Former Coinbase CTO, Balaji Srinivasan, is predicting that Bitcoin BTC/USD will hold a significant influence in the United States Presidential elections in 2024.
What Happened: Srinivasan, a well-known Bitcoin maximalist on Sunday compared Bitcoin’s potential impact on the election to that of Twitter and Facebook on the previous campaigns.
The prediction follows the belief that the United States is currently on the brink of sovereign default and has an impending fiat crisis on the horizon.
"If 2016 was the first Twitter election, 2024 may be the first Bitcoin election," he said.
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Why It Matters: He highlighted that social media, particularly Facebook, played a crucial role in Barack Obama’s successful campaign in 2012, a trend that he believes Bitcoin may follow.
"But Twitter was what the 2016 election was truly about. Because Twitter led to not just Trump, but Brexit, Bolsonaro, and left and right populists around the world. It allowed non-mainstream voices without any corporate media support to be heard, for good or ill," he tweeted.
Srinivasan also expressed concerns about an impending bubble burst in the US economy before next year’s elections. In such a scenario, he predicts that the prospect of a new Executive Order 6102 could emerge as a primary political issue.
Executive Order 6102 was implemented by President Franklin D. Roosevelt in 1933 to restrict the hoarding of gold coins, gold bullion, and gold certificates within the continental United States. The order enforced U.S. citizens to surrender such assets to the government.
Price Action: At the time of writing, BTC was trading at $27,343.78, up 2.26% in the last 24 hours, according to Benzinga Pro.
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