The Biggest Election Year in History: Crypto Takes Center Stage
According to Time, nearly half of the world’s population, or 49%, will head to the polls in 2024. This unprecedented voter turnout spans across the European Union, the UK, India, and the United States. While voters traditionally focus on local issues, one topic is uniting people globally: crypto.
Crypto’s Growing Influence
In 2024, more than two billion people are eligible to vote in over 60 general elections. Despite an uncertain economy, rising joblessness, and ongoing international conflicts, crypto has emerged as a significant issue. Much like past elections that saw significant voter shifts, 2024 could be remembered as the year of the Crypto Election.
Crypto as a Swing Factor
A recent poll by the National Crypto Council in the US indicates that the stance on cryptocurrency could be a decisive factor in the upcoming election. Eight in ten respondents believe that a candidate’s position on cryptocurrency is at least "somewhat important" to their vote. Moreover, 83% of crypto voters prefer candidates who support clear regulations to foster industry growth and job creation.
Dissatisfaction with Financial Systems
The same poll highlighted a broader dissatisfaction with the current financial system, with 50% of respondents rating their access to financial products and services as either "fair" or "poor." This sentiment echoes the importance of crypto, as it represents an alternative to traditional financial systems perceived as inequitable.
Impact on the 2024 US Presidential Election
The impact of the crypto vote could be comparable to the decisive few hundred votes in Florida during the 2000 Presidential Election. Given the differing attitudes of Biden and Trump toward crypto, this voting bloc could significantly influence the election outcome.
Industry Voices and Political Shifts
Kristin Smith, CEO of the Blockchain Association, highlighted the growing significance of digital assets in elections, especially in swing states. She noted that a substantial portion of voters actively consider candidates' positions on crypto while making their decisions.
Political parties are not just targeting individual crypto users; the industry itself has become a key constituent. This trend is evident in the European Union, where crypto trade associations have united to create a "manifesto for blockchain," urging the EU to keep pace with America and Asia in developing digital economies.
Blockchain and Future Elections
General elections could become blockchain’s prime time to shine. Blockchain technology can create unalterable and unquestionable records of transactions, which could address concerns about voter fraud and misinformation. Despite the hope that India might lead the way with a blockchain election, this year’s Indian election saw no significant blockchain adoption.
Crypto’s Evolution in Politics
This shift represents a significant turnaround from a few years ago when digital currencies faced almost unanimous political condemnation. The current electoral cycle has forced politicians to address crypto head-on. A recent Harris Poll in the US found that one in three voters considered a candidate’s stance on crypto important, while over three-quarters believe presidential candidates should have an informed perspective on the subject.
Conclusion
With crypto firmly on the political agenda, the 2024 elections could spring major surprises. Whether or not citizens have embraced crypto themselves, the issue is now too important for politicians to ignore. As the year progresses, crypto is set to play a central role in shaping political landscapes around the world.
