- Crypto voting block might be a key influence in the 2024 US election.
- One in three voters plan to consider crypto issues when choosing their candidate.
- Over 1.4 million people have joined the “Stand with Crypto” movement to support pro-crypto candidates.
- Crypto is shifting from trading to practical uses, with stablecoins driving faster global payments.
Brian Armstrong, CEO of Coinbase, has a clear message about the growing influence of crypto in U.S. politics: The Crypto Voting Block could shape the outcome of the next election.
Over the past five or six years, Armstrong has actively engaged in Washington, D.C., advocating for crypto policy. In his recent speech, he noted that the crypto community is now a huge political force.
Rise of the Crypto Voting Block
Armstrong noted that about five to six ago, many in Washington didn’t even understand what crypto was “About five or six years ago, we realized that crypto was getting big enough that we needed to go engage actively in a policy effort,” one person asked me, isn’t this all just some kind of video game?” However, things have changed. Now, “everybody knows what crypto is,” he added
Furthermore, his efforts and regular trips to D.C. have paid off. Politicians are now discussing how to create clear crypto legislation in the U.S. Congress. Armstrong pointed out, “The lack of clarity in the U.S. has hurt America. A lot of this stuff has gone offshore; consumers have been harmed.” So, the urgency to pass pro-crypto legislation is now widely recognized.
Crypto Voting Block: Impact on the 2024 Election
The Crypto Voting Block is becoming a popular term in the upcoming elections. Armstrong shared a fact: “One in three voters have said that they’re going to consider crypto in terms of who they vote for.” So, this demonstrates how crypto issues could be a determining factor for millions of voters.
Armstrong highlighted the “Stand with Crypto” campaign, which has already mobilized 1.4 million people who have pledged to support pro-crypto candidates. “They want to elect candidates who represent their values, who want this technology to be built here in America.” He also noted how crypto users feel alienated. “People felt like they’ve been treated like criminals in many cases… that’s just not acceptable in a free country like America.”
Growing Political Momentum
Armstrong noted that the “Stand with Crypto” movement has convinced over 100 candidates to engage with crypto issues by filling out questionnaires. “They’ve created scorecards that reflect their public statements, their voting record,” Armstrong explained.
Armstrong noted that although the presidential race grabs attention, crypto’s impact stretches far beyond it. “People are looking not just at the presidential race… they’re also looking at the Senate and the House.”
A Shift Toward Utility and Payments
Armstrong stated that crypto is no longer just about trading. “Crypto started as really focused on trading, and it’s now made a big shift toward utility, specifically payments.” So, he emphasized that stablecoins are playing a huge role in this transition. “Last year, there was about $10 trillion in stablecoin volume, and that’s poised to grow about 2 to 3x year-over-year.”
Thus, this shift from trading assets to more practical uses, such as payments, could lead to faster, cheaper, and more global transactions. Armstrong also pointed out that “87% of Americans are unhappy with the current financial system… they think it’s too slow, it’s too expensive.”
Conclusion: Crypto Voting Block a Critical Moment Election
As the election approaches, Armstrong is clear about the stakes. For him, two things are critical: “Let’s get legislation passed… and let’s go elect pro-crypto candidates.” The Crypto Voting Block is a force that could shape not only the future of crypto but also the direction of U.S. politics.
Moreover, Armstrong’s call to action is simple: voters who care about crypto must get involved. “We need this industry to be built here so that America can continue to be a technology leader.” With growing support from voters and candidates, the Crypto Voting Block could play a decisive role in the 2024 election.
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
