In The Biggest Election Year In History, Crypto Is Taking Center Stage

This year, more than two billion people are eligible to vote in 60+ general elections across the European Union, the UK, India, and, of course, the United States. According to Time, that’s nearly half of the world’s population (49%) that heads to the polls in 2024. But while voters traditionally focus on domestic issues before casting their ballot, one issue is uniting people from Utah to Uttar Pradesh: crypto.

You might have heard of Khaki Elections, where millions of soldiers, many of them still in uniform, return home from the wars and upset the established political order. Well, history may well record 2024 as the year of the Crypto Election, marking the emergence of a voting bloc that cuts across countries (and even continents) on an issue that affects us all.

Compared to all the other factors at play — an uncertain economy, rising joblessness, war in Europe, Biden v. Trump — crypto 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 electorates proved the pollsters wrong in the past, in 2024 it’s crypto enthusiasts who might well swing results in democracy’s biggest year yet.

Rise of the Crypto Faction

If you’re reading this in a country that goes to the polls this year, you probably won’t have heard the media mention crypto as a major election issue. Yet, there’s strong evidence to show it’s an increasingly important factor for a large proportion of voters.

Earlier this month, a poll by the National Crypto Council in the US indicated that the crypto vote could be a key issue in deciding the upcoming election. Around eight in ten respondents think a candidate’s position on cryptocurrency matters and is at least “somewhat important” to their vote, while an 83% supermajority of crypto voters say they would prefer a candidate who “wants to write clear rules for cryptocurrency so that investors can continue to have choices, and the industry can continue to grow and create jobs.”

This poll suggests that crypto is here to stay as a major political issue in the US and one that will only grow as adoption continues to rise. And the key thing here is that it’s not just crypto regulation that’s the issue. Another telling finding from the survey is the wider 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”.

This is the point to mention the 2000 US Presidential Election, where a few hundred votes in Florida changed the course of history. Given Trump and Biden’s wildly differing attitudes to crypto, this bloc could have a similarly momentous impact in 2024.

Kristin Smith, CEO of the Blockchain Association, has emphasized the increasing significance of cryptocurrency in the upcoming elections. She noted that digital assets are becoming a crucial issue for voters, especially in swing states. Smith mentioned, “Digital assets have emerged as a significant issue in the upcoming election,” highlighting that a substantial portion of voters are actively considering candidates’ positions on crypto when making their decisions​ (Cointelegraph)​. This underscores the growing importance of crypto policy in shaping the political landscape as we approach the 2024 elections.

Wooing the Industry

Individual crypto users aren’t the only people political parties need to win over: the industry has become a key constituent, too. This is particularly evident in the European Union, where we’re seeing the emergence of a unified voice for the crypto sector.

In advance of the elections for the European Parliament, four crypto trade associations joined hands to create a “manifesto for blockchain”, warning that the EU is losing ground to America and Asia in developing new digital economic models.

In seemingly every election, candidates are keen to appear pro-business and to embrace the concerns of industry. Now the crypto and blockchain sectors are emerging as a significant business bloc. This includes in the UK, where senior industry executives seem to be swinging their support from the incumbent Conservative Party, traditionally seen as more favorable to business, to a Labour Party that many expect to win a historic landslide when Brits go to the polls on July 4.

Blockchain’s Missed Opportunity

In crypto, we talk about “TGEs”: token generation events that generate a huge spike in interest and adoption for a new coin. We’re still waiting for that single blockbuster event that puts blockchain on the map for the masses and demonstrates its incredible, transformative utility.

General elections should be that event. After all, one of blockchain’s (many) superpowers is to create an unalterable, 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 seemed as if India might be the first, given the huge interest in (and adoption of) crypto in the world’s most populous democracy — both by individuals and industries. The Indian government is also backing blockchain, naming it amoung the key technologies for achieving its target of becoming a $5 trillion economy by 2028.

Sadly for crypto enthusiasts, this year’s Indian election passed without blockchain playing a significant role. The wait for the world’s first Blockchain Election continues. With the rise in concerns about voter fraud, AI-powered misinformation, and fake news, however, it seems only a matter of time before blockchain plays a crucial part in the electoral process.

On the Agenda — and the Ballot

This all marks an incredible turnaround in crypto’s short but remarkable history. Four or five years ago, politicians were nearly unanimous in their condemnation of Bitcoin
Bitcoin
and other digital currencies, and it was a brave candidate indeed who put their head above the parapet and voiced their support.

In this electoral cycle, crypto is firmly on the agenda, and politicians cannot plead ignorance or sit on the fence any longer. That’s shown by a recent Harris Poll in the US, which found that one in three voters considered a candidate’s stance on crypto, while over three-quarters say that presidential candidates should hold an “informed perspective” on the subject. Whether or not citizens have embraced crypto themselves, they know it’s important and they want their representatives informed on the issue. Whatever the results around the world, one thing is certain: crypto is firmly on the political agenda — and it might well spring some major surprises by the time the year is out.