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.”
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