62.8% of US Voters Hold Negative View of Crypto, Citing Investment Risks and Lack of Regulation
Summary
- CoinDesk reported that 62.8% of US voters hold a negative view of cryptocurrencies, citing high price volatility, lack of regulation and fraud risk as the main reasons.
- By contrast, respondents with a positive view cited investment returns, the potential for asset values to rise, and the view of Bitcoin as a hedge against inflation.
- The survey showed that despite large political donations from the US crypto industry, ordinary voters still have strong concerns about investment risk and trustworthiness.
Forecast Trend Report by Period
More than six in 10 US voters view the cryptocurrency industry negatively, according to a survey.
CoinDesk reported on November 3 that 533 of 849 respondents, or 62.8%, held a negative view of crypto in a survey of 1,000 registered voters nationwide conducted in April. Just 316 respondents, or 37.2%, rated the sector positively.
Views also diverged along political lines. Among Democratic-leaning respondents, 233 said they viewed crypto negatively, compared with 88 who viewed it positively. Among Republican-leaning respondents, 212 gave negative answers and 178 gave positive ones, a relatively narrower gap. Independents were also more negative than positive, with 88 negative responses versus 54 positive ones.
Respondents who viewed crypto negatively cited sharp price volatility, a lack of regulation and the risk of fraud as the main reasons. Some said crypto is hard to regard as real money or inconvenient to use for payments. Others raised concerns about losing assets after misplacing passwords, as well as government tracking of transactions and asset seizures.
Some respondents also cited President Donald Trump and his family's ties to crypto businesses as a reason for their negative view. That sentiment was especially pronounced among Democratic-leaning voters. By age group, skepticism toward crypto was strongest among voters age 55 and older.
By contrast, respondents with a positive view cited investment returns and the potential for asset values to rise. Some described Bitcoin as a hedge against a weakening dollar or inflation. Others said it offers a safer and more efficient way to transact than the traditional financial system.
Younger voters were generally more likely to view crypto positively. Even so, among respondents ages 18 to 24, 20 gave a positive assessment and 24 gave a negative one.
The findings come as the US crypto industry pours large sums of political money into backing pro-crypto candidates ahead of the midterm elections. Despite the industry's push to expand its political influence, ordinary voters still have substantial concerns about investment risk and trustworthiness.
