Cryptocurrency ownership in the United States has developed a noticeable political divide, with Republicans now participating in digital assets at higher rates than Democrats at a time when geopolitical tensions and conflicts in the Middle East have kept investors closely watching global markets.
About 22% of Republicans and Republican-leaning independents said they have invested in, traded or used cryptocurrencies such as bitcoin and ether, compared with 17% of Democrats and Democratic leaners, according to a survey of 8,512 U.S. adults. Overall, about one in five Americans said they have used crypto. The figures were published by Pew Research Center earlier this month.
The gap marks a shift from previous years. Republicans and Democrats had reported similar levels of crypto use in earlier surveys, but Republican participation has risen from 16% in 2021, while Democratic usage has remained unchanged at 17%, figures from Pew Research Center showed.
Analysts said the divide began taking shape around the 2024 election cycle. Morning Consult data cited by CNBC showed Republican participation in crypto trading widened sharply during that period. By the second quarter of 2025, 27.9% of Republicans had bought or sold cryptocurrency over the previous 12 months, compared with 17.3% of Democrats. That gap later narrowed to about five percentage points.
President Donald Trump, who criticized cryptocurrencies during his first term, has since embraced the industry. He launched several NFT collections beginning in 2022 and later expanded into digital asset ventures alongside members of his family. The White House has also promoted plans to make the United States the "crypto capital of the world," while support for the sector has translated into policy initiatives and regulatory changes, according to Associated Press.
The Trump administration signed the GENIUS Act into law in 2025, establishing a regulatory framework for stablecoins. The legislation was viewed as a major milestone for the industry.
Researchers and industry observers said the Republican tilt reflects ideological preferences that have long existed among some crypto users. Colin McLaren, head of government relations at the Solana Policy Institute, told CNBC that cryptocurrency's roots in decentralization and skepticism of centralized authority align more naturally with conservative and libertarian viewpoints.
Gender differences remain more pronounced than political ones. Men account for roughly three-quarters of crypto traders, according to Morning Consult data cited by CNBC. Young men have been particularly active participants, with men under 45 trading crypto at about twice the rate of women in the same age group between 2022 and 2026.
Data from Pew Research Center showed that 38% of men aged 18 to 29 and 40% of men aged 30 to 49 reported using cryptocurrencies, compared with 15% and 17%, respectively, among women in those age brackets.
The political split has emerged during a period when broader markets have been reacting to wars and geopolitical instability. Investors have been monitoring developments involving Iran and ongoing tensions in the Middle East, which have contributed to uncertainty across risk assets, including digital currencies. Despite disruptions affecting parts of the region, the cryptocurrency sector has largely continued operating without major interruptions, according to Reuters.
Recent market movements have also reflected geopolitical concerns. Bitcoin remained range-bound amid uncertainty surrounding Middle East developments and diplomatic efforts involving Iran, according to Barron's.
