Senate are crypto-friendly, a massive increase compared to the 50% in the outgoing Senate.
However, the data, based on Stand With Crypto ratings for each politician, shows that the number of incoming House of Representatives pro-crypto members fell to 63% from 66%. This is largely because the number of Reps who said they had no stance increased, impacting the anti-crypto reps, too, who fell to 28%.
Rudick noted that the Election’s success was due to the efforts of advocacy groups such as Stand With Crypto and political action groups like Fairshake. According to him, Stand With Crypto gathered almost 2 million crypto advocates, while Fairshake contributed to supporting several pro-crypto candidates. Both groups were nonpartisan, which shows that crypto is an apolitical issue.
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