Blockchain technology and cryptocurrencies have entered the mainstream discussion, not only in social circles but in politics, as well. In March 2022, President Joe Biden signed an executive order that moves the federal government closer to crypto regulation. It includes six primary objectives:
- Protections for consumers and investors
- Greater financial stability
- Mitigating illegal financial transactions and national security risks
- Financial inclusion for more people
- Enhanced economic competitiveness
- And a focus on responsible innovation
In 2020, business entrepreneur Andrew Yang ran for president on the Democratic Party ticket and accepted cryptocurrencies as campaign donations.
Being pro-crypto is not a partisan activity, however. Republican U.S. Senator Cynthia Lummis, representing Wyoming, is also pro-crypto. Several state governor have also announced support for bitcoin and cryptocurrencies, including Texas Governor Greg Abbott.
In March 2022, political consulting firm OnMessage Inc. conducted a survey in Texas and discovered voters’ attitudes toward a moderate political party focused on crypto. Here’s what they found.
Young Texans’ Attitudes Toward a Pro-Crypto Political Party is Positive
OnMessage asked the question “If there were a new political party which supported blockchain, bitcoin and crypto as their core principle, but were moderate on all other issues, would you consider voting for a candidate from this party?”
The key to this question is “moderate on all other issues.” Regarding hot button issues of both the Republican Party and the Democratic Party, respondents to the survey answered whether they would support a crypto- and blockchain-focused political party if that party were moderate on the polarizing issues. Thirty-one percent of the respondents said “yes” and 31 percent said “no.”
Of those who responded in the affirmative, the largest number of supporters fell into the 18–29-year-old range. The second highest age range was the 30-44-year-old range. More respondents in the 45-54-year-old age range said “yes” than “no,” but the margin of difference was considerably less than in the other two age groups. The two age groups with a negative response higher than the positive were the 55-64-year-old age group and the 65+ age group. More members of the older group were opposed and less in favor than was the case in the 55-64-year-old group.
This study shows that younger Texans are three to five times more likely than older Texans to support a pro-crypto political party with moderate views on other issues.
Another interesting result from the survey is that black and Hispanic voters are more in favor of a pro-crypto and pro-blockchain political party with moderate views on other issues than white voters. In fact, black and Hispanic voters answered the question affirmatively in equal numbers while black voters answered negatively slightly less often. Both demographics weighted positively while white voters predominantly said “no.”
As far as political affiliation goes, Democrats and Independents are mostly in favor while Republicans are mostly against. In all three affiliations, however, the margin of difference was less than 15 percent.
Does This Survey Indicate a New Crypto-Focused Political Party Could Win Elections?
While a survey can indicate a general support for a particular political view, it would be difficult to extrapolate from this data that a pro-crypto and pro-blockchain political party would have a fair chance to win a Texas election. It may be too early to launch a crypto-focused political platform despite the growing support for crypto.
Democrats and Republicans who place a higher level of importance on the polarizing issues are less likely to support any political party that is moderate on those issues, even if those voters are pro-crypto and pro-blockchain. However, this survey indicates that members of both parties may look for crypto-friendly leaders within their party affiliations.
Despite political realities, the survey does indicate that cryptocurrencies and blockchain technology are becoming more mainstream within political circles. That’s a good sign.