CLOVR conducted a study to see if and how cryptocurrencies can add to the funding of the U.S. political campaigns. 1,023 U.S. voters from Republican, Democrat and Independent political parties took part in the survey to achieve a representative sample of all the American voting public.
The findings suggest that people are still afraid that politicians would take advantage of looser crypto legislation and misuse the funds. Nevertheless, the majority of the participants stated that cryptos should be made legal as a funding option and that this would help them donate even more. Read the whole article below to learn about the project’s results.
60% of the eligible voters in the survey are in favor of making cryptos legal when donating in federal elections as it is legal to donate U.S. dollars. On the contrary, only 21% of the participants feel otherwise. These statistics prove that the majority of the people are in need of a modern way of doing things even if there is still a small number of people who do not agree with this way of thinking.
Is cryptocurrency secure enough for political purposes?
54% of the participating voters explained that they feel that cryptocurrency is indeed secure enough to be used for political purposes. Mostly Republicans with 63% positive votes supported this idea whereas Independents were the ones that weren’t so fond of the idea with only 45% positive votes.
What is more, 73% of the participants who reported that they are extremely familiar with cryptocurrency believe that cryptos are secure enough for political purposes. When asked if cryptos are stable enough to be used for these purposes, 62% of the participants who are extremely familiar with cryptos expressed a positive answer. This shows that the more familiar people become with cryptocurrencies and their technology in general, the more confident they feel about using them.
How can cryptocurrency improve donations?
22% of Republicans, 16% of Democrats and 12% of Independents expressed that they would donate larger sums if there was an option to give cryptos in a political donation. This shows that simply by adding cryptos as a funding option to political donations, it would automatically increase the amount raised for political campaigns since a large amount of the total participants declared that they are more likely to contribute if cryptocurrency was allowed.
Nevertheless, it should be noted that there is still a large number of the participants of around 20% of each political party that would prefer to donate both cryptos and U.S. dollars too. On the other hand, an even larger number of people said that they would still donate only U.S. dollars even if cryptocurrency donation was an option. 47% of Republicans, 36% of Democrats and 35% of Independents agreed that they would only donate U.S. dollars.
Can politicians take advantage of cryptocurrency donations?
According to the findings of the study, as can be seen from the figure below,70% of Independents, 66% of Democrats and 56% of Republicans agreed that politicians would illegally take advantage of looser regulations on cryptocurrency donations and misuse the funds. Only a small number of the participating voters said that there is no chance of politicians misusing the funds.
Moreover, 54% of people who reported being extremely familiar with cryptocurrency believe that politicians would illegally take advantage of looser regulations on crypto donations. This shows that the majority of people do not trust politicians. However, as people become more familiar with cryptocurrencies the level of uncertainty drops and they feel more secure and confident using this new form of money.
Cryptocurrencies have already got into several areas as a convenient and safe way of funding option. Time will tell, but history indicates that it won’t stop here. As a result, this new form of donating is here to stay but people first need to educate themselves and get familiar with it so that they are able to take advantage of its use to the fullest.