Only 10% of Americans support increasing federal funding for crypto; majority oppose reserve: Poll

A new survey of 1,169 likely U.S. voters from Data For Progress, a polling firm that generally examines support for left-leaning causes, found a majority of voters oppose a crypto strategic reserve that would use government spending to acquire and hold cryptocurrencies such as Bitcoin and Ethereum.

51% of the survey's respondents said they oppose the proposed reserve, while 34% supported it. 15% said they were unsure, according to the poll. Notably, self-identified Republicans narrowly supported the proposal, 41-40, while Democrats opposed it 59-29, showing a stark ideological divide. 

Source: Data For Progress

Though the poll's question states the crypto strategic reserve would "use government spending," President Trump's executive order authorizes the Secretaries of Treasury and Commerce to explore "budget-neutral strategies for acquiring additional bitcoin, provided that those strategies impose no incremental costs on American taxpayers." Though Trump administration officials have used the words "reserve" and "stockpile" somewhat interchangeably, the terms signify key differences. 

Voters were also asked their opinion on whether the federal government should increase, decrease, or maintain funding levels for nine potential priorities for the federal government. 45% of the poll's respondents said the government should decrease federal funding for cryptocurrency and blockchain development, ranking it lowest, below funding for AI research and space exploration. 

Source: Data For Progress

Voters were also most likely to say they didn't know whether or not to increase or decrease funding for cryptocurrency development compared to the other policy priorities. Despite supporting the strategic crypto reserve by a slim majority, 36% of Republican respondents said the government should decrease federal funding for cryptocurrency and blockchain development, with only 12% supporting an increase. 31% of Republicans said funding should be kept at the same level, with 20% responding that they don't know. 

Respondents under the age of 45 were the most likely to say the government should increase federal funding for cryptocurrency development, with 18% expressing support, compared to just 6% support among respondents over the age of 45. 

The highest-ranking Democrat on the House Committee on Oversight and Government Reform, Rep. Gerald Connolly, recently pressed the U.S. Treasury department to cease its plans for a strategic crypto reserve, The Block previously reported.