The digital currency asset manager, Grayscale Investments, announced on November 1 the findings of a new national survey to investigate how Americans view the current state of the economy and cryptocurrency in relation to the upcoming election in the United States in 2022.
The survey found that 52% of Americans (including 59% of Democrats and 51% of Republicans) said that they agreed with the statement “cryptocurrencies are the future of finance,” with 44% saying they anticipate including crypto in their investment portfolio in the future, according to the online poll conducted within the United States between October 6-11, 2022, among 2,029 adults by The Harris Poll on behalf of Grayscale Investments.
Grayscale CEO Michael Sonnenshein stated:
“As we approach the midterm election, U.S. voters are considering the intersection of cryptocurrency, traditional finance, and the state of the economy. This survey reinforces that crypto continues to generate diverse, mainstream investor interest and engagement.”
“As Americans consider their financial future, policymakers and regulators have an opportunity to protect investors through greater regulatory clarity and guidance, while allowing market participants, like financial advisors, to enable access to well-informed crypto offerings.”
Challenging economy sparking interest in crypto
The current precarious state of the economy may have piqued the curiosity of Americans in investments outside of the stock market or mutual funds. One in four Americans (25%) feel that rising prices and the state of the economy have increased their curiosity about cryptocurrencies.
According to the survey, the adoption of cryptocurrencies seems to be correlated with interest in the asset, especially among younger investors from various backgrounds. 34% of those who identify as Black, 32% who identify as Hispanic, and 37% who are under 45 years old said that the present economic condition had increased their interest in crypto. A little less than one-third of people in the United States who are Black (30%), Hispanic (32%), and under 45 years old (33%), respectively, already hold cryptocurrencies.
Notably, before casting their vote, more than a third of voters (37%) take into consideration the candidates’ policy stances on cryptocurrency. 81% agree that clearer regulations should be placed on the cryptocurrency sector, including 77% of Republicans and 88% of Democrats.
Finally, over four in five Republicans (81%) and Democrats (82%) believe it is critical to have a consumer-first approach to regulation, enabling individuals (rather than the government) to determine how to invest in cryptocurrencies by giving relevant information about different products, while developing a regulatory framework that guarantees anybody may access crypto.