An analysis says the share of U.S. adults with experience using cryptocurrencies is higher among Republican supporters, strengthening links between the digital asset market and politics.

Blockchain outlet Cryptopolitan reported on June 21 local time that a Pew Research Center survey of 8,512 adults conducted in late January found 22 percent of Republican respondents said they had invested in, traded or used cryptocurrency. Among Democratic respondents, 17 percent reported the same experience.

The survey shows that crypto usage has recently tilted more toward Republican supporters. Pew Research Center said there was little difference between Democratic-leaning and Republican-leaning respondents in crypto use until 2021. After that, the participation rate among Republican-leaning respondents rose from 16 percent to 22 percent, widening the gap with Democrats.

Markets are focusing on President Donald Trump’s pro-cryptocurrency moves as a driver of the shift. Trump took a negative stance on cryptocurrencies as recently as 2019, saying he was "not a fan." At the time, he criticised digital assets as unregulated and subject to misuse for illegal acts.

His position later changed sharply. Trump entered the digital asset market directly by releasing his first non-fungible token collection in 2022. The Trump family then expanded related businesses by rolling out additional NFT projects, the cryptocurrency platform World Liberty Financial, and meme coins TRUMP and MELANIA in succession.

The administration’s policy direction has also moved in a pro-crypto direction. The Trump administration has set a goal of making the United States the "crypto capital of the world" and is also pursuing policies to improve cryptocurrency companies’ access to financial services.

Still, the expansion of crypto use is not explained solely by political orientation. A Morning Consult survey found about 74 percent of crypto investors were men. Crypto participation among men under 45 rose to 42 percent in 2026 from 38 percent in 2022. Over the same period, women stayed at about 13 percent to 16 percent.

Differences by race were also confirmed. About 25 percent of Asian American adults said they had experience using cryptocurrency, the highest share. Black and Hispanic adults showed similar participation rates. Among white adults, the share increased to 18 percent now from 13 percent in 2021, reaching a similar level to Black and Hispanic adults for the first time.

In politics, the cryptocurrency industry’s election spending is also expanding. Fairshake, a political action committee backed by the crypto industry, and affiliated groups spent about $9.8 million on Alabama primary advertising to support Republican House candidate Barry Moore, who is seen as pro-crypto. Total spending including mailers reached $12.1 million. Fairshake and related groups were reported to have secured about $150 million in election funds as of May this year.

Still, it has not achieved the desired results in every election. In Illinois, Fairshake-affiliated groups spent about $9 million to block Democratic Senate candidate Juliana Stratton, but Stratton won the Democratic primary in March.

The industry is focusing on the fact that U.S. crypto users are increasingly moving closer to the Republican base while crypto companies’ political participation is also expanding. An analysis says this raises the likelihood that U.S. cryptocurrency regulation and industry promotion policies will become more closely linked to party politics.