As the US election campaign continues to heat up, one of the controversial subjects being used as a campaign fad by one of the notable candidates is Bitcoin. It, therefore, makes one wonder if Bitcoin might end up being a critical factor for voters in deciding the candidate that they will vote for in the next US election.
With FRK Jr. running for the presidency, his campaign has been centered on using the concept of Bitcoin as an attractor to entice voters to his campaign platform. With the US electorate of around 168.42 million people in the last election, of which the most are anti-Bitcoin, Kennedy Jr. might be using Bitcoin to bring on board a lot of libertarian-leaning voters who may have been looking to have the best of both worlds by using both monetary and monetary policy tools to gain a bigger market share in the democratic process.
Obviously, the Bitcoin community, and fans in general, would also be excited about the possibility of Bitcoin becoming a crucial part of the campaign. Indeed, Kennedy Jr. has urged hinted on several occasions that one of his election promises would be to convert a portion of the US Treasury into “the world’s first Bitcoin-backed currency”.
I wonder what the crypto community in the US will make of that statement. I suppose that there’s a chance that the cryptocurrency community, however small that may be, will be excited about the prospect of the campaign promising to implement Bitcoin in as many of its actions as possible.
However, it is still unknown whether the Bitcoin factor will be a decisive factor in the next US election. There are plausible reasons to doubt it, even though Kennedy Jr. has been actively promoting the use of Bitcoin as a campaign tool for several months now.
Firstly, the crypto landscape is facing a lot of assaults from the SEC and other regulatory bodies in the US, which may make the general public lose interest in Bitcoin for various reasons. This negative sentiment toward Bitcoin is having a profound impact on the entire ecosystem. With the myriad of cases against crypto exchanges and users in the US, it is a wonder why Kennedy Jr. thinks that Bitcoin will be a driving force in his campaign when most crypto enthusiasts are more concerned with the fate of the sector in the US.
It is clear that Kennedy Jr.'s strong stance on Bitcoin as a campaign tool is a direct attack on the Biden proposed crypto tax in the US, which should be welcomed by all. However, It is also a desperate attempt to appeal to the general population to support his campaign, as Bitcoin alone will not be enough to win the elections.
Bitcoin in itself may not be the driving force behind Kennedy Jr.'s campaign. The intention may be the proposed crypto tax and how to get rid of it, all for personal political gain, and not for the good of the community as a whole.
Secondly, one has to bear in mind that in America’s presidential system, the winner is usually the one with the highest vote total. Meaning that Bitcoin might not actually influence voters as much as Kennedy Jr. would like us to think. How many people are willing to vote because of Bitcoin, and not because of any other factors?
Again, how many people will vote because they want to vote against a candidate who is anti-Bitcoin? How many actually hold Bitcoin?
Bitcoin is a global currency, and the US crypto sector is only a tiny portion of that. Thus, it is unlikely that the Bitcoin community can be affected by a candidate that doesn’t actually use the world’s favorite cryptocurrency in their campaigning strategy.
Caution must be taken, though, in that the next US presidential election is a long way away, and the sentiment towards Bitcoin has a habit of shifting dramatically. What might be expected is that should Kennedy Jr. be elected, he might realize that using Bitcoin for all that he promised to do would be a logistical nightmare.
Let us not forget the influence of the Neocons in the history of America elections, and how they have been influencing the US electoral landscape with their political machinations.
Thirdly, the person of the candidate matters a lot. With the Democratic national convention coming up from August 19-22, 2024, which is still very far away, it remains to be seen whether the candidate could connect with the Democrats delegates at large. Will Kennedy Jr, be able to reach out to the voting population in any way?
Who is FRK Jr. in the US political landscape? What is he known for? The answer to the two questions would determine whether the US electorates should welcome the idea of electing a Bitcoin advocate to the White House.
When you look at the trend of previous US presidential elections, you find out that the most successful candidates are not those who have a strong, popular brand or have a good name behind them. The election has never been fair, and Bitcoin cannot change that.
In conclusion, the election of an advocate for Bitcoin is likely to be a very ill-advised strategy, as the public has little time to digest an idea that would change the way they live and think about Bitcoin.
In the US, Bitcoin is still seen as an up-and-coming fad, a fascinating and flashy technology that promises everything and delivers nothing, something that could end very badly for Kennedy Jr., should he be elected.
Of course, there are many reasons to get rid of the crypto tax proposal, and any person campaigning for that cause is likely to be a fantastic public speaker. But this is not a political campaign, so a public campaign for the removal of this tax has not really been made.
On the contrary, what we see is a desperate attempt to impress the public with the idea of going all in to promote Bitcoin, when the actual likelihood is very small. But in the eyes of none Americans, a presidential candidate who put himself forward as a Bitcoin advocate then might be the right candidate to run the US for the next 4 years.
The opinion shared in this article is the author's own and should not be taken as a personal recommendation.
