A recent survey conducted by the Harris Poll on behalf of Grayscale sheds light on the potential impact of a Spot Ethereum ETF approval on the interest of American voters. Moreover, the survey highlights the U.S. voters’ potential investment in Ethereum (ETH) and other crypto assets. This survey gathered data between April 30 and May 2, 2024. It reveals significant shifts in attitudes towards crypto investment amidst the upcoming 2024 US Presidential election.
Spot Ethereum ETF To Drive ETH Adoption
According to the Grayscale survey, nearly 25% of respondents gave a positive response on the S-1 approval of Spot Ethereum ETFs. They noted that the ETF approval would make them more interested in investing in Ethereum and other crypto assets beyond Bitcoin (BTC). Moreover, this demonstrates a substantial potential boost in interest, reflecting growing awareness and acceptance of Ethereum as a viable investment option.
On the flip side, another 25% stated that such an approval would have no impact on their investment interest. It suggests a balanced perspective among voters. However, the survey also revealed that a significant portion of the population remains unfamiliar with the concept of a Spot Ethereum ETF. Around 43% of the surveyed US voters indicated they were not familiar with it.
Hence, this underscores the need for increased education and awareness efforts to fully tap into the potential investor base. Meanwhile, the Grayscale survey’s findings also delve into the broader context of crypto investment, particularly focusing on Bitcoin. Nearly two-thirds of likely voters who own Bitcoin view it as an investment in the future of blockchain technology.
Also Read: Grayscale Removes Polygon (MATIC) And Retains These Crypto Assets In Funds
Impact Of Bitcoin Halving In Voters
For more than 40% of respondents, inflation has not changed their interest level in owning Bitcoin. Whilst, about a quarter have become more interested in BTC investing due to inflationary concerns. Additionally, the survey explored the impact of the Bitcoin Halving event, which occurred in April 2024.
While 20% of respondents reported that the halving increased their interest in investing in Bitcoin, a larger percentage (28%) indicated that it had no impact on their interest. Interestingly, 39% of respondents were not familiar with the halving event. This highlights a gap in knowledge that could be bridged through better information dissemination.
However, the Halving event also led to a 20% increase of interest toward Bitcoin investment. Earlier, the Spot Bitcoin ETF approval also led to a change in investor sentiment toward BTC and other crypto assets. Nearly 18% voters were more interested in crypto investments after the January ETF approval. Hence, a similar trend is expected to ensure after Ethereum ETF listing with 25% voters potentially showing interest.
Crypto In The 2024 Presidential Election
The Grayscale survey also highlights the growing significance of cryptocurrency in the political landscape leading up to the 2024 US Presidential election. Both major political candidates, President Joe Biden and former President Donald Trump, present differing visions for the country’s future. Amid this political uncertainty, crypto assets are increasingly relevant to voters.
Notably, nearly half of registered voters, i.e. 47%, now expect some portion of their investment portfolio to include crypto, up from 40% in late 2023. This growing expectation aligns with broader macroeconomic events. These include persistent inflation and geopolitical tensions, which have heightened interest in assets like Bitcoin with a transparent and hard-capped supply.
The survey by Grayscale also reveals bipartisan support for crypto, with similar ownership rates among Republicans (18%) and Democrats (19%). Notably, the FIT21 and SAB 121 crypto bills have received bipartisan support in Congress. These bills aim to enhance the regulatory framework for Bitcoin and other digital assets. This makes it easier for financial institutions to serve as custodians for crypto assets and potentially broadens access for investors.
The survey indicates that voters are increasingly viewing Bitcoin and other cryptocurrencies as good long-term investment opportunities. Compared to November 2023, more voters now see crypto as a valuable addition to their portfolios (23% vs. 19%). In addition, 32% of them are more open to learning about crypto investing.
Also Read: Ethereum Outflows Climb To $60.7 Million As Institutional Investors Continue To Favor Bitcoin And Solana
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Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
