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Around two million digital asset investors are ready to vote for pro-crypto politicians in the upcoming Australian election, according to new YouGov data commissioned by Swyftx.
The national research shows 59% of current crypto investors in Australia would prefer to vote for a pro-crypto technology candidate at the election. Just a fraction of current crypto investors (around one in 20) said they would be turned off by a candidate who is pro-crypto.
The data comes amid a recent uptick in public political support for digital assets and suggests crypto-technology could become an unexpected battleground during the country’s federal elections.
Swyftx CEO, Jason Titman, said: “The data shows that if a cryptocurrency investor has a choice, they’ll go with the pro-crypto party. For the first time in our political history we’re about to enter a federal election with a crypto voting bloc that’s big enough and motivated enough to swing the result.
“Bitcoin investors are typically more affluent Aussies aged under 50 and they’re ensconced in the inner and outer suburbs of our big cities. Key political battlegrounds. As an industry, we know our customers want clear rules that protect local investors and support competition and innovation. No-one wants the status quo.”
The poll was run by YouGov between February 3 and 10 as part of its latest national omnibus survey. It surveyed 2,031 Australian voters.
Just 33% of crypto owners said it would make no difference to them if a political candidate was pro-crypto. Around 22% of Australian voters report investing in cryptocurrency – equivalent to four million adults.
However, the data suggests that older voters will be a consideration for pro-crypto politicians in constituencies with older demographics. Eighteen percent of Australians (around 1.5 million adults) aged over 50 reported that they would be much less likely to vote for a pro-crypto candidate at the elections, which will be held by May.
Titman said: “I fully accept our sector needs to do a better job of spelling out the productivity and investment benefits of crypto technology to non-crypto users.
“Everyone gets so hung-up on the volatility of crypto that they skip the part about the potential for blockchain tech to get rid of middlemen and put money back in people’s hip pockets.
“The industry also needs to become better at myth busting on topics like scams. Let’s be clear that the traceability of crypto is not an attractive characteristic for criminals. Less than 1% of crypto transactions are related to criminal activities, compared to 4% in the cash economy.”
“It’s on us to do a better job of making the benefits of blockchain technology clear to all segments of the population, including older voters. Part of our frustration is that the rest of the world is getting on with introducing properly tailored legislation and Australia has sat on the sidelines.
“We expect up to 40% of Australian adults to own Bitcoin and other crypto-assets when the sector is regulated. You don’t need to squint to see the benefits of blockchain. The tech behind crypto has the potential to contribute as much to national productivity as AI. It can be a fifth major pillar of our economy.”
“However, without regulation, mum and dad investors can’t get financial planning advice from registered financial planners.”
ENDS
For media enquiries contact Swyftx head of corporate affairs Tom Matthews at: [email protected] or +61 413 938247
About Swyftx
Swyftx is an Australian cryptocurrency exchange. The multi-award winning business is the country’s top-rated exchange. It supports over 800,000 retail, business and SMSF customers across the ANZ region. Swyftx is AUSTRAC registered and ISO 27001 certified.
Tom
