Crypto Investors Could Influence Australia's Upcoming Federal Election

According to Cointelegraph, a recent survey suggests that cryptocurrency investors may play a significant role in Australia's next federal election. The survey, conducted by YouGov and commissioned by Australian crypto exchange Swyftx, indicates that a substantial portion of the electorate could favor candidates who support cryptocurrency policies. The YouGov survey, which included 2,031 Australian voters, revealed that 59% of current crypto investors are inclined to vote for pro-crypto candidates in the upcoming election. This percentage translates to approximately two million Australians forming a potential pro-crypto voting bloc. Additionally, the survey found that 22% of respondents have invested in cryptocurrency, equating to around four million adults. Despite the potential influence of crypto investors, the survey also highlighted that one-third of crypto owners stated that a candidate's stance on cryptocurrency would not affect their voting decision. Meanwhile, about 5% of crypto investors expressed a negative view towards pro-crypto candidates. The political landscape, as per YouGov's latest poll on February 16, shows the center-right Coalition, led by Peter Dutton, in a favorable position to form a government, potentially surpassing the incumbent center-left Labor Party, led by Prime Minister Anthony Albanese. The Coalition is projected to secure 73 seats, just shy of the 76 needed to form a government, suggesting a possible hung parliament where no single party holds a majority. Swyftx CEO Jason Titman emphasized the unprecedented nature of this election, noting the emergence of a significant and motivated crypto-voting bloc. He described crypto investors as typically affluent, under 50 years old, and residing in key political battlegrounds within major cities. Titman stressed the need for clear regulations to protect local investors and foster competition and innovation, criticizing Australia's current stance as lagging behind global efforts to implement tailored legislation. The survey also revealed that 18% of voters over 50 are less likely to support pro-crypto politicians. Titman acknowledged the industry's responsibility to better communicate the benefits of blockchain technology to non-crypto users, particularly older voters. The YouGov poll was conducted from February 3 to February 10 as part of a national omnibus survey. The election date has yet to be announced but must occur on or before May 17.