First and foremost, I am 100% biased. I love crypto.
And, while crypto may not be an issue for everyone in this upcoming election it is definitely an issue for some and the constituency it attracts is very real and larger than one might expect.
Back in March,
@paradigm published a fascinating Public Opinion Poll, which you can access here:
policy.paradigm.xyz/writing/…
It is actually quite an interesting study and worth reading, IMO.
Four insights from the study worth surfacing are:
1.) Crypto is the best option for those left behind by traditional financial institutions. In a world where 69% of Americans are dissatisfied with the current financial system, folks are turning to other options where they have the power — instead of big banks.
2.) Crypto owners are a much bigger segment of the electorate than is often appreciated among policymakers. A fifth of the country is not a niche subgroup.
3.) Ownership of crypto is even higher among communities of color and among the young. 40% of men 18-54 have bought crypto. 33% of African Americans and 32% of Hispanics currently own, have traded, or used cryptocurrency in 2024, compared to 20% and 22% from last year.
4.) Notably, crypto ownership is greatest among college graduates, with 26% owning crypto.
Why am I posting about this now? Simple.
Earlier this week, at an event at Mar-a-Lago, former US President, Donald Trump, made it a wedge issue for voters who care about the topic. Video via
@BitcoinMagazine:
twitter.com/bitcoinmagazine/…
And, yesterday,
@politico published an article titled, Crypto is Trump's new weapon against Biden.
politico.com/news/2024/05/10…
FWIW, Trump also announced he would accept Presidential campaign donations via crypto. (@TheBlock__)
theblock.co/post/293384/dona…
But this is not an irrelevant issue based upon a throwaway comment from Trump.
The advocacy group,
@standwithcrypto, already has 440,000 members with the goal of reaching 1 million by the US election and on Friday,
@Reuters published a piece titled, Crypto group with 440,000 members launches PAC to target House, Senate elections.
reuters.com/world/us/crypto-…
Still don't believe this is a real issue?
Well, yesterday,
@mcuban posted the following on X that has already had over 2.4M views and has been picked up by many publications:
@mcuban: If
@joebiden loses, there is a good chance you will be able to thank
@GaryGensler and the @NewYork_SEC
Crypto is a mainstay with younger and independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUD
All he has done is make it nearly impossible for legitimate crypto companies to operate, killing who knows how many businesses and ruining who knows how many entrepreneurs.
This is also a warning to Congress. Crypto voters will be heard this election. You could solve this problem for Biden by passing legislation that defines registration that is specific to the crypto industry just as other industries have registration that is defined for them
Or you could do the better option and assign all crypto to be regulated by the
@CFTC
They actually know what they are doing
@ericswalwell @SenSchumer
twitter.com/mcuban/status/17…
When I was the President of
@TIME,
@decryptmedia published a piece titled, TIME President on NFT Haters: ‘I Don’t Understand the Politicizing of a Technology’
decrypt.co/111168/time-presi…
This is something I stand by today.
We all know that any technology can be used for both good and bad. Thus, in an ideal world, crypto should NOT be a wedge issue for this year’s US election. What is really needed is not division but rather a clear regulatory framework that is NOT politicized.