Bitcoin (BTC) May Be The Unlikely Winner In US Midterm Elections

Americans went to the polls on Tuesday and Blockchain technology and cryptocurrency were the last things on their minds.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$5,622.29
-2.01%

However, governor races in California and Colorado, who are hardcore distributed ledger evangelists, saw landmark victories.

The progressive Democratic candidate in Colorado, Jared Polis won at the polls. He defeated the Republican candidate, Walker Stapleton by more than six points. Polis replaced John Hickenlooper, who could no longer seek reelection due to a term limit.

A step in the right direction

Polis is the first openly gay elected governor, and he has promoted the Blockchain technology as an important part of the economic and voting future of the state. He stated that he wanted to create a hub for all things crypto in Colorado according to his campaign policy paper.

He wrote,

“My goal is to establish Colorado as a national hub for Blockchain innovation in business and government. I believe strong leadership will put Colorado at the forefront of innovation in this sector—encouraging companies to flock to the state and establishing government applications that save taxpayers money and create value for Colorado residents,”

The director of communications at Coin Center, Neeraj Agrawal said the Polis’ emergence is a step in the right direction for the cryptocurrency industry. The director of the Blockchain advisory research firm said,

We are happy to see Mr Polis’ electoral success and are excited to continue our work with him and the Colorado Blockchain Council to promote sound cryptocurrency policy in the state.”

The situation in California

Fellow crypto enthusiast in California, Gavin Newsom also won the gubernatorial race. He toppled the Republican candidate John Cox at the polls.

Newsom joined the crypto train four years ago when he started accepting bitcoin donations. The progressive candidate tweeted in May 2014 that people willing to donate virtual currencies can do so. During this time, bitcoin was worth $500.

The history of elections and blockchain

Elections and blockchain have a history. The anonymous, distributed ledger technology has always garnered the attention of the lawmakers who have struggled with election meddling scandals. Alex Tapscott, co-founder of the Blockchain Research Institute, wrote an Op-ed article for the New York Times said it was time to put faith in code. This is because he believes that it would reduce human error as well as external influencing. He referred to the problems faced with the current system of voting.

Tapscott wrote,

In a blockchain-based system, public trust in the voting process is achieved not by faith in one single institution, but through cryptography, code, and collaboration among citizens, government agencies and other stakeholders,”

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