BitMEX Co-Founder Predicts Crypto Voters to Decide US Election
Former chief of crypto exchange Bitmex doubts Trump’s sincerity, though he considers crypto voters vital in deciding the November 5 election.
The crypto exchange Bitmex co-founder Arthur Hayes is skeptical of Trump’s sincerity. Nonetheless, the Bitcoin advocate holds that crypto legislation before the election is critical and warns investors against placing faith in Trump’s presidency.
The Bitmex former founder reveals that it is mathematically viable for crypto voters to influence the fate of the US elections. The Bitcoin billionaire is skeptical that the presumptive Republican candidate will honor crypto promises.
Hayes’ update on Thursday acknowledges using the 2020 election figures to ascertain the potential victory margin in the upcoming elections. The outspoken Bitcoin billionaire observes thin margins enough for the crypto voters to influence the outcome in the House, Senate, and the Presidential races.
Crypto Holders Key to November Election
Hayes indicates that if all republican crypto holders within the select few states ditched their party lines, they could deliver 115 electoral college votes to the Democratic nominee. Such an occasion would guarantee the incumbent’s reelection.
Hayes’ forecast features several assumptions, one primary being all 50 crypto owners are duly registered to vote and are single-issue crypto voters in the upcoming election. Additionally, he assumes that this year will witness the 2020 turnout. Lastly, he considers the crypto holders split 50/50 between Republicans and Democrats.
Hayes’ assumptions align with previous findings that the assumptions are not radical. In particular, Grayscale’s data in April illustrated that nearly half of the voters distrust the political candidates that would interfere with the crypto. Additionally, 30% will likely support the candidate with crypto-friendly policies.
A subsequent survey by Grayscale in May indicated that crypto ownership among the US largest party members was nearly equal. The democrat ownership is 19% compared to the Republican at 18%. Further, individuals (30%) who consider either side as crypto-favorable are equal.
Enact Crypto Legislation Before Election
The advent of the surveys has seen the Grand Old Party (GOP), led by their presumptive candidate, pull out the stops in positioning themselves as a pro-crypto party.
Trump’s endorsement of digital assets coincides with the unified push by House and Senate Republicans, which has been evident since May in multiple pro-crypto legislations.
In a June address, Trump revealed plans to mine the remaining Bitcoin within the US. As such, the Republican Party has the right to freely mining and transact crypto, a critical constituent of its 2024 election platform.
While the Grayscale election polls match the crypto oddsmakers that position Trump as likely to win the Presidency, Hayes faults the crypto holders for wrongly assuming he will bring peace to the US digital assets industry.
Hayes acknowledges that while Biden’s fitness for the presidency is attracting growing concern, the crypto community should not erroneously believe Trump’s sincerity. The executive warns that money donations are insufficient since Operation Chokehold Crypto will disappear.
Hayes considers recent efforts poppycock and believes that the present declarations regarding crypto could become distant memories when Trump recoups office.
Instead, Hayes considers the essential pro-crypto work to constitute the priority before the November election. Its priority is timely since both parties are desperately pushing to secure votes from the Bitcoin holders.
Hayes notes that both parties could deliver a short bill to safeguard all money forms. The scope of such a bill should feature cryptocurrencies as protected speech.
Hayes writes that getting the short bill live would present the opportunity to pressure the parties into supporting its enactment. The analogy of the carrot-stick principle perfectly suits this scenario.
Hayes illustrates that those supporting the bill will secure the crypto voters in their district voting for them. Failure to support the bill will cause such candidates to lose their votes to the opponents.
The hunt for votes is evident in a recent crypto roundtable by Congressman Ro Khanna (D-CA) in Washington this past Wednesday, which yielded mixed results.
