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Fear & Greed:
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Bitcoin:
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BTC Dominance:
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Market Cap:
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Swing State Survey Reveals Skepticism Towards Crypto as Solution to Outdated Financial System

Crypto World

According to the survey conducted by the Digital Currency Group and The Harris Group, 70% of swing state voters view the present financial system as “outdated” and truly deserving of transformation. Nevertheless, most of the participants were suspicious of the cryptocurrency as a remedy to the systemic problems.

The research, covering 1,201 respondents in six key swing states, provided insight into the thoughts and attitudes of American voters as the nation prepares for the upcoming election. Swing states, where either of the two major political parties could take control, represent the sympathetic regions that reflect the nation’s sentiment.

Majority of Swing State Voters Concerned About Financial System’s Obsolescence

Despite the unanimous recognition of the financial system’s inequalities, with 74% calling for a complete reform, only a third consider crypto-currency a viable solution, as stated in the report released on May 7.

The survey also pointed to a widespread feeling of disappointment with the current financial order, as no fewer than four out of every five respondents deplored its privileging of the elites over the common people. However, almost three-quarters of the participants were not persuaded that crypto was a more equitable substitute.

However, only 35% saw cryptocurrencies as a future form of transacting. This skepticism was deeper when responses between crypto-exposed and non-crypto-exposed were compared.

Crypto Skepticism Prevails Among Swing Voters Despite Growing Interest

A clear disparity emerged between current crypto holders and non-holders, with more than 90% of the former planning to increase their investment in the next six months, in stark contrast to only 7% of the latter, who plan to invest in the asset class.

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Surprisingly, 76% of the participants who previously had or currently possess cryptocurrency referred to the positive influence on their financial well-being, implying a complex interplay between personal experience and perception.

The survey was held online, taking 10 minutes between April 4th and April 16th, 2024. The respondents were from several states, including Michigan, Nevada, Ohio, Montana, Pennsylvania, and Arizona. The eligibility criteria provided that one was a US resident, at least 18 years old, and a registered voter.

Apart from concerns about the financial system’s obsolescence, swing voters were also cautious about political candidates interference in cryptocurrency matters without strong technical knowledge of the underlying technology. This attitude stresses the increasing need for cryptoliteracy among politicians in dealing with the changes in the economic environment.

The survey provides a peek into the complex pattern of public sentiment where distrust of conventional systems lives beside a faint trust in new alternatives—that is, at a time when the nation is struggling with economic uncertainties and technological changes.

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