Political campaigns

Crypto is the hottest thing for political campaigns right now

  • Politicians are increasingly advocating cryptocurrency as interest in the space surges.
  • Miami and New York mayors Andrew Yang and other hopefuls are championing the cause.
  • Crypto is likely to remain a hot topic on political tickets.

Miami Mayor Francis Suarez excitedly unveiled a new symbol in his city during this month’s Bitcoin extravaganza.

A lego-like black mechanical beast with glowing blue eyes and bronze horns, the new bull is meant to signify the rise of crypto – and the city’s status as a hub.

Suarez’s approach is not unique. Politicians are increasingly supporting currencies and digital assets to attract voters. And so far, it’s working.

That could be a natural result of the crypto space booming as more Americans and others around the world dive in, said Dara Tarkowski — a Chicago-based fintech and finance attorney. cryptocurrency – to Insider.

“If you statistically look at the number of people who have started investing in crypto and are very interested in NFTs, it would be almost insane for a politician not to pay attention to it,” Tarkowski said.

Crypto advocacy = favor among the people

Andrew Yang speaks into a microphone in front of an enlarged portrait of his face.

Andrew Yang, former candidate for president and mayor of New York.

Alex Wong/Getty Images

According to a March NBC poll, one in six Americans have invested in, traded in, or used crypto to some extent, a feat that has clearly not gone unnoticed.

Andrew Yang, despite two electoral defeats, intends to make his new political group, known as the front partthe “Crypto Party” in an effort to propel the technology into the mainstream.

New York Mayor Eric Adams said he converted his first three paychecks to bitcoin and ether – a move in stark contrast to the rest of the state, which has been one of the toughest for cryptography due to its harmful environmental impacts.

There may also be a lucrative pipeline between crypto organizations and state and federal offices. As The New York Times reported, the director of legislative affairs for a Florida blockchain association is running for State House to, in part, “improve business workflows with blockchain technology.”

Then there’s the former child star of the “Mighty Ducks” movie franchise who made his fortune in crypto and is running for U.S. Senate from Vermont. Its website calls blockchain technology “a modern vehicle for the American dream.”

Politicians outside the United States work the same way. Perhaps most notably, there’s bitcoin-loving, meme-loving Salvadoran President Nayib Bukele, who has embraced bitcoin as a legal form of bidding for his country in 2021 and wants to raise $1 billion for a bitcoin bond.

He was the most popular president in Latin America at the start of 2022, with an approval rating of 85%.

nayib bukele salvador

Bukele at a bitcoin conference in El Salvador in 2021.


About four in five Americans would be more likely to vote for a candidate if they supported Web3 technology, according to a late 2021 survey by venture capital firm Andreessen Horowitz, which has backed numerous crypto initiatives.

“Whether they do it because they understand it or whether they do it because it’s a fad, it almost doesn’t matter,” Tarkowski said.

Blue and Red Division on Technology

US Senator Ted Cruz gestures while speaking

Senator Ted Cruz.

AP Photo/Alex Brandon

But as crypto is dragged into the messy world of American politics, it has already been seized on by partisan agendas and divided among them. As it has burst onto the scene over the past decade, politicians have found political fodder in the technology.

“One of the reasons I’m bullish on #Bitcoin is that it’s decentralized,” said Republican Senator Ted Cruz. tweeted in February. “The left hates bitcoin because they can’t control it.”

The anti-Big Government nature of cryptocurrency, existing outside of traditional financial frameworks, was a natural fit for Republicans and Libertarians from the start.

“It doesn’t surprise me of course that it’s come across quite clearly that most people on the right, and even on the far right, support him most strongly,” David Golumbia, professor of digital studies at Virginia Commonwealth University and author of “The Politics of Bitcoin: Software as Right-Wing Extremism” – told Insider.

But Democrats appear split on the technology, with some supporting innovation, albeit regulated, and others like Sen. Elizabeth Warren taking a staunchly anti-crypto stance.

The crypto may already be politicized, but Yang told Blockworks in February that “we need to do everything we can to prevent” that from happening.

“If we can avoid that fate, then we can become an industry that continues to create billions of dollars of value and tens of thousands of jobs,” he said.