A recent survey by Fairleigh Dickinson University (FDU) reveals a notable divide in political preferences between cryptocurrency owners and non-owners. Among crypto holders, 50% support former President Donald Trump, who has recently become an outspoken advocate for digital currencies. In contrast, only 38% of these individuals back Vice President Kamala Harris.
The survey, conducted by Dan Cassino, a professor of government and politics and executive director of the FDU Poll, found that one in seven voters owns cryptocurrency. For non-crypto owners, Harris has a clear advantage, with 53% support compared to 41% for Trump.
Gender Disparities in Crypto Ownership
The data also highlights a significant gender gap in crypto ownership, with men being more than twice as likely as women to invest in digital assets. Cassino notes that for many younger men, cryptocurrency offers a way to achieve societal expectations of financial success and technological proficiency. He states, “Crypto is seen as an avenue for young men to fulfill societal demands—to make money, be providers, and navigate the complex world of finance and technology.”
Despite the uncertain financial landscape of crypto, many view it as a potential pathway to prosperity that traditional routes—like education and hard work—might not provide.
The Masculinity Trap
Interestingly, the survey found that men who identify as “completely masculine” are less likely to own cryptocurrency. However, those who don’t see themselves as entirely masculine but still subscribe to traditional views—like the belief that men should be in charge—are more inclined to invest in crypto and support Trump. This group, which Cassino calls caught in a “masculinity trap,” comprises about a quarter of men surveyed, primarily younger, Black, and Latino. Among them, 37% own cryptocurrency, significantly higher than the 18% ownership rate among other men.
For these individuals, Trump’s stances on issues like immigration, opposition to China, and critiques of diversity, equity, and inclusion (DEI) policies resonate deeply. Cassino argues that both crypto and Trump provide a kind of “false hope” for men feeling disconnected from traditional paths to success.
Trump’s Shift on Crypto
Trump’s recent engagement with the crypto community marks a stark contrast to his earlier skepticism, where he referred to Bitcoin as a “scam.” He has actively embraced digital currencies, even purchasing a burger with Bitcoin and launching a new crypto initiative, World Liberty Financial, alongside his sons, who reportedly do not hold ownership stakes.
At the Bitcoin 2024 conference, Trump made promises to bolster the U.S. position in cryptocurrency, vowing to eliminate regulatory barriers and establish a national Bitcoin reserve. “The day I take the oath of office, Joe Biden’s and Kamala Harris’s anti-crypto crusade will be over,” he declared.
This pivot has garnered support from key figures in Silicon Valley, including the founders of venture capital firm Andreessen Horowitz. While his campaign has begun accepting crypto donations, it faced regulatory challenges that led to the return of $1 million in Bitcoin contributions from twins Tyler and Cameron Winklevoss.
