How Web3 Will Impact the U.S. Midterm Elections
Venture capital firm Haun Ventures, in conjunction with Morning Consult, conducted a survey in four U.S. swing states to gauge opinions and voter preferences around Web3, cryptocurrency, and non-fungible tokens (NFTs). The results are overwhelming: the majority of voters favor ideas around decentralization and good cryptocurrency regulation.
These findings support earlier surveys, such as one commissioned by Andreesen Horowitz in 2021, which showed that cryptocurrency adoption in the U.S. is growing rapidly, with most respondents supporting candidates that favor the expansion of Web3.
Haun Ventures Findings
In the survey commissioned by Haun Ventures, 800 voters were polled in four U.S. swing states: New Hampshire, Nevada, Ohio, and Pennsylvania. Roughly one in five said they owned cryptocurrency or NFTs, and over 90% of respondents supported “an internet that is community owned, community governed, and gives people greater control over their information.”
Furthermore, the study found that not only are respondents supportive of decentralization and Web3, but they’re also less likely to support candidates they view as an impediment to the decentralized internet. In other words, voters will elect officials supporting the values and ethos of Web3. 55% of voters surveyed are less likely to vote for candidates who oppose strong Web3 policies. Most interestingly, these policies are bipartisan, with independents showing the strongest support for Web3. Of the respondents in the study, 91% indicated they support the principles of Web3: “decentralized, open, internet where people have more control over their data.”
Voters view Web3 as a response to an unfair economic system and a strong alternative to Big Tech. 60% of voters in these swing states believe the currency economic system is failing everyday Americans. When asked about Big Tech, 75% of respondents agreed that Big Tech has too much power, and favor greater individual autonomy. 72% of those surveyed stated they own digital assets to support a decentralized, fair economic system.
Neither party appears to garner significant trust with Web3 users, however of the two parties, voters lean slightly democratic. When asked “which political party do you trust more on Web3 and cryptocurrency issues?” the survey observed the following:
Finally, as no surprise to all, the Web3 voter represents a younger, more diverse voting demographic. Around 31% of Web3 voters are people of color, compared to 15% of all voters. Most — 80% — of Web3 voters have an income under $100k. 65% are between the ages of 18–44, compared to only 30% of voters overall.
Andreessen Horowitz Findings
The survey commissioned by Andreessen Horowitz interviewed over 2,000 registered voters in the U.S. in December of 2021. Similar to Haun Ventures, their findings show that one in five Americans own digital assets. Furthermore, 79% of respondents stated they were more likely to support a candidate with ambitions to expand Web3–17% of those responded they were “much more likely” to vote for a candidate. 22% of voters said that state, congressional, and local candidate’s views on Web3 will have “a significant impact” on their decision to vote for them in 2022.
Cryptocurrency owners are also a growing constituency in the Democratic party. 26% are self-identified democrats, 61% said they voted for Biden in 2020 compared to 32% who voted for Trump. The benefits of Web3, similar to Haun Ventures, is abundantly clear to voters in Andreessen Horowitz’s survey as well. Voters agreed that Web3 gives consumers more control over personal data (93%), improves internet security (93%), allows the U.S. to remain ahead of China in technology (88%), and supports the creator economy (85%). Here are endorsements on different Web3 related statements:
Andreessen Horowitz’s survey also found that cryptocurrency holders are diverse. Of the 20% of Americans that hold digital assets, 35% are between 18–34, 27% are Hispanic, and 30% are Black Americans.
Implications
It is clear that 2021 has been an unprecedented year for Web3. Decentralized Autonomous Organizations (DAOs) have rallied to make ownership over cultural foundations more democratized. NFTs broke onto the scene, and have been adopted by auction houses, most notably Christie’s, major game studios, and well-known musicians. Outside of its pop culture use cases, Web3 has democratized personal finance, helped preserve free speech, and disrupted Big Tech.
Over 50 cryptocurrency-related bills have been introduced in Congress. It is more important than ever that elected officials are aware of how Web3 has molded the collective consciousness of voters in the upcoming election. In November, a handful of key races in swing states will determine the makeup of Congress, poised to establish new rules for Web3.
These surveys have made clear that Web3 makes up a significant portion of the middle class electorate, and are younger and more diverse than the population as a whole. As Web3 products become even more widespread, the current tech-paradigm of increasing centralization, lack of data privacy, and trust have become more evident. If true, these surveys make evident that even more voters will recognize what’s at stake for Web3 when showing up at the voting booth.
About Centuries Analytics
Investing in cryptocurrency doesn’t have to be risky — not anymore. We let data speak; not investors, “experts”, pundits, or tv show commentators. Centuries uses social media, financial, and macro-economic data to determine and predict cryptocurrency markets.
