Spot Ethereum ETF Could See 25% More US Investors: Grayscale Survey

Grayscale’s recent survey highlighted the approval of a spot Ethereum ETF could increase US investor interest in Ethereum by 25%. 

This increase in interest is driven by economic concerns like inflation and worries about financial stability, particularly among younger individuals and minority communities. 40% of voters from the previous year desired to invest in cryptocurrency. Due to economic instability, that percentage has increased to 47% this year, indicating that more individuals are interested in digital assets.

Source: Grayscale

According to Grayscale’s survey, many Americans are drawn to cryptocurrencies because they see them as a way to achieve financial stability and manage their expenses.

Economic worries have historically influenced crypto interest. Bitcoin’s limited supply allows it to function like gold, acting as a store of value. Grayscale found that familiarity with cryptocurrencies increases the likelihood of seeing Bitcoin as a hedge against inflation and other macroeconomic events.

Demographic Ownership Patterns

Nearly 70% of people surveyed said they own some form of investment and around 19% own cryptocurrencies. Men, Black and Hispanic voters, and younger people have higher ownership rates. Gen Z respondents, in particular, reported a 31% ownership rate, with many saying they are more interested in cryptocurrencies because of inflation.

Despite the FTX crash, enthusiasm for crypto remains strong in the US. Approximately 40% of investors believe their future portfolios will include Bitcoin.

Grayscale’s data shows that cryptocurrency interest transcends political boundaries. Ownership rates are similar among Republicans (18%) and Democrats (19%). Voters are split on which party is more favorable to the crypto industry, with 30% believing both parties have a favorable stance on crypto policies. 

This balanced interest aligns with recent bipartisan support in Congress for the resolution of SAB 121, enabling banks to serve as custodians for crypto, making it more accessible.

Political Views on Crypto

However, differences exist in how each party views the importance of crypto-related issues. Republican voters are more likely to prioritize inflation and the economy, with 54% compared to 33% of Democrats. Conversely, Democrats focus more on issues like gun violence, climate change, and income inequality.

Meanwhile, Bitcoin and Ether prices continue to be affected by government sell-offs and Mt. Gox’s repayment. Bitcoin has stabilized around $57,000, while Ether stands at $3,027 as of press time.