What voters said about their views on crypto

Nearly two-thirds of voters had a less favorable view of the crypto industry in April than a more favorable view.

A survey of 1,000 randomly selected registered voters throughout the U.S., commissioned by CoinDesk in April, asked respondents to weigh in on a range of issues, including their views on cryptocurrency. One question asked for a short response: "Why do you have a (more/less) favorable impression of cryptocurrency?."

Of the 849 respondents who answered, nearly two-thirds — 533 respondents — said they had a less favorable view of the industry while the remaining 316 said they had a more favorable view of the industry. While respondents who aligned with Republicans were nearly evenly split on whether they had a more or less favorable view of the industry — 178 with a more favorable view, 212 with a less favorable view — respondents who aligned with Democrats had far less favorable views — 233 respondents saying they had a less favorable view, versus 88 who said they had a more favorable view.

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And respondents identifying themselves as independent were more likely to say they had a less favorable view than more favorable (88 respondents to 54).

Crypto-supportive

Those who said they had a more favorable impression of crypto offered a range of explanations for their support.

"Because crypto, specifically Bitcoin has made me lots of money and it is a coin that is transparent and safe," one respondent, who said he was a young GOP-aligned voter who supported President Donald Trump in the 2024 presidential election.

Many supportive voters pointed to investment returns in explaining their views. Some said they thought cryptocurrencies were a good hedge against the dollar,

Several respondents said they thought of cryptocurrencies as being a "safe way to exchange currency," being "a more secure form of money" or that it was a good investment.

One respondent said it was a useful inflation hedge outside the U.S.

These respondents encompassed all age groups, though generally speaking, younger voters were more likely to have a favorable view of cryptocurrency than older voters. The exception was in the 18-24 age bracket, where 20 voters said they had a favorable view of the industry and 24 said they had a less favorable view.

Older voters, in contrast, were far more likely to have an unfavorable view than favorable, particularly voters aged 55 and up.

More skeptical

Of voters who had an unfavorable view of the industry, respondents said crypto was a risky investment, not sufficiently regulated, did not seem like real money or was just a passing fad. Several said it was difficult to use crypto to pay for goods.

Many said they did not "trust" crypto, or said they had concerns about fraud.

"Cryptocurrency is volatile and unregulated. There's so many types of cryptocurrencies to keep up with, and I feel I may get back less than what I initially invest in," one respondent, who said they leaned toward Democrats but did not vote in 2024, said.

Another repeated concern came from respondents who said they did not know enough about crypto to have a favorable view. Many users said they were concerned about forgetting their passwords and thereby losing their funds.

One GOP-aligned voter cited "religious beliefs" but did not elaborate.

Several respondents cited concerns about the government's ability to track users and seize assets in explaining their unfavorable views.

Several more respondents explicitly cited Trump and his family's various crypto business ties in explaining their unfavorable views.

The U.S. midterm elections conclude on Nov. 3, with polling and prediction markets suggesting that Democrats will likely have a better evening than their Republican counterparts. The House of Representatives is expected to flip party control, while the Senate is a tossup, according to Cook Political report.