New poll shows widespread opposition to US crypto reserve plan

A new poll from the advocacy group Data for Progress has shown that most American voters do not support a crypto strategic reserve. According to the poll results published on March 14, 51% of voters opposed the idea when asked directly.

The poll shows that the majority of Democrats and Independents were against the idea, with 59% and 56%, respectively, not supporting it. However, 40% of Republicans also opposed it.

This follows President Donald Trump’s signing of an executive order to establish the crypto reserve. Part of the executive order indicates that the US government will acquire Bitcoin and four other digital assets for the stockpile.

While the US has not bought any cryptocurrency, it has already created a strategic Bitcoin reserve using the seized Bitcoin. Still, Data for Progress polls show that crypto might be unpopular, as only 10% of voters consider it the highest funding priority for the federal government.

The organization noted that out of nine potential funding priorities that it identified, including Medicare, Social Security, public infrastructure, and artificial intelligence, cryptocurrency came in dead last.

It said:

“Only 10% of voters believe the U.S. should increase federal funding for cryptocurrency and blockchain development.”

Interestingly, not only did most voters consider crypto the lowest priority for funding, but a sizable portion (45%) also want the federal government to reduce funding for crypto, while 29% think it should stay at the current level. The poll was based on a survey of 1,169 likely US  voters nationwide between March 8 and 10, with each respondent self-identifying their party.

Congress members question the concept of a crypto reserve

The poll highlights the disparity between public opinion and prevailing sentiments in the crypto industry. Although industry stakeholders are divided on which crypto should be part of the reserve, the majority agree that the US should have a strategic Bitcoin reserve and buy more BTC, noting that this could positively impact the US economy.

However, most voters do not see things the same way. For many, social programs and infrastructural projects require what the federal government should invest in, not cryptocurrencies. Even 40% of Republicans who are core Trump supporters oppose the digital assets stockpile.

Voters are not the only ones with this view, as Democrats in Congress have also pushed against the crypto reserve. The House Oversight Democrats described the idea as a way for Trump to enrich himself and his allies at taxpayers’ expense.

According to Rep. Gerry Connolly (D-VA),  the reserve does not offer any clear benefit for Americans and will only waste resources. He noted that the US, through Congress, had created reserves for specific commodities based on their strategic value, especially during economic crises.

“No strategic need has arisen that would necessitate investment in the volatile and speculative cryptocurrency market,” Rep. Connolly added.

Some Republicans in Congress have equally expressed skepticism about the need for a crypto reserve. Senator Thom Tillis (R-NC) told Semafor that while he did not mind the idea, he could not see its utility and that it could affect law enforcement asset forfeitures.

“And I don’t like the fact that law enforcement could be negatively impacted in terms of future flows for asset forfeitures,” Senator Thom said.

Meanwhile, the impact of the reserve announcement on the crypto industry has already worn off. Bitcoin, which spiked close to $100,000 after the initial announcement, is already down to $84,000, while other cryptocurrencies have also declined in value.

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