Blockchain
In the most important election year in history, cryptocurrencies take center stage
Voters queue to cast their votes outside a polling station during the first phase of voting in… [+] India’s general elections, in Dugeli village about 33 km (21 miles) from Dantewada town in Chhattisgarh state on April 19, 2024. As the world’s largest democracy began its six-week elections on April 19, thousands of people in the villages of Bastar district, one of the last strongholds of the Naxal rebels, voted. (Photo by Idrees MOHAMMED/AFP) / TO GO WITH ‘India-vote-conflict-maoist’, FOCUS by Bhuvan Bagga (Photo by IDREES MOHAMMED/AFP via Getty Images)
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This year, more than two billion people are eligible to vote in more than 60 general elections in the European Union, the United Kingdom, India and, of course, the United States. According to Time, it’s almost half of the world’s population (49%) heading to the polls in 2024. But while voters traditionally focus on domestic issues before casting their ballots, one issue that unites people from Utah to Uttar Pradesh is cryptocurrencies.
You may have heard of it Khaki elections, where millions of soldiers, many of them still in uniform, return home from wars and disrupt the established political order. Well, history may record 2024 as the year of the crypto-election, marking the emergence of a voting bloc that spans countries (and even continents) on an issue that affects us all.
2024: the year of super elections
Statesman
Compared to all the other factors at play – an uncertain economy, rising unemployment, war in Europe, Biden versus Trump – cryptocurrencies might seem like a niche issue. But that would be to underestimate the millions of people for whom the cryptocurrency and decentralization revolutions have become a way of life. Just as khaki-clad voters proved pollsters wrong in the past, in 2024 it is cryptocurrency enthusiasts who could change the results in democracy’s biggest year yet.
Rise of the crypto faction
If you’re reading this in a country that’s going to the polls this year, you probably haven’t heard the media mention cryptocurrencies as a major election issue. However, there is clear evidence to show that this is an increasingly important factor for a large percentage of voters.
Earlier this month, a survey by the National Crypto Council in the United States have indicated that the cryptocurrency vote could be a key issue in deciding the next election. About eight in ten respondents believe a candidate’s stance on cryptocurrency issues is at least “somewhat important” to their vote, while an overwhelming majority of 83% of crypto voters say they would prefer a candidate who “wants to write clear rules for cryptocurrencies so that investors can continue to have choices and the industry can continue to grow and create jobs.”
Bangkok, Thailand – July 1, 2021: Cryptocurrency on Binance trading app, Bitcoin BTC with altcoin… [+] cryptocurrency digital currency, BNB, Ethereum, Dogecoin, Cardano, defi p2p decentralized fintech market
getty
This survey suggests that cryptocurrencies will continue to be a major political issue in the United States and will only grow as adoption continues to increase. And the key thing here is that the problem is not just the regulation of cryptocurrencies. Another significant finding from the survey is the broader current of dissatisfaction with a financial system perceived by many as unfair to ordinary people, with 50% of respondents agreeing that access to financial products and services is only “fair” or “poor”.
It is worth mentioning the 2000 American presidential elections, when a few hundred votes in Florida changed the course of history. Considering the extremely different attitudes of Trump and Biden towards cryptocurrencies, this block could have an equally important impact in 2024.
Kristin Smith, CEO of the Blockchain Association, highlighted the growing importance of cryptocurrency in the upcoming elections. She noted that digital assets are becoming a crucial issue for voters, especially in swing states. Smith said that “digital assets have emerged as a significant issue in the upcoming election,” noting that a substantial portion of voters are actively considering candidates’ positions on cryptocurrencies when making their decisions (Cointelegraph). This highlights the growing importance of crypto politics in shaping the political landscape as we approach the 2024 elections.
Courting the industry
Individual cryptocurrency users aren’t the only people political parties need to win over: the industry has also become a key component. This is especially evident in the European Union, where we are seeing the emergence of a unified voice for the cryptocurrency industry.
Ahead of the European Parliament elections, four cryptocurrency trader associations joined together to create a “manifesto for blockchain”, warning that the EU is losing ground to America and Asia in developing new digital economic models.
Three key pillars of the Blockchain Manifesto for Europe
Blockchain Manifesto for Europe
Seemingly in every election, candidates want to appear pro-business and embrace industry concerns. Now the cryptocurrency and blockchain sectors are emerging as a significant economic bloc. This includes the UK, where there are senior industry executives they seem to be swinging their support from the incumbent Conservative Party, traditionally seen as more pro-business, to the Labor Party which many expect to win a landslide victory when Britons go to the polls on July 4th.
Blockchain’s missed opportunity
In cryptocurrencies we talk about “TGE”: token generation events that generate a huge spike in interest and adoption for a new coin. We are still waiting for that one blockbuster event that puts blockchain on the map for the masses and demonstrates its incredible transformative utility.
The general election should be that event. After all, one of blockchain’s (many) superpowers is to create an unalterable and indisputable record of transactions and interactions. The implications for elections are obvious… but we are still waiting for the first “blockchain elections”. At one point, it looked like India might be first, given the huge interest in (and adoption of) cryptocurrencies in the world’s most populous democracy, both from individuals and industries. The Indian government also supports blockchain, naming it among the key technologies to achieve the goal of becoming a $5 trillion economy by 2028.
Close-up of human hand casting and placing a vote, choosing and making a decision about what it wants… [+] in the ballot box with the flag of India mixed in the background
getty
Unfortunately for cryptocurrency enthusiasts, this year’s Indian elections took place without blockchain playing a significant role. The wait for the world’s first Blockchain elections continues. With concerns about voter fraud, AI-driven misinformation, and fake news rising, however, it seems only a matter of time before blockchain plays a crucial role in the electoral process.
On the agenda and the vote
All of this marks an incredible turning point in the short but extraordinary history of cryptocurrencies. Four or five years ago, politicians were almost unanimous in their condemnation of Bitcoin and other digital currencies, and it was a truly courageous candidate to put his head over the parapet and express his support.
Cryptocurrencies as an election issue could represent a key opportunity for political candidates.
Blockchain Association
In this election cycle, cryptocurrencies are firmly on the agenda, and politicians can no longer plead ignorance or remain indecisive. This is demonstrated by a recent Harris poll in the United States, which found that one in three voters have considered a candidate’s position on cryptocurrencies, while over three-quarters say presidential candidates should have an “informed perspective” on the topic. Whether citizens have embraced cryptocurrencies or not, they know it’s important and want their representatives to be informed about the issue. Whatever the results around the world, one thing is certain: cryptocurrencies are firmly on the political agenda – and could hold big surprises later this year.