What would make Americans buy more Bitcoin? Clearer regulations – according to the survey

A mountain of money could flow into Bitcoin and other coins as the U.S. government sorts out cryptocurrency regulations, a new study from Grayscale suggests.

According to poll results released Tuesday, 44% of U.S. voters who don’t own cryptocurrencies say they are “waiting for additional rules and/or regulations” before purchasing.

“There have been some noteworthy shifts in interest and perceptions of cryptocurrency ownership and how voters think about cryptocurrencies in the political landscape – both topics becoming increasingly important ahead of the 2024 U.S. elections.” Grayscale wrote in its results report.

Having Bitcoin in your wallet is an “investment in the future of blockchain technology” for 65% of respondents, while 53% see it as “a way to pay for things digitally or in digital currency,” according to the survey. 43% consider it a “speculative investment,” while 36% said Bitcoin is a “digital form of gold or an inflation hedge.”

The company’s cryptocurrency survey was conducted by global research and consulting firm The Harris Poll from April 30 to May 2. It collected insights from 1,768 adult online respondents who said they planned to vote in the upcoming 2024 U.S. presidential election.

The results confirmed parent company Grayscale’s findings earlier this month, showing that digital assets were quickly becoming a major election issue.

Of all Grayscale respondents, 47% said they expect to include cryptocurrencies in their portfolios in the future – up from 40% in November. Moreover, 41% of respondents said they are currently paying attention to Bitcoin and other cryptocurrencies “due to geopolitical tensions, inflation and the weakening U.S. dollar.” That’s up from 34% six months earlier.

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

The growing interest can largely be attributed to the successful launch of US Bitcoin spot ETFs in January, which have now absorbed $13.7 billion in net flows since launch. Grayscale said nearly a third of voters became more interested in cryptocurrencies as an asset class after ETFs received the green light from regulators.

Over the past month, multiple pieces of pro-crypto legislation have passed through the House and Senate with bipartisan support, signaling a growing recognition of cryptocurrency’s legitimacy on both sides. Former President Donald Trump – once a Bitcoin skeptic – recently even switched sides to cryptocurrencies, promising to protect citizens’ rights to own Bitcoins from hostile crypto “thugs” across the aisle.

Among voters, support for cryptocurrencies does not appear to be partisan. Grayscale noted that digital ownership looks similar among Republicans (18%) and Democrats (19%). An equal share of respondents (30% each) believed that the Democratic or Republican Party was more favorable to cryptocurrencies.

“As voters become increasingly interested in cryptocurrencies, the next administration’s approach to this emerging digital asset will be important,” Grayscale concluded.

Edited by Ryan Ozawa.