In an unprecedented historical event, Bitcoin and the burgeoning crypto community could be deciding factors in a U.S. presidential election. One can observe from the pre-election campaign momentum that Bitcoin plays a noteworthy part. The very fact that a majority of the candidates are pressed to proclaim their stance on cryptocurrencies underlines the novelty of the situation.
Republican candidates like Governor Ron DeSantis, Mayor Francis Suarez, and Vivek Ramaswamy are vocal supporters of Bitcoin’s principles of liberty, privacy, and decentralization. DeSantis’s opposition to a U.S. central bank digital currency emphasises his devotion to decentralization and data protection.
On the Democrats’ side, Robert F. Kennedy Jr has shown his support for the right to use, custody, and mine Bitcoin exempt from unwarranted governmental scrutiny. However, Senator Elizabeth Warren’s vow to create an “anti-crypto army” shows a negative viewpoint, acknowledging the importance of the crypto topic.
The silence of former President Donald J. Trump, a prominent Bitcoin skeptic, invites introspection on a possible shift in political attitudes. With Bitcoin having minimal impact on past general elections, we are driven to ponder why it matters now.
The U.S. Federal Reserve estimates that a significant slice of the American population, 8%-11%, sufficient to sway an election, owns cryptocurrencies. As BlackRock, Vanguard, and other leading financial institutions pivot towards Bitcoin, this percentage is only anticipated to rise. Furthermore, fed and Pew research data demonstrate that with respect to crypto investment, historically marginalized demographics, Black and Hispanic Americans, are outpacing White Americans per capita. Subsequently, these critical electoral demographics might have their investment portfolios directly influenced by a candidate’s crypto stance.
The media attention received by Bitcoin has reignited the crypto policy discussion among many politicians. In the recent New York Governor’s race, both candidates shared their thoughts on Bitcoin, highlighting the currency’s seismic shift in public interest.
The Biden administration’s stern crypto policies have sparked curiosities regarding potential changes in their approach to the industry, especially as they move into campaign mode and focus on swing votes. Could policies that are anti-Bitcoin mining negatively influence candidates in the 2024 elections? With Bitcoin mining operations revitalizing rust belt counties and spurring economic recovery, a Bitcoin mining tax could be met with resistance from key electoral zones due to the potential loss of jobs.
Perhaps the most striking transformation affecting the 2024 election could be coming from the Bitcoin and crypto community itself. Despite their internal disparities, the community seems to be unifying against common external threats. Cross party lines have realized that their livelihoods, investments, and ideological beliefs may be at risk as the anti-innovation policies continue to gain traction.
In conclusion, the candidacy race attests that being “anti-Bitcoin” may alienate a rapidly growing cohort of voters. Consequently, any politician indulging in the upcoming campaign cycle should seriously evaluate their position on this critical issue.
Source: Coindesk
