Survey says Australian crypto holders divided on Trump effect

A recent survey indicates divided opinions among Australian crypto investors regarding the potential benefits of Donald Trump's presidency for the cryptocurrency market.

While Trump's pro-crypto stance has fueled market optimism, the survey reveals a more nuanced perspective among Australian adults.

Independent Reserve, an Australian crypto exchange, surveyed 2,100 local adults, finding that only 31% believe Trump's policies are beneficial for crypto, while 8% consider them detrimental.

The majority, approximately 60%, remain neutral.

However, crypto investors show more enthusiasm, with half viewing Trump's influence positively, compared to only 20% of non-crypto investors. 

"There is widespread anticipation that his pro-crypto policies will foster innovation and broader adoption of digital assets," said CEO of Independent Reserve, Adrian Przelozny.

The Independent Reserve survey also revealed growing crypto adoption in Australia, with nearly a third of respondents reporting current or past crypto ownership.

Additionally, almost 20% said their bank had prevented crypto purchases or delayed exchange payments, highlighting the need for supportive regulations.

Another recent poll by YouGov, commissioned by Swyftx, indicated that 59% of Australian crypto investors are more likely to vote for pro-crypto candidates, representing a potential voting bloc of around 2 million people.

Australia's federal election, which must be held by May 17, could see crypto policy become a decisive factor.

With 3.9 million Aussies holding crypto, 59% of them saying they would vote for the most pro-crypto candidate and new data from YouGov, the most likely outcome of the election is that neither major party will be able to form a majority government following this year’s federal election.

The latest data from YouGov shows a 78% probability of a hung parliament.

Meanwhile, the Labor government wrapped a consultation on a crypto framework at the end of 2023, but it is unclear when it will draft legislation.