In a surprising shift, former President Donald Trump has pivoted from his historical skepticism of cryptocurrency to a newfound enthusiasm that may sway reluctant Republicans as he eyes a return to the White House this November. This change in stance, highlighted by an industry-sponsored poll released on Wednesday, suggests potential electoral benefits for Trump.

As the presumptive Republican nominee, Trump has recently made several positive remarks about bolstering the U.S. crypto sector. These comments have not gone unnoticed. The poll, funded by crypto investment firm Paradigm, reveals that 13% of Republicans who were initially hesitant about voting for Trump now view him more favorably due to his supportive crypto position. This data was compiled by polling firm Echelon Insights.

The survey also indicated that a significant majority (60%) of respondents believe Congress should establish regulations for cryptocurrency businesses. Republicans, in general, express dissatisfaction with the current financial system and find the appeal of crypto compelling, supporting legislative action for clear and predictable rules.

Read more: Trump Advocates for Bitcoin to Be ‘Forged in America’

“Republicans grasp the allure of cryptocurrency and back congressional initiatives to create transparent and consistent regulations,” wrote Katie Biber, Paradigm’s chief legal officer, and Alex Grieve, the company’s government affairs lead, in their analysis of the poll data.

Conducted in mid-June, well before the televised debate that stirred the race between Trump and President Joe Biden, the poll surveyed over a thousand likely GOP voters. Trump, who cruised through this year’s primaries, is set to be officially nominated at the party convention next week.

The poll also uncovered that more than one-quarter (28%) of Republicans have engaged in crypto ownership, with this involvement skewing towards younger, male, and non-white demographics. An overwhelming 94% of respondents believe in the privacy of their personal financial records. Among those familiar with central bank digital currencies (CBDCs), 68% opposed the idea for the U.S. Opinions were more divided on whether the U.S. government should facilitate private sector development of payment products to compete with China’s digital yuan: 40% were in favor, while 31% were against.

Voter sentiment towards cryptocurrency remains complex. The poll showed a slight edge for positive impressions of crypto (36%) compared to negative views (30%), though the 3.5% margin of error introduces some uncertainty. A Harris Poll survey from May indicated that fewer than one in three voters in key swing states had a positive view of crypto. Another Harris Poll later that month revealed that a third of likely U.S. voters consider candidates’ crypto positions when deciding their support, suggesting crypto could become a significant factor for some voters, albeit not universally favorable.

Republican leaders appear to have taken note of this shift in voter sentiment. The Republican National Committee announced earlier this week the inclusion of digital asset support in the party platform.

Trump remains in a tight race with President Joe Biden, according to national presidential polls. However, Trump’s slight lead expanded after a CNN debate where Biden’s performance was perceived as lackluster and faltering.

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About the Author: Eunji Lim

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