Republican
presidential
candidate
and
former
US
President

Donald
Trump
has
garnered
increased
support
from
his
party
following
his
recent
embrace
of
cryptocurrencies,
according
to
a
new
Paradigm-sponsored

survey.

Last
month,

Paradigm,
a
crypto-focused
venture
capital
firm,
polled
1,025
likely
Republican
voters’
views
on
the
emerging
industry,
revealing
their
deep
trust
for
the
current
financial
system
and
their
support
for
Trump.

 

Trump’s
election
chances

The
survey
revealed
that
about
13%
of
Republicans
who
claimed
to
have
not
planned
to
vote
for
Trump
are
now
more
likely
to
do
so
due
to
his
pro-crypto
stance.
Another
group
of
respondents
also
expressed
increased
enthusiasm
to
vote
for
the
former
president.

The
former
president
has
taken
a
more
favorable
stance
toward
crypto
and

pledged
to
support
the
industry.
During
his
campaign,
Trump

vowed
to
make
the
US
a

Bitcoin
mining
“powerhouse”
and
said
the
flagship
crypto
“maybe
[the]
last
line
of
defense”
against
a
central
bank
digital
currency
(CBDC).

Meanwhile,
most
respondents
recognized
crypto
as
a
significant
force
in
the
US
economy.
As
a
result,
40%
suggested
that
the
US
government
should
create
a
pathway
for
American
companies
to
develop
products
like
stablecoin
to
compete
against
China’s
central
digital
bank
currency,
the
digital
yuan.

Furthermore,
about
60%
of
respondents
stated
that
Congress
should
pass
legislation
to
provide
regulatory
clarity
for
the
crypto
industry.
Also,
40%
believed
elected
representatives
should
oversee
crypto
regulation
instead
of
unelected
appointees
at
government
agencies
like
the
US
Securities
and
Exchange
Commission
(SEC).

 

Crypto
ownership

The
poll
also
highlighted
a
rise
in
Republican’s
crypto
usage.
Since
March
2024,
the
percentage
of
Republicans
owning
or
having
bought
crypto
has
increased
from
a
national
average
of
19%
to
28%.

Among
these
individuals,
87%
plan
to
buy
more
crypto
in
the
next
year,
while
the
remaining
13%
intend
to
make
their
first
crypto
purchase
within
the
next
twelve
months.

Many
respondents
cited
distrust
of
financial
systems
as
a
reason
for
venturing
into
crypto.
The
report
stated:

“72%
of
Republican
voters
are
at
least
somewhat
concerned
that
they
could
lose
access
to
financial
services
due
to
their
political
or
religious
views.”

Mentioned
in
this
article

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Author: Oluwapelumi Adejumo

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