This year, more than two billion people are eligible to vote in more than 60 general elections across the European Union, the United Kingdom, India and, of course, the United States. According to Time, nearly half of the world's population (49%) will participate in the polls by 2024. But while voters have traditionally focused on domestic issues before casting their ballots, there's a problem. The issue is uniting people from Utah to Uttar Pradesh: cryptocurrency.
You may have heard of the Khaki Election, where millions of soldiers, many still in uniform, returned home from war and overturned the established political order. Well, history may record 2024 as the year of the Crypto Election, marking the emergence of a voting bloc across countries (and even continents) on an issue that affects us all.
Compared to all the other factors at play—the shaky economy, rising unemployment, war in Europe, Biden and Trump—crypto may seem like a small issue. But that would be to underestimate the millions of people for whom the crypto and decentralization revolutions have become a way of life. Just as khaki-clad voters have proven pollsters wrong in the past, in 2024 it will be crypto enthusiasts who could turn the tide in democracy’s biggest year.
The Rise of the Cryptocurrency Side
If you are reading this article in a country holding elections this year, you probably haven’t heard the media mention cryptocurrency as a major election issue. However, there is compelling evidence that it is an increasingly important factor for a large portion of voters.
Earlier this month, a poll by the National Cryptocurrency Council in the United States indicated that the cryptocurrency vote could be a key issue in deciding the upcoming election. About 8 in 10 respondents said a candidate’s stance on crypto was at least “important” to their vote, while a vast majority of 83% of crypto voters said they would prefer a candidate who “wants to write clear rules on crypto so that investors can continue to have choices and the industry can continue to grow and create jobs.”
This poll shows that cryptocurrency continues to be a major political issue in the United States and will only grow as adoption continues to increase. And importantly, it’s not just about cryptocurrency regulation. Another notable finding from the survey is the growing dissatisfaction with a financial system that many see as unfair to ordinary people, with 50% of respondents agreeing that access to financial products and services is either “fair” or “poor.”
This is a reference to the 2000 US Presidential Election, where just a few hundred votes in Florida changed the course of history. Given Trump and Biden’s wildly different attitudes toward cryptocurrencies, this block could have a similarly significant impact in 2024.
Kristin Smith, CEO of the Blockchain Association, highlighted the growing importance of cryptocurrencies in the upcoming election. She noted that digital assets are becoming an important issue for voters, especially in swing states. Smith mentioned, “Digital assets have emerged as a key issue in the upcoming election,” emphasizing that a significant portion of voters are actively considering candidates’ views on cryptocurrencies when making their decisions (Cointelegraph). This underscores the growing importance of cryptocurrency policy in shaping the political landscape as we approach the 2024 election.
Attracting industry
Individual cryptocurrency users are not the only ones that political parties need to win over: the industry has also become a key player. This is particularly evident in the European Union, where we are seeing the emergence of a unified voice for the cryptocurrency sector.
Ahead of the European Parliament elections, four cryptocurrency trade associations have joined forces to create a “ manifesto for blockchain ”, warning that the EU is losing ground to the US and Asia in developing new digital economic models.
It seems that in every election, candidates are eager to appear pro-business and embrace industry concerns. Now, the cryptocurrency and blockchain sector is emerging as a significant business bloc. This includes in the UK, where senior industry executives appear to be shifting their support from the incumbent Conservative Party, traditionally seen as more business-friendly, to the Labour Party, which many expect to win a historic landslide when Britons go to the polls in July.
Blockchain's Missed Opportunity
In crypto, we talk about “TGEs”: token generation events that create a surge of interest and adoption for a new currency. We’re 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 immutable, unquestionable record of transactions and interactions. The implications for elections are obvious…but we’re still waiting for the first “blockchain election.” At one point, it looked like India might be the first country to see major interest in (and adoption of) cryptocurrencies in the world’s most populous democracy – both by individuals and industry. The Indian government is also backing blockchain, seeing it as one of the key technologies to achieving its goal of becoming a $5 trillion economy by 2028.
Sadly for crypto enthusiasts, this year’s elections in India passed without blockchain playing a significant role. The wait for the world’s first Blockchain Election continues. However, with growing concerns about voter fraud, AI-powered misinformation, and fake news, it seems like it’s only a matter of time before blockchain plays a major role in the electoral process.
On the Agenda - and the Vote
All of this marks a surprising turn in the short but remarkable history of cryptocurrencies. Four or five years ago, politicians were almost unanimously condemning Bitcoin and other digital currencies, and it took a brave candidate to rise above the parapet and voice their support.
Cryptocurrency is firmly on the agenda this election cycle, and politicians can no longer plead ignorance or sit on the fence. That’s evident in a recent Harris Poll in the United States, which found that one in three voters consider a candidate’s stance on cryptocurrency, while more than three-quarters say presidential candidates should have an “informed stance” on the subject. Whether or not people embrace cryptocurrency, they know it matters, and they want their representatives to be informed about it. Regardless of the outcome around the world, one thing is certain: cryptocurrency is firmly on the political agenda — and it could cause some big surprises by the end of the year.
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