After making its presence felt in the 2024 US election, cryptocurrencies have become a focal point in Japanese political campaigns, demonstrating their growing impact on the global political landscape. US media have reported that both Donald Trump and Kamala Harris have attempted to engage the crypto community in their presidential campaigns this year.
With the United States just two weeks away from a major vote, crypto enthusiasts have taken center stage. Over 26 million crypto users are ready to make their decision in the 2024 US election. More interestingly, the tide is also turning in favor of crypto enthusiasts on the other side of the globe, where political leaders are making crypto a strategic part of their political campaigns.
Cryptocurrency, Once a Niche Concept, Now Has Global Impact
World politics is quickly becoming familiar with the cryptocurrency phenomenon. Whether it is the United States or Latin America, Africa or East Asia, cryptocurrencies are making headlines across all these regions quite consistently. Having excited millions with the potential to replace the current global financial system with the scope of a more inclusive and better-serving financial model, cryptocurrencies have become a reality that no one can turn a blind eye to. Talk about instantaneous or even near-instant cross-border transactions and financial settlements; cryptocurrencies are far ahead of the traditional financial system. And that’s not all!
This global power has made cryptocurrency a major player on so many levels. The political weight of cryptocurrency has grown exponentially in recent years, with millions of Generation Z voters preparing to make their voices heard in political campaigns around the world.
Due to this factor, the United States is currently at the crossroads of a major political shift, and making the crypto community understand has become more important than ever in their political campaigns. Realizing the paradigm shift, global leaders can be seen speaking out in favor of cryptocurrencies quite often. Political campaign managers are now getting involved in creating buzz around cryptocurrencies and how they can be an alternative to the decades-old financial system that has not served the world equally.
26 Million Crypto Enthusiasts in the US Ready to Participate in the 2024 US Election
The United States is at the center of this paradigm shift. Over 26 million crypto enthusiasts will vote in the 2024 US elections. Traditionally, the state of Florida, with over 22 million people, plays a key role in the outcome of US presidential elections. Florida is the third largest US state in terms of population. Imagine these 26 million voters electing a pro-crypto US president. It seems highly likely that the next US president will be someone who can appeal to US crypto enthusiasts.
Whether it is Donald Trump or Kamala Harris, none of them can win the White House without the support of the crypto community, and that is the biggest reality of the 2024 US election. This is why both of them constantly mention cryptocurrencies in their political campaigns in the 2024 US election.
Japan Enters the Crypto Political War
US presidential candidates are not the only ones busy courting the cryptocurrency community in their political campaigns. Japanese political leaders have also joined the cryptocurrency movement in an attempt to win over the East Asian country’s crypto enthusiasts.
Yuichiro Tamaki, head of the Democratic Party for the People (DPP), has voiced his support for the cryptocurrency industry, emphasizing the need to create pro-crypto government policies. This trend has further cemented the relevance of cryptocurrencies on the global political stage.
There is no question about the rise of cryptocurrencies over the past few years. Bitcoin has led the charge in making cryptocurrencies relevant in a rapidly changing world. Leading financial institutions are busy investing in digital assets while countries like El Salvador are busy hoarding Bitcoin to help revive their economies.
The widespread adoption across the globe has forced politicians to wake up from their slumber about the importance of cryptocurrencies and digital assets. The digital economy is now one of the main topics in political discussions and political campaigns globally.
The United States is still struggling to accept cryptocurrencies at the government level, although many experts have proposed using Bitcoin as a store of value for government reserves. However, Japan does not seem to have this problem. Japan is one of the first few countries to accept digital assets and regulate cryptocurrencies.
Yuichiro Tamaki's proposal to cut cryptocurrency income tax to 20% is another clear sign that cryptocurrencies are taking center stage in political manifestos and political campaigns. It also shows how governments are now looking at cryptocurrencies as a way to revive or rebuild their economies. The DPP chief's proposal comes after the Japanese crypto community called for a tax deduction. If Tokyo lowers its cryptocurrency income tax, it will become an attractive hub for cryptocurrencies.
Why Cryptocurrencies Matter in Today's Political Campaigns
The world is moving subtly towards decentralization, which has become the biggest selling point of cryptocurrencies. This particular aspect has helped cryptocurrencies resonate with people who are fed up with the centralization of regulators, governments, and watchdogs. With financial independence in mind, people are very much in favor of cryptocurrency projects to use their hard-earned money to establish a prosperous future for themselves and their loved ones.
The crypto sensation has found loyal supporters among the younger generation, which is the biggest reason why political leaders are forced to speak positively or even negatively about cryptocurrencies in their political campaigns. Political candidates now use mentions of cryptocurrencies in their speeches and political campaigns to connect directly with the younger generation. A political leader with a clear crypto plan is more likely to win the hearts and minds of this new generation, which is why Donald Trump has been seen mentioning Bitcoin multiple times in his political campaigns and rallies. He even went on to buy a burger with cryptocurrency, a political stunt that bodes well for his political campaign.
The Road Ahead
There is no doubt about the relevance of cryptocurrencies in today's world. After the younger generation joined in, it is now time for the older generation to join hands to build a new world that accepts digital assets, not only as a store of value but also as an innovative phenomenon that makes life easier for everyone, regardless of region, religion, gender, age group, etc.
By November 5, 2024, more than 26 million young voters will elect their crypto president in the United States. Japan has also put forward important proposals to engage with crypto and make it easier for people to buy, sell, and trade crypto. Yuichiro Tamaki’s crypto tax proposal is a clear sign that East Asian countries are embracing digital assets. If Tamaki’s party succeeds, Japan could take the lead in creating a more crypto-friendly environment, encouraging global investment, and positioning itself as a leader in blockchain technology.
Other countries are sure to follow suit. From the European Union, where discussions about digital euro projects are in full swing, to countries in Asia and Africa experimenting with central bank digital currencies (CBDCs), cryptocurrencies are quickly becoming a global political issue. Leaders around the world are realizing that ignoring the crypto sector in their political campaigns is no longer an option.