A new survey from Grayscale indicates that a significant influx of money could enter Bitcoin and other cryptocurrencies once U.S. government regulations are clarified. According to the poll results published on Tuesday, 44% of U.S. voters who don’t currently own crypto are waiting for additional policies and regulations before investing.
Grayscale noted in its report that there have been notable shifts in interest and perception regarding cryptocurrency ownership. The voters are considering crypto’s role in the political landscape, especially as the 2024 U.S. election approaches.
The survey revealed that 65% of respondents view having Bitcoin in their portfolio as “an investment in the future of blockchain technology,” 53% see it as “a way to pay for things digitally,” 43% consider it a “speculative investment,” and 36% regard Bitcoin as “a digital form of gold or a hedge against inflation.”
The Harris Poll surveyed for Grayscale between April 30 and May 2, gathering insights from 1,768 adult online respondents who plan to vote in the upcoming 2024 U.S. Presidential election.
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Grayscale’s findings show that 47% of respondents expect to include crypto in their portfolios in the future, up from 40% in November. Interest in Bitcoin and other cryptocurrencies has risen to 41%, driven by geopolitical tensions, inflation, and a weakening U.S. dollar, compared to 34% six months ago.
Millennial and Gen Z voters show strong interest, with 62% agreeing that crypto is the “future of finance.” This interest is partly due to the successful launch of U.S. spot Bitcoin ETFs in January, which have attracted $13.7 billion in net flows since their introduction. Nearly one-third of voters reported increased interest in crypto following the ETFs’ regulatory approval.
Crypto regulation status in the U.S.
Recent bipartisan support for pro-crypto legislation in the House and Senate underscores the growing acceptance of crypto’s legitimacy. Ex-President Donald Trump has also shifted to a pro-crypto stance, pledging to protect citizens’ rights to own Bitcoin against crypto-hostile opponents.
On July 20, 2023, several U.S. Representatives, including Chairman Glenn “GT” Thompson and others, introduced H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT21). Chairman Patrick McHenry also supports this bill. FIT21 aims to create clear federal rules for digital asset markets. It ensures strong consumer protections and regulatory clarity, helping the digital asset industry grow in the U.S. and maintaining America’s leading role in global finance and innovation.
