Vice President Kamala Harris may need to attract more support from the crypto community to strengthen the Democratic Party’s chances of winning the November elections, according to a recent survey by crypto investment firm Paradigm.
The survey, which polled 804 registered Democrats, found that 13% are undecided about voting for Harris. Of these, 18% have invested in crypto, while 21% of these crypto investors feel the Biden administration has been “too hostile” toward 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% to 2% — may be leaning toward Republican candidate Donald Trump.
The poll was conducted between July 25 and Aug. 1, shortly after Biden announced his withdrawal from the Democratic nomination. It has a 3.5% margin of error.
Democrats crypto
Meanwhile, the survey also revealed a growing interest in crypto among Democratic voters.
According to the report, 18% of Democrat voters have invested in crypto, with expectations that this figure will rise over the next year.
Among this demographic, 9% are “very likely” to invest in crypto in the coming year, and 18% are “somewhat likely.” Conversely, 54% indicated they are “not at all likely” to invest in the emerging industry.
Justin Slaughter, Paradigm’s policy director, pointed out that Democrats want the US to lead the world in high-tech software innovations “including cryptocurrency.” He said:
“If you think everyone dislikes crypto, that’s a sign you’re in an information bubble.”
Meanwhile, support for crypto is notably higher among non-white Democrats. While 18% of all Democratic voters reported owning crypto, the percentage is 22% among Black Democrats, 25% among Hispanic Democrats, and 27% among Asian American and Pacific Islander Democrats.
The survey also reveals that only 8% of respondents owned more than $1,000 in crypto, while only 5% owned more than $10,000.
Slaughter highlighted that the size of crypto holdings can influence election decisions. He noted:
“Among the 5% of Democrats who own more than $10,000 in crypto, 33% say it will be a voting issue for them, along with 23% of all crypto owners.”
