- The Bitcoin maximalist highlighted the looming sovereign default and fiat crisis as major issues for the upcoming elections.
- Balaji compared Bitcoin’s role in the 2024 elections to Twitter’s role in the 2016 U.S. Presidential Elections.
Former Coinbase CTO Balaji Srinivasan believes that Bitcoin will play a big role in next year’s Presidential elections in the United States. The Bitcoin maximalist likened Bitcoin’s potential influence on the 2024 election to the influence that Facebook and Twitter had in the 2012 and 2016 elections respectively.
Balaji told his Twitter followers earlier today, “If 2016 was the first Twitter election, 2024 may be the first Bitcoin election.” He drew everyone’s attention to 2012 when social media was considered a fad and a bubble. Balaji highlighted that Facebook played a considerable role in Barack Obama becoming the U.S. President that year.
According to Balaji Srinivasan, the United States is currently on the verge of sovereign default and has a fiat crisis looming over its economy. He believes that if the bubble pops before next year’s elections, then a scenario may emerge where a new Executive Order 6102, or equivalent attempt at asset seizure, may become a primary political issue.
Executive Order 6102 was signed by President Franklin D. Roosevelt in 1933 to forbid the hoarding of gold coins, gold bullion, and gold certificates within the continental United States. The order required U.S. citizens to hand over gold coins, gold bullion, and gold certificates to the government.
If such an asset seizure attempt were to be made by the government in the run-up to the 2024 Presidential elections, then the right to hold alternative currencies like Bitcoin may become a primary political issue. Cardano founder Charles Hoskinson took to Twitter last week to reveal that he would become a single-issue voter during the upcoming election cycle. The issue would be crypto regulation.