Elections—at every level—make a difference in our lives and communities and build a future that works for everyone, from miners and landscape gardeners to commercial bankers. A vote isn't enough to elect the president, but if it accompanies enough others in a voting district or a county, it matters as far as the results are concerned. Though presidential and other national elections get a high voter turnout, local elections are decided by a much smaller group of voters. Persuading someone to vote means listening to them and showing you understand what they're saying, as their perception of having a sway/influence over decision-making processes matters a lot.
Crypto enthusiasts are emerging as a new political force, especially the younger, tech-savvy generations who want effective action to overcome challenges. A crypto enthusiast is a proponent of decentralized finance who firmly believes that blockchain architecture can solve many financial and political issues. A fair number of investors have Bitcoin, the acceptance of which was relatively low in the beginning, and they're confident or very confident it's safe and reliable, which is reflected in the Bitcoin price. There can only be an estimate of the number of people with Bitcoin. One person can have multiple wallets and addresses, so if each address were treated as a person, it would count as two people when there's one.
Crypto Is Here to Stay, and Our Politicians Don't Understand Tech
Cryptocurrencies, which can be transferred from peer to peer worldwide without any intermediary and with little transaction costs, have witnessed a surge in investors, with portfolios often consisting of Bitcoin. Growing regulatory clarity in the blockchain and crypto asset industry will continue to provide support for widespread adoption. Innovation attracts its fair share of skeptics whose fears represent a complete misunderstanding of what blockchain is and what it attempts to accomplish. SEC Chair Gary Gensler reiterated that Bitcoin is a commodity, while the remaining cryptocurrencies are securities, so issuers and exchanges must seek the necessary licenses from regulators.
Cryptocurrency's staying power is remarkable, and it's all thanks to its decentralized nature, which allows it to exist outside the control of governments and central authorities. No one has to know or trust anyone else because each member of the blockchain network has a copy of the data in the form of a distributed ledger, which can't be altered or corrupted in any other way. Decentralization reduces points of weakness in systems where there's too much dependence on specific actors, so it's possible to streamline operations, reduce costs, and improve overall productivity, as there's no reason to worry about failure.
Making Little or No Attempt to Understand Crypto Is an Immense Risk
Digital literacy varies from one politician to the other, but there's no denying the fact that elected officials are unable to take advantage of technology to protect citizens from data mining or ensure that everyone enjoys equal protection under the law. The millions of Americans involved in the crypto ecosystem are young people who are less likely to vote compared to the rest of the population, so campaigns must mobilize undecided voters. Even minor factors have a slight impact. Turnout rates differ from state to state, and in Virginia, many young voters denote apathy and pessimism about casting their ballots.
Many argue that young people are far from being apolitical. Not only are they voting, but they also take to the streets—e.g., petitions, school strikes, and grassroots activism. Social media makes it possible to reach out to large numbers of people at a fast speed across borders, but it can be a double-edged sword for politicians, so any rational person must weigh the cost-benefit of each channel. The Stand With Crypto Alliance has more than 1.5 million advocates who are actively engaged in conversation with Washington, DC, which means that candidates can no longer afford to ignore this critical voting bloc.
For Years, Crypto and Its Users Have Been Backed into a Corner
Irrespective of the absence of industry-specific rules and guidelines, several regulatory and law enforcement officers have aggressively persecuted the crypto industry, pursuing action against exchanges, initial coin offerings, NFTs, and more. This has caused users to feel embarrassed or in an awkward or difficult predicament. In a panel discussion during the World Economic Forum that took place at Davos-Klosters, Gary Gensler affirmed that, deep down, he's a crypto believer. Let's not forget that Gensler aspires to become Treasury Secretary and has initiated over 66 enforcement actions against the industry since being appointed Chair of the SEC.
The SEC approved spot Bitcoin ETFs in January 2024, which marked the end of a 10-year journey since the idea was first advanced. In 2013, SolidX filed a proposal for a Bitcoin ETF shortly after the Winklevoss brothers, which was eventually withdrawn in 2019. In July 2017, Grayscale turned its GBTC into an ETF, but despite becoming the largest and most popular financial instrument, it's still not listed on major US exchanges. At the end of 2023, 13 applicants met with the SEC to bring changes to their requests, augmenting the prospects of an appeal. Now, investors can gain crypto exposure through ETFs, so they don't need a Bitcoin wallet to enjoy the key benefits of the digital asset.
To Sum Up
Crypto enthusiasts make up an important voting bloc, and candidates can use this leverage to secure progressive wins, as they can mobilize and persuade other voters, thus strengthening the reach of their message. Americans on both sides of the political spectrum have a preference for digital assets, and as we look into the future, it's clear that blockchain technology and Bitcoin are here to stay, playing a critical role in the way we transact, communicate, and interact. Even if cryptocurrencies are far from their all-time highs, the industry is of the greatest importance and demonstrates just how quickly political fortunes can change.
No matter the election (or voter distribution), candidates must convince citizens to cast a vote for them on election day, and one of the easiest ways to do that is to pay attention to what really matters to them. Cryptocurrency is important, and it's not going away anytime soon.
