What makes Americans buy more Bitcoin? The survey says: clearer rules

Volumes on Bitcoin and other coins could plummet after the US government unveils its cryptocurrency regulations, according to a new study from Greyscale.

According to poll results published Tuesday, 44% of US voters who do not own crypto say they are “waiting for more policies and/or regulations” before buying.

“There have been some interesting changes in owning crypto in the political environment—both increasingly important topics, and crypto in the political environment—both increasingly important topics,” Grayscale wrote in the results report.

Having Bitcoin in their portfolio represents an “investment in the future of blockchain technology” for 65% of respondents, and 53% “a way to pay for things digitally or with digital currency” according to the poll. 43% understand. It is considered a “speculative investment”, while 36% of Bitcoin is a “digital gold type or hedge against inflation”.

The company's crypto-specific survey was conducted by international market research and consulting firm The Harris Poll between April 30 and May 2. It gathered insights from 1,768 adult online respondents who said they planned to vote in the upcoming 2024 US presidential election.

The results reinforce findings from Grayscale's parent company earlier this month that digital assets are fast becoming a big choice.

Of all Greyscale respondents, 47% said they expect to include crypto in their portfolios in the future – up from 40% in November. Additionally, 41% of respondents said they are now paying attention to Bitcoin and other cryptocurrencies “due to geopolitical tensions, inflation and a weakening US dollar. That's up from 34% six months ago.

Interest is particularly strong among millennial and Gen Z voters, with 62% agreeing that crypto is the “future of finance.”

The growing interest is largely due to the successful launch of US spot Bitcoin ETFs in January, which has now taken in $13.7 billion in net inflows since its launch. Grayscale ETFs say nearly a third of voters have grown more interested in crypto as an asset class since regulators gave them the green light.

Over the past month, several pro-crypto bills have passed through the House and Senate with bipartisan support, signaling the growing legitimacy of crypto's bipartisanship. Former President Donald Trump — once a Bitcoin skeptic — has turned pro-crypto lately, vowing to protect citizens' Bitcoin ownership from crypto-enemy “sides” across the aisle.

Support for crypto among voters does not appear to be partisan. Grayscale says ownership of digital assets appears to be about the same among Republicans (18%) and Democrats (19%). An equal share (30% each) of respondents believed that the Democratic or Republican parties were more favorable to crypto.

“As voters' interest in crypto increases, the next administration's approach to this new digital asset will be important,” Grayscale said.

Edited by Ryan Ozawa.