Poll: One-third of key state voters want to use cryptocurrency for payments

About a third of voters in key states want local governments to legalize cryptocurrencies for payments. London-based polling firm Redfield & Wilton Strategies conducted a survey and found that the percentage of voters who want state governments to legalize cryptocurrencies for payments ranges from 27% in Arizona to 42% in Texas. The poll also targeted voters in California, Florida, Georgia, North Carolina, Ohio, Pennsylvania, Wisconsin and Virginia. In total, the poll surveyed 9.700 eligible voters between August 20 and 24.

Wyoming had already thought of that

A significant percentage of voters in the ten states reportedly said they would support a Wyoming-like bill, which introduced cryptocurrency-friendly legislation. Wyoming passed a bill that allowed citizens to make crypto transactions outside the scope of the Wyoming Transaction Act in 2018. In addition, this bill exempted crypto transactions from state taxes. Through this bullish shift, Wyoming has sought to encourage investment, attract cryptocurrency enthusiasts, and create employment opportunities.

Among voters supporting cryptocurrencies, HODLers cited the possibility of high returns and personal interests as the main reasons for their investments in the burgeoning asset class. In the course of the survey, about 25% of voters had no firm stance on whether or not to support or oppose the creation of legal cryptocurrencies at the federal level or in their states.

When asked what they think of the United States creating a dollar-pegged national cryptocurrency, most voters said they would vote against. 40% of the voting population in Arizona said they would not vote in favor of this bill. Of the states listed, only Georgia was divided on this issue, with 27% of voters showing support for the national digital currency and 27% against.

Education can foster greater adoption of cryptocurrencies

While a third of voters in fluctuating states are willing to support a bill that makes cryptocurrencies legal, this percentage can rise. About 6 out of ten voters who said they would oppose such a law cited a lack of sufficient information on cryptocurrencies as the main reason behind their decision. For example, most voters admitted that they only know Bitcoin.

Over 60% of voters in the ten states said they have never heard of digital assets like Ethereum and Dogecoin, and don't know how buy Bitcoins. Of the percentage who said they know BTC, about half said they don't know much about the flagship cryptocurrency. Although voters don't know much about cryptocurrencies, only a few voters said they had never heard of cryptocurrencies prior to the survey.

This explains why educating voters about cryptocurrencies could go a long way in fostering mass adoption. According to Louisa Idel, Head of Insights at Redfield & Wilton, politicians can persuade voters to embrace cryptocurrencies by campaigning for the fledgling sector.