After making their presence felt in the US Elections 2024, cryptocurrencies have become a focal point in Japan’s political campaigns, showing their growing impact on the global political landscape. The US media has been reporting both Donald Trump and Kamala Harris trying to woo the crypto community during their presidential campaigns this year.
As the United States is just two weeks away from the big voting day, crypto enthusiasts have taken a central role. Over 26 million crypto users are all set to make their decision count in the US Elections 2024. More interestingly, the tables are also turning in favour of crypto enthusiasts on the other side of the hemisphere where political leaders are making cryptocurrencies a strategic part of their political campaigns.
Cryptos, Once a Niche Concept, Have a Global Impact Now
The world politics is quickly becoming familiar with the cryptocurrency phenomenon. Whether it is the United States or Latin America, Africa or East Asia, cryptos are making the headlines in all these regions quite consistently. Already enthusing millions with its potential to replace the existing global financial system with a scope of a more inclusive and better-serving financial model, cryptos have become a reality nobody can afford to turn a blind eye to. Talk about instant or even almost instant cross-border transactions and fiscal settlements; cryptos are way ahead of the traditional financial system. And that’s not all!
This global oomph has turned cryptos into a big factor at so many levels. Cryptos’ political weightage has increased manifolds in the last couple of years, with millions of gen-z voters getting ready to have their say in the political campaigns all across the globe.
Due to this factor, the United States is now at the crossroads of a major political shift, and making sense to the crypto community has become more important than ever in their political campaigns. Realising the paradigm shift, global leaders can be seen voicing their support for cryptocurrencies quite frequently. Political campaign managers are now involved in creating a buzz around cryptocurrencies and how they can be alternatives to the decades-old financial system that has failed to serve the world equally.
26M American Crypto Enthusiasts Ready to Play Their Part in the US Elections 2024
The United States is at the centre of this paradigm shift. According to a report by The BIT Journal, over 26 million crypto enthusiasts are all set to cast their vote in the US Elections in 2024. Traditionally, the state of Florida, with over 22 million population, has a key role to play in the outcome of the US presidential elections. Florida is the third biggest US state in terms of population size. Imagine these 26 million voters electing a pro-crypto-American president. It all looks highly likely that the next US president will be the one who would be able to woo the US crypto enthusiasts.
Whether it’s Donald Trump and Kamala Harris, none of them can claim the White House without the support of the crypto community, and that’s the biggest reality of the American elections in 2024. This is why both of them are consistently seen mentioning cryptocurrencies in their political campaigns during the US Elections 2024.
Japan Enters the Crypto Political Foray
The US presidential candidates are not the only ones busy wooing the crypto community in their political campaigns. Japanese political leaders have also joined the crypto bandwagon in a bid to win support among crypto lovers in the East Asian country. Yuichiro Tamaki, head of the Democratic Party for the People (DPP) has come out in support of the crypto industry, stressing on the need of creating pro-crypto government policies. The trend has further fortified cryptocurrencies’ relevance in the global political stage.
There is no question about the rise of cryptocurrencies in the last few years. Bitcoin has led the procession which made cryptocurrencies relevant in the world that’s changing at a fast pace. Leading financial institutions are busy investing in digital assets whereas countries like El Salvador are busy piling Bitcoin stash to help revive their economy.
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The global mainstream adoption has forced political minds to wake up from their slumber about the importance of cryptocurrencies and digital assets. Digital economy is now one of the main talking points in political discussions and political campaigns across the globe.
The United States is still finding it tough to embrace cryptocurrencies at the government level despite suggestions by many experts to use Bitcoin as a store of value for government reserves. However, Japan doesn’t seem to have this problem. Japan was one of the first few countries to embrace digital assets and regulate cryptocurrencies.
Yuichiro Tamaki’s proposal to slash crypto tax gains to 20% is another clear sign of cryptocurrencies taking centre stage in political manifestos and political campaigns. It also shows how governments are now looking at cryptocurrencies as a way to revive or revitalise their economy. The suggestion by the head of DPP has come after calls for tax rate deduction by the Japanese crypto community. If Tokyo lowers the crypto gains tax, it will make an attractive hub for cryptocurrencies.
Why Cryptos Matter Now in Political Campaigns
The world is subtly moving towards decentralisation, something that has been the biggest selling point of cryptocurrencies. This particular aspect has helped cryptos to resonate with people who are done with centralisation by regulators, governments, and watchdogs. With financial independence in their minds, people heavily favour crypto projects to use their hard-earned money to establish a prosperous future for them and their dear ones.
The crypto sensation has found staunch supporters in the younger generation, which is the biggest reason why political leaders are forced to talk positively or even negatively about cryptos in their political campaigns. Political candidates now use the mention of cryptos in their speeches and political campaigns to connect directly with the younger generation. A political leader with a clear crypto plan is more likely to win the hearts and minds of this new generation, which is why Donald Trump was seen mentioning Bitcoin many times during his political campaigns and rallies. He even went on to purchase a burger using crypto coins, a political stunt that boded well for his political campaign.
The Road Ahead
There is no question about the relevancy of cryptocurrencies in today’s world. After the youth get involved, it’s now time for the older generations to join forces to build a new world that embraces digital assets, not only as a store of value but also as an innovative phenomenon that makes life easier for everyone, irrespective of their region, religion, gender, age group, etc.
Come November 5, 2024, over 26 million young voters are set to elect their crypto President in the United States of America. Japan is also making key suggestions for engaging with cryptocurrencies and making it easier for everyone to buy, sell, and trade cryptos. Yuichiro Tamaki’s crypto tax suggestion is a clear sign that East Asian countries are embracing digital assets. If Tamaki’s party succeeds, Japan could lead the way in creating a more crypto-friendly environment, encouraging global investment and positioning itself as a leader in blockchain technology.
Other nations are sure to follow suit. From the European Union, where discussions on digital euro projects are gaining steam, to countries in Asia and Africa experimenting with central bank digital currencies (CBDCs), cryptocurrencies are fast becoming a global political issue. Leaders around the world are realising that ignoring the crypto sector in their political campaigns is no longer an option.
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