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Grayscale Reveals Ethereum ETF Listing May Attract 25% of US Voters to ETH Investment
A recent survey conducted by the Harris Poll on behalf of Greyscale sheds light on the potential impact of the approval of a Spot Ethereum ETF on American voters. Furthermore, the survey highlights that American voters could potentially invest in Ethereum (ETH) and other cryptocurrencies following the launch of the ETF. This survey collected data between April 30 and May 2, 2024. It reveals significant changes in attitudes toward cryptocurrency investing ahead of the upcoming 2024 US presidential election.
Spot Ethereum ETF to Drive ETH Adoption
According to Grayscale InvestigationNearly 25% of respondents gave a positive response to 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 cryptocurrencies besides Bitcoin (BTC). Furthermore, this demonstrates a substantial potential increase in interest, reflecting the growing awareness and acceptance of Ethereum as a viable investment option.
On the other hand, another 25% said that such an approval would have no impact on their investment interest. This suggests a balanced perspective among voters. However, the survey also revealed that a significant portion of the population is still unfamiliar with the concept of Spot Ethereum ETF. About 43% of US voters surveyed indicated that they were not familiar with it.
Thus, this underscores the need for more education and awareness efforts to fully tap into the potential investor base. Meanwhile, the Grayscale survey results also delve into the broader context of cryptocurrency investing, focusing specifically on Bitcoin. Nearly two-thirds of likely voters who own Bitcoin see it as an investment in the future of blockchain technology.
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Impact of Bitcoin Halving on Voters
For over 40% of respondents, inflation has not changed their level of interest in owning Bitcoin. Meanwhile, about a quarter have become more interested in investing in BTC due to inflation concerns. Additionally, the survey explored the impact of the Bitcoin Halving event, which will occur 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 knowledge gap that could be filled through better information dissemination.
However, the Halving event also led to a 20% increase in interest in investing in Bitcoin. Previously, the Bitcoin Spot ETFs The approval also led to a shift in investor sentiment towards BTC and other crypto assets. Nearly 18% of voters were more interested in crypto investments after the ETF approval in January. Thus, a similar trend is expected to occur after the Ethereum ETF listing with 25% of voters potentially showing interest.
Cryptocurrencies in the 2024 Presidential Election
The Grayscale survey also highlights the growing importance of cryptocurrency in the political landscape leading up to the 2024 U.S. presidential election. Both major political candidates, President Joe Biden and former President Donald Trumppresent different visions for the future of the country. Amid this political uncertainty, cryptocurrencies are increasingly relevant to voters.
Notably, nearly half of registered voters, or 47%, now expect some portion of their investment portfolio to include cryptocurrencies, up from 40% at the end of 2023. This rising expectation is in line with broader macroeconomic events. These include persistent inflation and geopolitical tensions, which have increased interest in assets like Bitcoin with transparent and tightly capped supply.
Grayscale’s survey also reveals bipartisan support for cryptocurrencies, with ownership rates similar among Republicans (18%) and Democrats (19%). Notably, cryptocurrency bills FIT21 and SAB 121 have received bipartisan support in Congress. These bills aim to improve the regulatory framework for Bitcoin and other digital assets. This makes it easier for financial institutions to act as custodians of cryptocurrencies and potentially expand access for investors.
The survey shows that voters are increasingly viewing Bitcoin and other cryptocurrencies as good long-term investment opportunities. Compared to November 2023, more voters now see cryptocurrencies as a valuable addition to their portfolios (23% vs. 19%). Additionally, 32% of them are more open to learning how to invest in cryptocurrencies.
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