Crypto Beef Up 2024 US Elections With $190 Million In Donations

bitcoinistPublished on 2024-09-15Last updated on 2024-09-15

Abstract

In the run-up to the 2024 US election, crypto donations have already amassed $190 million. Such a huge amount reflects...

In the run-up to the 2024 US election, crypto donations have already amassed $190 million. Such a huge amount reflects how strongly interdependent the crypto industry has become with the world of politics.

Related Reading: Trump Drops Major Clue On Crypto Project Launch Date

But as the influence of crypto grows ever-wider and more powerful, its impact is not lost on politicians. It’s no surprise, then, that political campaigns are seeking to cash in on this influence. But will the industry thrive under new political leadership, or will there be increased regulation?

Crypto donations have exploded compared to the elections of previous years. Donations in 2020 were minuscule and show how fast the sector has matured. A democrat and republican candidate is now competing to win the favor of the crypto community, and that’s the moment when everybody wants to see, officially, digital assets enter the mainstream.

Consequences For The Sector

How is this wave of political contributions going to change the crypto landscape? Proponents believe this could lead to favorable regulations. In the worst-case scenario, the increase in the political power of digital currencies might be used as an excuse by regulators to tighten existing controls.

Embracing crypto means embracing the probable young tech-savvy voter. For these younger voters, digital assets are more than a financial tool; it is about decentralization and freedom from the usual financial systems. Now, it’s sure that crypto has become a political hot topic, but will it shift into long-term gains for the industry?

Total crypto market cap currently at $2.05 trillion. Chart: TradingView

Role Of The Political Candidates

The list of candidates benefiting from crypto donations is diverse. Many high-profile politicians are tapping into the digital asset space, while others remain skeptical. But those who accept crypto donations are receiving significant attention. Why? It’s not for the money alone. It’s for the symbolism: Candidates accepting crypto are seen as forward-thinking and progressive, qualities that resonate with a large part of the electorate.

Image: TechStory
Related Reading: One More Round: Sam Bankman-Fried Seeks New Trial After FTX Fraud Ruling

One reason behind the $190 million amount is the assumption that cryptocurrencies may change the economy. Some see it as a method to modernize outmoded financial systems, others as a national security danger. Candidates that master crypto will undoubtedly do well in the polls, regardless of their opinion.

Future Of Crypto In Politics

Crypto’s role in future elections will only grow from here. Whither the industry thrives or suffers post 2024 will depend on how these donations get used. If pro-crypto candidates succeed, then the space could see a fairly favorable policy environment; but if the opponents take office, the sector could be in for some very tough times.

Featured image from CNBC, chart from TradingView

Christian Encila

Christian Encila

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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