Former President Donald Trump’s recent public support for Bitcoin and cryptocurrencies is gaining popularity among Republicans, according to a June poll sponsored by Paradigm and conducted by Echelon Insights.
Americans dissatisfied with the current economic system
The poll highlights a clear contrast between the viewpoints of Republicans and those of Elizabeth Warren and Gary Gensler. The Grand Old Party members advocate for financial autonomy and strongly oppose centralized control, including using CBDCs, debanking, and routing all financial transactions through major banks.
The data indicates that 28% of surveyed Republicans currently possess or have acquired cryptocurrency, surpassing the national average of 19% among all registered voters.
Furthermore, 41% of non-white Republicans have invested in or currently own cryptocurrency, which is only 11 percentage points lower than the 52% who have invested in the stock market.
The survey by Katie Biber, Paradigm’s chief legal officer, and Alex Grieve, the company’s government affairs lead, also demonstrates that 87% of Republicans who own cryptocurrency plan to acquire more in the next twelve months, while 13% of Republicans who do not currently own cryptocurrency will likely make their first purchase within the next twelve months.
One particularly interesting aspect of these findings is the level of dissatisfaction with the country’s current financial situation. 67% of the surveyed individuals expressed dissatisfaction with how the American economic system functions under Joe Biden’s administration today.
Moreover, 72% of Republican voters worry about losing access to financial services due to their political or religious beliefs.
60% of Republican voters call for comprehensive crypto regulations
The worldwide network of supporters, enthusiasts, and digital currency experts advocates for Congress to establish comprehensive regulations for crypto. According to the survey, 60% of respondents believe Congress must establish laws that set clear and consistent guidelines for cryptocurrency businesses and entrepreneurs.
Another important finding from the survey is the emphasis on financial privacy for all individuals. Most US citizens are against implementing a Central Bank Digital Currency (CBDC) and other financial tools that could allow the government or the Federal Reserve to monitor individuals’ financial transactions.
This sentiment was further highlighted in the survey. 94% of Republicans said they want their financial transactions to remain private.
They oppose any IRS involvement in monitoring private financial transactions, as enabled by the upcoming DeFi part of the IRS’s digital asset broker rule. They also strongly object to introducing a government-monitored Central Bank Digital Currency (CBDC).
