The Impact of the Bitcoin / Crypto Voter
Are You Paying Attention Yet?
Many people I know seem quite surprised that Trump won the election. I’m not.
Not even a little bit.
Once I saw the statistics featured in the header image above, which I was first exposed to while reporting from battleground states such as Arizona, Nevada and Pennsylvania, I knew that the odds of victory were not only in Trump’s favor, but in favor of any candidate running on a pro-Bitcoin / pro-crypto platform.
To unpack the stats above for you, “vote differential” refers to the difference in votes between Biden and Trump in the 2020 election. In almost every battleground state, the number of crypto owners was at least 10x the vote differential. This means that if only about 10% of those who hold crypto were single issue voters, there was a decent probability of not only Trump winning in each battleground state, but all other pro-crypto candidates (on both sides of the aisle) winning, as well. And that’s exactly what happened.
Also, a large part of the reason things played out the way they did was due to the work of organizations like Stand with Crypto and the Fairshake PAC — which raised over $245 million for pro-crypto candidates this election cycle. Thanks to these organizations, the US now has more pro-crypto elected officials than ever.
It’s hard to say how deeply satisfying this rebuke to the Biden-Harris administration is. After four years of watching the government unconstitutionally attack the industry in which I work, it’s invigorating to see people speak up at the voting booth like this.
I’d like to give an extra special shout out to Senator Elizabeth Warren for the work she did in galvanizing the Bitcoin/crypto voter to head out to the polls to vote against her anti-crypto crusade.
I very much agree with Caitlin Long in that Warren cost the Democrats the presidency. And I’d add that she likely cost them the Senate, as well.
Like many in the Bitcoin/crypto industry, I feel a deep sense of relief.
This feeling of relief amongst those in the industry was palpable as I spoke with certain key industry figures (e.g., Caitlin Long, Paul Grewal) while co-hosting Bitcoin Magazine’s Election Day Live livestream. (Thank you to the 350,000+ people who tuned in across various platforms!)
These industry leaders seemed far more optimistic now that they have much better odds of running their perfectly legal businesses in peace — without the government trying to crush them or rent seek from them, much like the way SEC Chair Gary Gensler has.
(With that said, we still have a lot of work to do to make sure we can continue to use Bitcoin privately and as anonymously as possible. I wrote about this for Bitcoin Magazine this week.)
Finally, as a message to Democrats, if you want any chance of winning future elections, I’d highly recommend you start embracing bitcoin — the people’s money.
You need only look to the Democrats who have embraced it, the ones who either won or kept their seats in the House and Senate this election cycle, to learn that fighting Bitcoin will continue to be a losing battle.
The likes of Warren and Gensler, and by default Biden and Harris, made it crystal clear that there is no upside in being anti-Bitcoin or anti-crypto as a politician at this point.
(Do I have any faith that the DNC will be able to reflect and make changes regarding crypto and other issues that are important to everyday Americans accordingly? I don’t. The Dems are led by elites, academics and others who have completely lost touch with the struggles of everyday people — like Bernie said.)
The United States’ Strategic Bitcoin Reserve
Senator Cynthia Lummis has proposed a bill that would have the United States establish a Strategic Bitcoin Reserve.
I think this is a good idea, and I shared why in a piece I wrote this week for Bitcoin Magazine.
Bitcoin Taps $80k
Congrats to everyone that’s held and acquired bitcoin through the bear market!
We tapped $80k this morning, and it looks like we’re heading higher, as we’ve broken out of the range we’ve been stuck in for months.
If you’re interested in my bringing back the paid edition of the newsletter to let you know how I’m investing in bitcoin, bitcoin companies and precious metals, please leave a comment.
Thanks everyone for reading and to all those who tuned into the livestream on Tuesday night!
I very much appreciated all of you who’ve reached out with words of encouragement.
Big love and take it ease.
Best,
Frank
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