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Former President Donald Trump's support for cryptocurrencies is swaying some Republican voters as he campaigns to return to the White House.
According to a survey According to a study conducted by Echelon Insights and sponsored by cryptocurrency investment firm Paradigm, 13% of likely Republican voters expressed a more favorable opinion of Trump due to his positive sentiment toward cryptocurrencies in the US.
“In short, Republicans understand the appeal of cryptocurrencies and support Congressional action to establish clear and predictable rules,” the poll reads.
Trump has not always been vocal in his support for cryptocurrencies, at one point calling them a “scam.” In his most recent election campaign, the Republican front-runner has been very vocal in his support for the asset class, calling for all bitcoin mining to be done in the United States.
Notable survey results
The mid-June poll, which surveyed more than 1,000 likely Republican voters, highlighted widespread dissatisfaction with the current financial system and legislation.
About 60% of respondents believe Congress should establish clear regulations for cryptocurrency companies, with a preference for elected representatives (40%) over unelected bureaucrats (16%) to lead this effort.
Of all Republicans who own cryptocurrency, 58% own more than $1,000 and 40% own more than $5,000.
The poll found that 28% of Republican respondents own cryptocurrency, a demographic that skews younger, male and non-white and where Trump needs votes.
Furthermore, a large majority (94%) of respondents believe in the privacy of personal financial records. Opposition to central bank digital currencies (CBDC) was notable: 68% of those familiar with the concept opposed their adoption in the US.
Trump leads a change of sentiment
While the poll indicated a mixed view of cryptocurrencies among Republicans, with 36% having a positive impression versus 30% negative, it also showed that Republican leaders are actually in tune with this changing sentiment.
On July 8, the Republican National Committee announced that its party platform would include support for digital assets.
While Trump remains the front-runner in the Republican primaries, his pro-crypto stance could potentially reshape the election as he attracts a broader base of support within the Republican Party.
