To gauge support of cryptocurrencies role in political campaigns, Clovr surveyed 1,023 registered US voters for their take on how cryptoassets could affect the political process. A majority of 60 percent said that it should be legal to donate cryptocurrency in federal elections under the same rules that apply to donations in US dollars. Only 21 percent disagreed that crypto donations should be allowed.
54 percent of respondents felt cryptocurrency was secure enough to be used for political purposes. Of those identifying as Republicans, 63 percent agreed that cryptos were safe enough for political donations. 52 percent of Democrats and 45 percent of independents suggested the same. Overall, 73 percent of all voters who were knowledgeable about cryptocurrencies believed security was not an issue when used for campaign donations.
When asked if cryptocurrencies are financially stable enough for political purposes, 52 percent of Republicans said “yes.” Democrats and independents showed less confidence, coming in at 40 and 35 percent, respectively. 62 percent of voters extremely familiar with cryptocurrency answered that it is stable enough.
An average of just under 25 percent of voters in the Clovr survey indicated they would be more likely to contribute to political campaigns if crypto donations were an option. Over 20 percent of Republicans indicated they would contribute more substantial amounts. 16 percent of Democrats and 12 percent of independents said the same.
The voters was also asked if cryptocurrency donations would increase foreign interference in US elections. 60 percent of respondents answered in the affirmative. 64 percent of people who said they were “extremely familiar” with cryptocurrency, believed using cryptocurrency in the political system would “make foreign interference in elections more common.” 66 percent of Democrats, 58 percent of Republicans and 56 percent of independents were concerned about this issue.
64 percent believed politicians would find ways to illegally take advantage of cryptocurrency donations. Independents led this response at 70 percent. Democrats came in at 66 percent and only 56 percent of Republicans felt the same.
“The overall findings are contradictory but intuitive: overwhelming support for crypto as a currency and a technology, countered by an equally unanimous distrust of what people, particularly those in politics, might do with it,” said Clovr co-founder Mike Cribari.
Currently, some US states have allowed cryptocurrency donations, including Colorado, Montana, Oregon and Tennessee, while Kansas, California, South Carolina and North Carolina have prohibited the use of cryptocurrency in campaign contributions.