According to the survey, there was bipartisan interest for candidates’ crypto-policies. Also, 21% more Republicans and 25% more Democrats are likely to be in favor of pro-crypto candidate. World Liberty Financial, Trump’s DeFi-endorsed project, failed to meet its target in the public token sale and has been criticized by multiple experts.
In 2024, crypto issues will influence voter preferences
The Digital Chamber conducted a survey recently that revealed 26 million Americans are a part of the “crypto voting block.” They consider a candidate’s position on crypto policies to be a key factor in deciding which candidates they will support during the November elections.
This survey, released on October 17, found that 16% of respondents considered crypto-related issues “extremely important” in making their decision to vote. The survey found that this segment of voters will vote more for candidates who support crypto policies.
The digital chamber ( The Crypto Voting Block )
Results also showed how bipartisan the crypto-influenced voters are. Data showed that 25% of Democrats, and 21% Republicans said that their vote would be more likely to increase if a candidate took a crypto-friendly stance.
Perianne Boring is the CEO and founder of The Digital Chamber. She believes these findings are a wake-up call to policymakers, especially as experts predict a close race for the White House. She believes that the crypto voting block, which is bipartisan in nature, has the power to influence key elections.
This survey sheds light on the differences between demographic groups in regard to their importance of crypto-policies. For two in five Black voters, a candidate’s position on cryptocurrencies was important to their voting decision. The proportion of black voters was double the percentage of whites. The majority of both parties also agreed that the support for crypto should be a priority at the least. A third of Democrats, and about a quarter among Republicans thought it was a priority.
The Digital Chamber is committed to supporting crypto (
The Pew Research Report released by the American Public Media last month found that while crypto was not ranked as an important election issue, 81% of respondents cited economic policy as their top influencer. Healthcare and Supreme Court nominations were also important.
There was, however, a clear divide between both parties. The economy, immigration and violent crimes were the top concerns of supporters of Donald Trump, a Republican candidate. Supporters of Democratic Kamalah Harris chose healthcare, Supreme Court nominations, and economic concerns as their top priorities.
New polls confirm that crypto is a key issue
Craig Salm (chief legal officer at Grayscale) stated that on October 16 he believed more than half the US electorate is inclined to vote for a crypto candidate during this year’s election. Grayscale conducted a survey in collaboration with The Harris Poll to gain this insight. The poll had as one of its main objectives to measure voter sentiments towards crypto.
Salm stated that during an interview with Janet Alvarez on Serious XM Business Radio, two of every five Americans pay more attention than in previous elections to a candidates stance regarding Bitcoin and crypto assets. Salm also said that the survey clearly shows Americans are interested in whether or not a candidate is a cryptocurrency supporter.
Donald Trump, the Republican candidate for US president in November’s election, will face off with Kamala Harrias. Trump is adamant that America will become “the crypto-capital of the world” while Harris’ stance has been more cautious. Harris, while more pro-industry than her opponent Trump, is more supportive of cryptocurrency.
Kalshi’s election odds showed on Oct. 17 that Trump has a 58% probability of winning, while Harris only had 42%. Polymarket puts Trump’s odds at even greater 60.7%. Harris is a distant second at 39.1%.
Trump vs Harris presidential odds ( Polymarket)
The issue of inflation is a major concern for voters. It was ranked as the top issue by 30% of respondents to the poll. Salm said that Bitcoin and Ethereum can play a significant role in solving this problem, since they act as hedging against inflation as well as stores of value.
Kamala Harris, since September 2017, has been taking steps to strengthen the position she holds on cryptocurrency by adding blockchain technology to the list of emerging sectors in which the US will maintain its leadership.
Trump’s DeFi Project Struggles
Trump has recently attracted the attention of crypto enthusiasts, though not always for the best reasons. World Liberty Financial (the DeFi protocol endorsed by Donald Trump) had an underwhelming start with its token sales, as only $12.8 million was raised on the first day.
The target of $300 million was not met. Only 857,000,000 WLFI tokens have been sold out of 20 billion available tokens. According to the “gold paper”, the project expected the public sale would sell 20 percent of tokens and result in a valuation of $1.5 billion. The protocol’s demand was far below what Trump had expected despite his public support.
The initial hype was driven by Trump’s involvement. Tezos’ CEO Kathleen Breitman, however, suggested that Trump’s association was what set the project apart from the other DeFi-based projects on the market. The token was not transferable for the first 12 months, which affected its liquidity and value. To unlock the tokens, a vote on governance will be required. This could happen only after 12 months.
In the first phase, a DeFi-lending platform similar to Aave will be launched on Scroll’s Ethereum layer-2 network. Users will be able to borrow and lend assets such as Bitcoin, Ethereum and stablecoins. WLFI is the governance token of the platform.
Industry experts have expressed skepticism about the prospects of this project. Rashan Colbert, of dYdX Trading, believes the crypto-community has become wary of project that seem to be a cash grab. This is especially true as more and more political links are made. Alexander Blume of Two Prime pointed out that the project was lacking in innovation and relied on code very similar to Dough Finance which had a $1.8m flash loan attack this year. Steve and Zach Witkoff, Dough Finance co-founders, are involved with World Liberty.
Rumi Morales, of Outlier Ventures, is also cautious and has pointed out the rushed nature of the gold paper, along with certain discrepancies in eligibility for tokens. Documentation suggested tokens would only be available to accredited US and UK investors as well as others who were not in these countries. However, the current version of sales restricted non-US citizens.
Matt Hougan is Bitwise Chief Investment Officer. He has criticized DeFi as “a meme masquerading itself as an utility project” and said that it cannot effectively be centered on a person. The project’s emphasis on Trump is in conflict with DeFi’s decentralized philosophy, he said.
Donald Trump Jr., and Eric Trump first mentioned the WLF project in August. Since then, there have been reports about the WLF project being connected to Dough Finance. This has raised concerns over its originality and security. The gold paper for the project states that the net revenue of the protocol would be used to cover the expenses. Any remaining money will go to DT Marks DEFI LLC.
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