World’s largest democracy has entered the next phase of its Lok Sabha (House of Commons) elections today. Soon enough, a population of 1.4 billion would decide the fate of the regime in the country.
And India is not alone. Turns out, a lot of countries including our obese, gun-loving, woke brothers, will also decide if they want to be governed by a goon or a pedo oldie.
Anyway, this isn’t about that. Today, I plan to talk about the narrative brewing in my brain for a while now.
Is crypto a strong enough cause to piggyback on, to sway elections?
Lets dive in.
The New Era?
Well, let’s start with the thought process of some of the greatest thinkers in the modern history. Balaji believes that we have officially entered the political era where stance on crypto becomes a key driver.
From Obama’s Facebook fame to the Twitter tornado that birthed Trump, Brexit, and Bolsonaro, it’s clear that the Twittersphere reigns supreme in the kingdom of chaos.
As the powers-that-be finally woke up post-2016, a frantic frenzy of censorship and control ensued, a desperate attempt to silence the digital voices. Elon Musk’s digital rescue in 2022 was a temporary relief, but the looming threat of decentralized media looms large, a sword hanging over the heads of people like us.
Fast forward to the brink of 2023, where the sorrowful state of US financial woes casts a shadow over the political circus.
Bubble about to burst?
Enter Bitcoin, once the laughingstock, now the darling of the digital denizens, set to steal the spotlight in 2024.
In this theater of techno-tribalism, one thing is crystal clear: in the land of the clueless, the half-wit reigns supreme, and the audience IQ levels are in dire need of a digital defibrillator.
Can he TRUMP the Ruling Party?
Back in 2022, our beloved meme material, Mr. Trump, launched his NFT collection to raise funds for elections.
The first edition of Trump Digital Trading Card NFTs experienced a massive slump in sales activity, with trading volumes plunging by 99% during the last 30 days on the OpenSea marketplace.
Overall, including trading on other marketplaces, trading volume for Trump’s first batch of NFTs is down by more than 80%.
But the man is just not ready to give up. Have a look at this video:
Regulations and Crypto: Battle of the Decade
As the crypto wild west continues to expand, it’s facing a showdown with the regulations. Governments are scrambling to lasso this digital beast, but the crypto cowboys are fighting back.
Advocacy groups are riding into town, armed with facts and figures, to educate policymakers and ensure that the regulations don’t strangle the industry at birth.
The biggest challenge is the regulatory fog looming over the crypto scenes.
Without clear guidelines, businesses are stuck in limbo, unsure of what’s legal and what’s not. It’s like trying to navigate a minefield blindfolded. Crypto advocates are demanding clarity, so the industry can gallop forward without fear of getting trampled by the authorities.
Taxation is another thorny issue. Crypto enthusiasts are tired of being treated like outlaws, with the taxman breathing down their necks.
Advocates are pushing for fair taxation, without suffocating the industry with red tape. They’re also lobbying for tax breaks and incentives to spur innovation and investment.
Swing States on Crypto Rails?
In the electoral arena, crypto’s becoming a hot ticket item in swing states. These are the states where the election outcome is as unpredictable as a crypto market swing.
Candidates who cozy up to crypto might just win over the hearts (and votes) of crypto enthusiasts. The crypto industry’s promise of jobs and investment is like a golden carrot dangling in front of swing state voters.
Candidates who champion crypto-friendly policies might just position themselves as the heroes of economic development.
But, there’s a catch – some voters are spooked by crypto’s volatility and risks. Candidates need to tame these fears, showcasing how they’ll keep the crypto wild west from getting too wild.
The crypto influence in swing states will depend on the size of the crypto crew, the perceived benefits and risks, and the candidates’ ability to spin a compelling yarn about crypto’s role in the economy. It’s a high-stakes game where the winner takes all – or at least, the crypto vote.
Would you vote for a party that is for crypto and not against it? Let us know in the comments below.
