What role do cryptos play in the context of the US Presidency? Vladimir Okhotnikov on crypto’s impact on the election campaign, regulation and CBDC launch

A recent article highlighted the impact of cryptocurrencies on the upcoming election campaign in the United States. It raises questions about the way it becomes possible. The expert reflects on how digital assets might influence the 2024 presidential race. According to the piece, cryptocurrency adoption could potentially reshape the electoral landscape in unexpected ways. The article reflects the viewpoints of Vladimir Okhotnikov of Floralia company..

 

Demographic profile of cryptocurrency holders 

 

The author mentions Sam Lyman, director of public policy at Riot Platforms, a leading bitcoin mining company who reminded about a substantial number of voters viewing cryptocurrency policies as pivotal issues for candidates.

 

According to recent statistics, one in five Americans holds crypto, that is more than 52 million people. There are 22% of Democrats and 18% Republicans among them. 22% are independents and do not align themselves strictly with either of the two major political parties. This is a significant portion of the electorate and may hold a diverse range of political views that do not neatly fit into either party’s platform

 

60% of these people belong to Generation Z and Millenials, while 41% are minorities. 

Cryptocurrencies’ role in the US politics and their potential impact on elections

Okhotnikov predicts significant changes in the global financial market landscape in the coming years.

 

Okhotnikov commented on the statistics mentioned above:

 

“This demographic profile is characterized by youth, diversity, and political independence. These factors could significantly impact the upcoming elections.”

 

Okhotnikov emphasized that cryptocurrency-supporting voters could sway the outcome of the 2024 election. He also referred to the article of Sam Lyman and concluded that the potential influence of decentralized finance (DeFi) is estimated to encompass approximately 1.9 million votes across four key states.

Support for pro-crypto candidates

 

According to the latest Morning Consult data, 18% of residents in Ohio, New Hampshire, Nevada, and Pennsylvania hold cryptocurrency. The research revealed that 55% of them are more inclined to support candidates who advocate for crypto-friendly policies. These voters perceive the current economic system as unfair, oppose corporate dominance, and advocate for a shift towards a decentralized economy. Okhotnikov believes that votes from residents in these four states could significantly influence the election outcome this fall. He reminds that Trump narrowly trailed Biden by only 80,000 votes in Pennsylvania and Nevada in the previous race. 

 

Mike Novogratz recently shared a report highlighting economic trends. One of them refers to the increasing interest payments on the national debt, which is a threat to the well-being of US citizens in the future. It will be hard to support a high level of life in case the national debt continues to rise significantly. Currently, this is a huge challenge facing the country. All these concerns resonate with cryptocurrency supporters.

With these factors in mind it is easy to conclude that Trump stands a favorable chance of reclaiming the White House. His apparent alignment with cryptocurrency sentiments works in his favor.

 

Trump publicly aligns with Bitcoin’s decentralized values. Okhotnikov warns us that we should not misinterpret this alignment as a softening stance towards cryptos.

 

Challenges and regulatory concerns

 

The growing regulatory scrutiny is always a matter of Okhotnikov’s criticism. He makes fun of the developing regulatory landscape and its attempt to mimic the institutions of the traditional financial sector. For instance, a cryptocurrency rating agency like Bluechip resembles Moody’s or Fitch. 

There is no need for stringent regulation, either. Okhotnikov warns that excessive regulation could stifle innovation in the crypto space. He advocates for proactive measures to preserve the industry’s autonomy.

 

Why CBDCs pose threat for crypto industry

In the expert’s opinion, Central Bank Digital Currencies (CBDCs) will adversely affect the crypto market. Contrary to the common perception of a positive impact through mass adoption, 

CBDCs pose risks for cryptocurrencies. Okhotnikov cautions that they could undermine cryptocurrency accessibility. If everyone owns cryptocurrencies, these assets would necessarily need regulation, leading to stricter restrictions on digital asset transactions.

 

About company
Floralia is an expert center specializing in analytics in blockchain and cryptocurrencies.

Vladimir Okhotnikov is a founder of Floralia, a cryptocurrency author and a prominent crypto expert, known for his advocacy of Web3 integration and libertarian views. If you want to know more of his insights into the evolving landscape of digital finance explore more of his articles and writings here. 

 

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