The link between the crypto industry and elections is growing stronger with each election cycle. From massive donations to influencing economic policies, cryptocurrencies are emerging as a key player in the political game. In particular, for the 2024 presidential election, crypto donations are reaching unprecedented heights. The industry has already invested $119 million to support pro-crypto candidates and influence the debate.
A rain of dollars for pro-crypto candidates
Could Trump win the election because of his pro-crypto policies? Time will tell. In the meantime, the 2024 presidential election is becoming the crypto industry’s favorite playground, with donations totaling $119 millionoutperforming all other sectors. This avalanche of greenbacks is mainly intended for candidates showing strong support for cryptocurrenciesa maneuver aimed at circumventing restrictive regulations.
Industry heavyweights Coinbase and Ripple have bet big on this strategy, injecting almost all of their contributions into pro-crypto super PACs.
These numbers are dizzying. To put things into perspective:
- In 2020, only $5 million was spent by the crypto industry;
- This year, crypto companies account for 48% of all corporate donations, out of a total of $248 million;
- Never has an industry weighed so much in a presidential election.
The objective of these donations is clear: tip the balance in favor of candidates who promise a legislative framework favorable to cryptocurrencies.
But this rise in power also raises questions, particularly about the risks that this influence could pose to democracy. As Rick Claypool, research director at Public Citizen :
” The sole purpose of these huge sums is to make the crypto industry impossible to ignore. »
This flood of money could well redefine the rules of the political game for years to come.
A political future shaped by bitcoin?
Beyond the raw numbers, one must ask: could this shower of dollars really change the course of the election? Since The “Citizens United” ruling liberalized political donationsnever has an industry used this new leeway with as much audacity as the crypto industry.
This strategy, both bold and risky, aims to place A pro-crypto candidate for the White Housein stark contrast to the Biden administration, which has been notoriously hostile to the technology. And yet, bitcoin could become an international reserve currency.
However, the domino effect of this strategy could be broader than expected. Other large companies could follow the crypto giants’ lead and inject massive funds into future elections, upsetting the balance of power.
” Overturning Citizens United has never been more urgent ” warns Claypool.
One thing is certain: crypto has made a spectacular entrance into the political arena, and its influence is only growing.
It remains to be seen whether this financial offensive will actually be able to influence American economic policies or whether it will face resistance. The outcome of the 2024 election will be a key indicator of the real impact of cryptocurrencies on American politics.
In early August, some analysts were already claiming that crypto is heavily influencing the US elections. With $119 million invested in the presidential election, this prediction seems more relevant than ever.
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