I’m not American, but the US general election makes waves in my country. For numerous reasons, the whole world is watching. The United States has grown much power and influence all over the world and their impact on the global economy (and peace) earns it the priority it enjoys on a global scale. It's 2020 all over again.
‘Most keenly contested’, ‘most popular’; can’t wait to put that behind. And ‘congratulations’ to whoever wins. It’s simply another four years of normal events.
It is reasonable to get weary when the political future of a country as economically viable and influential as the United States is hanging on the thread. Impact on stocks? Impact on tariffs? Impact on immigration and citizens’ welfare? These questions fill the air as the election draws close the election and even after election night. Two major candidates propagating contrasting economic views. One could only predict how feasible these views are; in reality, they can go either way…positive or negative.
The uncertainty accounts for the torrid atmosphere, and even the crypto space wasn’t left out…
Rampant polls as the crypto space is torn up in a debate over which candidate would do better for cryptocurrency or at least not worsen the restrictions around it. No surprises. Taking a closer look, the crypto space has arguably championed the election result speculations more than any other sector. Even stock and forex traders panick less. You’d come across an election-related topic at least twice every hour.
Looks normal, but actually, the cryptocurrency community should be the least concerned about mainstream politics in my opinion. Trading cryptocurrencies on platforms similar to custodial digital assets exchange platforms sparked off the long-lasting comparison with stocks, gold, and cryptocurrencies. A comparison which in its real sense a deviation from the normal idea of cryptocurrencies.
For every reason, cryptocurrencies represent a shift away from the normal way of doing things. A move to empower the masses and distribute the power of decision-making to the larger population. Decentralization is the central message of cryptocurrencies or blockchain technology. Regardless, the blockchain is the heart of cryptocurrency and both share the same (similar) views. Blockchain in essence enforces the goals of cryptocurrency.
If we decide to stick to the initial goal and what cryptocurrencies really represents, then comparing a technological revolution with gold and stocks and following the trails of custodian industries is an exercise that will go on for a long time without any tangible yield.
Stocks and other digital assets different from cryptocurrencies are backed by the government and are majorly owned and by the rich minority. They are legally recognized and controlled by the centralized government, an idea cryptocurrency opposes. Cryptocurrencies represent a shift from this normal way of doing things, the main reason why the centralized government will always struggle to embrace it…
Everyone probably fancies the idea of world governments embracing cryptocurrency and blockchain technology and relates the crypto space to mainstream political events. Blockchain and cryptocurrency are objects of revolution, a tool to lead into the new world. Unbanking the banks, taking power from the government, and distributing authority to the general community are the core values of blockchain technology. More of a social goal than an economic goal. Despite the fact that mainstream politics will inevitably have an impact on economic aspect of cryptocurrencies, it should be least concerned about what goes on in the centralized world…especially where it concerns its survival.
A centralized institution will hardly develop and embrace a decentralized technology. The same goes for the government. Regardless of who stays president of the United States, cryptocurrencies will always be a hard pill to swallow for the government. The restrictions will probably not get any better if the crypto space only continues to rely on the government. So, here’s a better response to the poll above…
Cryptocurrency and blockchain technology are relatively emerging concepts. Ideas as young as this are prone to numerous issues. The crypto space is currently plagued by a number of issues, most non-technical. A more productive move will be channeling this energy towards developing blockchain technology and structuring the non-tech aspects of cryptocurrencies to fix these current hinges. While the concerns are understandable, they are not important in the right sense, especially concerning cryptocurrency's future.
