Former President Donald Trump’s support for crypto is swaying some Republican voters as he campaigns for a return to the White House.
According to a poll conducted by Echelon Insights and sponsored by crypto investment firm Paradigm, 13% of likely GOP voters reported a more favourable view of Trump due to his positive crypto sentiment in the U.S.
“In short, Republicans understand the appeal of crypto and support congressional action to establish clear and predictable rules,” the survey read.
Trump hasn’t always been vocal in his support of crypto, calling it a ‘scam’ at one point. In his most recent election campaign, the Republican frontrunner has been very vocal about his support of the asset class, calling for all Bitcoin mining to be done in the U.S.
Notable poll results
The mid-June poll, which surveyed over a thousand likely Republican voters, highlighted widespread dissatisfaction with the current financial system and legislation.
About 60% of respondents believe Congress should establish clear regulations for cryptocurrency businesses, with a preference for elected representatives (40%) over unelected bureaucrats (16%) to lead this effort.
Of the Republicans who have cryptocurrency, 58% own more than $1,000 worth, and 40% own more than $5,000 worth.
The survey revealed that 28% of Republican respondents own cryptocurrency, a demographic skewing younger, male, and non-white demographic that Trump needs votes in.
Additionally, a vast majority (94%) of those polled believe in the privacy of personal financial records. Opposition to central bank digital currencies (CBDCs) was notable, with 68% of those familiar with the concept against its adoption in the U.S.
Trump leading a sentiment shift
While the poll indicated a murky view of crypto among Republicans, with 36% having a positive impression versus 30% negative, it also showed that Republican leaders are really tuned into this changing sentiment.
On July 8, the Republican National Committee announced that its party platform would include support for digital assets.
As Trump remains a frontrunner in the Republican primaries, his pro-crypto stance could potentially reshape the election as he attracts a broader support base within the GOP.