- American voters regard cryptocurrencies positively in general
- 60 percent believe crypto donations should be legalized
- A growing number of residents own cryptocurrencies
American voters have a positive perception towards cryptocurrencies and especially their role in politics and political funding. While 60 percent of voters fear cryptocurrency donations would increase foreign interference, the public is concerned their politicians are likely to misuse cryptocurrencies.
Majority support for crypto donations
According to a just-released report dubbed “Crypto and Politics: Voters Perceptions of Cryptocurrency and Politics” prepared by Clover where carefully selected residents who are eligible voters were asked about their knowledge of cryptocurrencies and blockchain as a sample of the American public.
The survey polled 1,023 registered voters asking about their feelings on the effect of cryptocurrencies in the political process and the results show that cryptocurrencies are making headway towards the mainstream. While voters are wary of politicians, political organizations and foreign involvement, they exuded great confidence in cryptocurrency and blockchain technology. According to the report:
“60% of eligible voters believe that it should be made legal to donate cryptocurrency in federal elections under the same rules that apply to donations in US dollars, only 21% disagreed.”
Cryptocurrency prices have fluctuated wildly since the beginning of this year and the researchers wanted to know whether the general public was concerned about the price fluctuations and whether they were stable enough to be used for political donations. 62 percent of the respondents stated they were extremely familiar with cryptocurrencies and were confident of its use in political purposes.
The Clovr survey found that American voters can’t wait for cryptocurrencies to become a legally accepted form of a donation in political campaigns with most feeling digital currencies should be treated equally to fiat donations. According to FEC guidelines, campaigns are allowed to “accept checks, cash and credit card contributions” that don’t exceed the upper limit of $2,700 while cryptocurrency donations have a limit of a paltry $100.
Millions of Americans own crypto
A recent survey by SurveyMonkey that polled 5,000 Americans found that 60 percent had heard about Bitcoin and at least 5 percent had digital currencies. That would mean at least 16 million Americans have Bitcoin.
Most states are towing the FEC line but some are considering enacting new legislation or altering existing laws to allow candidates to accept donations in cryptocurrency. The states of Oregon, Wisconsin, and Virginia are in the early stages of considering enacting broader legislation that supports digital currencies. Dennis Richardson, Secretary of State in Virginia stated:
“Cryptocurrency is here to stay, and Oregon needs to adapt to that reality by allowing this new form of donating. Allowing cryptocurrency to be a part of our elections process is a new and innovative way to expand participation in Oregon elections.”