Republicans Outpace Democrats in Crypto Ownership, 41% to 32%: Survey
A new study from the University of Pennsylvania reveals that 41% of Republicans own cryptocurrency, compared to 32% of Democrats.
This trend highlights a growing connection between conservative values and the appeal of digital currencies like Bitcoin, USA Today reported, citing the research.
The two-year study, which surveyed over 22,000 Americans, shows that Republicans are more confident in cryptocurrencies, especially in the Southeast, where states like Texas lead in adoption.
In contrast, interest is lower in the Northeast and Pacific Northwest.
Republicans Favor Crypto Due to Its Decentralized Nature
David Reibstein, a professor at Penn’s Wharton School, told the media that Republicans favor crypto because of its decentralized nature, which aligns with their preference for limited government and individual control.
Cryptocurrencies operate without central authorities, using blockchain technology to manage transactions.
Demographic trends also play a role. Millennials, aged 25 to 44, are the most likely to invest in crypto, followed by Generation X and younger baby boomers.
Older adults are less involved, often due to mistrust, while many young people lack the funds to invest. Men are twice as likely as women to own crypto.
Former President Donald Trump’s changing stance on cryptocurrency reflects its rising popularity among conservatives.
Initially critical of crypto, Trump has since embraced it, promising to make the U.S. a global leader in digital assets.
After his re-election in 2024, the number of Republican crypto owners rose significantly, according to the study.
BREAKING: 🇺🇸 2024 Republican Party Platform promises to:
– Defend the right to mine #Bitcoin
– Defend the right to self-custody Digital Assets
– Transact free from Government Surveillance and Control
– End unlawful and un-American Crypto crackdown
– Oppose the creation of a… pic.twitter.com/Gdk0FP94WD
— Bitcoin Archive (@BTC_Archive) July 8, 2024
The research suggests that Republicans view crypto as a way to bypass traditional financial systems like banks and government institutions.
Jim Harper, a policy expert, describes this as “anti-establishment” behavior, comparing today’s conservative crypto supporters to counterculture movements of the past.
Meanwhile, Democrats are seen as more supportive of traditional banking systems. This contrasts with their historical role as challengers of authority, shifting the narrative of who embraces change in financial technology.
Only 7% Willing to Accept Crypto for Salaries
The Penn researchers also explored whether Americans perceive cryptocurrency primarily as a currency or an investment.
While the proliferation of over 38,000 crypto ATMs suggests a shift toward viewing it as a currency, skepticism remains.
The survey revealed that 54% of respondents are comfortable using crypto for online purchases, but only 7% are willing to accept salaries in crypto.
As reported, the Republican Party is preparing to introduce a comprehensive crypto market structure bill within the first 100 days of the upcoming legislative session, according to Representative French Hill.
In December, Hill emphasized the urgent need for regulatory clarity in the U.S. crypto market, calling it a “top priority” for the GOP.
Hill revealed that GOP Majority Leader Steve Scalise is leading the charge on the legislation, which aims to establish clear guidelines for the digital asset industry.
Likewise, prominent crypto advocate and former U.S. prosecutor John Deaton has recently proposed leading a Trump administration investigation into the rumored “Operation Chokepoint 2.0,” an alleged initiative aimed at severing cryptocurrency companies from the traditional banking system.
Source: cryptonews.com
