Crypto and Fiat Should be treated the same during Political Campaigns: Survey

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A new survey by blockchain-focused research firm Clovr revealed that 60 percent of respondents believe that cryptocurrencies, such as bitcoins, should be considered as fiat currency during political elections.

[img desc: Majority of Americans polled by Clovr believe crypto and fiat currencies should be treated the same in political campaigns]

Throughout the course of the research, Clovr polled 1,023 eligible voters registered in the United States. Voters expressed their understanding of what impact virtual currencies could have on the political process.

The survey showed that nearly 60 percent of the voters polled answered that virtual currencies and the dollar should be treated the same. Only 21 percent of the respondents answered the opposite.

As per the survey:  “60 percent of eligible voters believed that it should be legal to donate cryptocurrency in federal elections under the same rules that apply to donations in US dollars.”

Sixty-three percent of the voters who identified as Republicans believed that cryptocurrencies were secure enough to be used for political purposes, while 52 percent of Democrats indicated the same. When it comes to independent voters, only 45 percent claimed to be generally comfortable with donations in crypto.

When asked whether they think security was a potential source of problem for political donations, 73 percent said they think security was not an issue, while 23 percent expressed concern.

When it comes of financial stability matters with crypto in politics, 52 percent – slightly more than half of Republicans – said that crypto was stable enough. Democrats and independents posted 40 and 35 percent respectively.

The survey also showed that 25 percent of the participants believe they would be more likely to make a contribution to political campaigns if crypto donations were given as an option. More than 20 percent of Republicans said they wish to contribute more substantial amounts if virtual currencies were an option. Sixteen percent of Democrats and 12 percent of independents said the same.

When it comes to concerns over whether cryptocurrencies in political campaigns would likely spur foreign interference in US elections, 60 percent answered positive, in which Democrats showed more concern when compared to other groups.

The survey also showed that 62 percent of the respondents think that donations in the form of digital currencies could be used illegally in terms of the US political system. With this matter, all of the three groups showed similar results, with 64 percent of independents, 62 percent of Republicans, and 61 percent of Democrats giving affirmative answers.

Sixty percent of respondents expressed worries over politician and party misuse of cryptocurrency donations.

In 2017, the Campaign Finance Task Force issued a report titled “Public attitudes and campaign finance,” which was aimed at the role of money in the political system. According to the report, the public was in general “woefully” misinformed about campaign finance law, revealing that only four percent of Americans knew that corporations are not allowed to contribute directly to the campaigns of candidates for president and Congress.

The same poll revealed that “nearly 90 percent of respondents answered less than three of five factual questions correctly.” The respondents reportedly believed that the amounts of House of Representatives campaign contributions are $5.8 million on average, while the statistics show that the average spending was $785,000.