The Super Election Year: How influential it might be on the DeFI Space?
2024 has officially been dubbed “The Super Election Year” marking the biggest year for democracy as more than 3.7 Billion People around the world have the opportunity to cast their vote. From the Southern Hemisphere in South Africa to the Northern Hemisphere in the United Kingdom, 72 countries will conduct polls to vote for the next leaders within their nations and steer our economy into the right direction. Let us take a closer look at the “Super Election Year” and preview the possible outlook for the DeFI Space moving forward in 2024!
The Super Election Year
This year unfolds as a fresh new beginning after the huge slump experienced within the pandemic era from 2020 to 2023. The year where vaccinations are at an advanced stage but the economic side — effects had just begun as many nations battle inflation and unemployment risk. Much of the Security Checks and Government aid has destabilized the economy for many developing nations and constricting regulations were the only aid.
Many developed countries begin to experience a slump in their GDP and Purchasing Power for the people starts to decrease as rate hikes become the norm throughout the end of 2023. Japan, who are well known for its “Negative Interest Rates”, had to rethink its regulation as the Japanese Yen continued to Weaken against the USD while developing countries such as Argentina and Turkey had to battle raging inflation to stabilize its economy.
In this era of 2020s that has so far been marked by uncertainty and challenges, new leaders will be faced with an unprecedented challenge to steer its nation to the right direction without significant consequences and “The Super Election Year of 2024” might be instrumental in making things happen. As close to half of the World’s Population line up to the nearest polling station to choose the right leaders for their nations, the news highlights from 2024 have mostly been on these future leaders who will also present their plans for the future.
The showdown of the U.S Elections might be the most reviewed news currently with Former President Donald Trump ascending for the 2nd time while Current Vice President Kamala Harries hoping for a promotion come November 2024. The United States has been the home for many DeFI Institutions and possibly the Top Exchanges while the Bitcoin Mining and Crypto community continues to grow despite the absence of Crypto Framework Regulation.
The U.S Election will be the main focus for the Global Economy and The DeFI Space as it could set the path for which direction the nation might be heading. While the edge currently is maintained by the Former President Donald Trump who was present in Bitcoin 2024 conference in Nashville, Texas but Current Vice President Kamala Harris is also still within the contention while receiving backing from the industry. This would be pivotal in measuring the dominance of the United States within the DeFI Space moving forward.
Other countries that are synonymous with the DeFI Space is El Salvador where Bitcoin was adopted as a legal tender in 2021 by then President Nayib Bukele. With more than 3 years on the Bitcoin experiment, more than 6 million El Salvadorean entered the polls as President Nayib Bukele was re — elected for the second time. The current President won by a landslide 84% as the nation’s involvement within the DeFI Space is expected to continue.
The nation currently owns more than 5,851 Bitcoin which may prove to be a favorable return once its back to the All Time High while the impending Bitcoin Mining Farm continues to attract the community to the region. With a growing community within countries like Brazil, Venezuela and Mexico, its impending elections may prove to be crucial in directing the DeFI Space to the American Region from the current powerhouse in Asia and the EU region.
The Asia region on the other hand had plenty of elections to keep a focus on with Thailand, Korea, Indonesia and India just to name a few. India, currently the world’s largest population held its elections from 19 April to 1st June as Incumbent Prime Minister Narendra Modi won with 240 seats to be re — elected for the 2nd time. India, currently the leading country in terms of users within the DeFI Space and home to WazirX, the nation’s largest exchange, could expect growth moving forward.
The Reserve Bank of India’s interest in exploring the creation of CBDC while also seeking to regulate the Cryptocurrency Space should provide a much clearer framework for the users to move forward. Moving along the Asia region and Southeast Asia also presented a budding prospect for the DeFI Space to grow as Thailand and Indonesia also recently held their elections. Thailand dubbed a “Hidden Gem” within the DeFI Space held its Senate Elections from 9th — 26th June and would be instrumental in driving the nations forward.
Thailand currently has one of the largest users of the DeFI Space within the region at 13,02 Million with 75% between the age of 18 to 24 and this presents an exciting opportunity for growth in the future. Driving further South within the region and you will find Indonesia who are the 5th largest country in the world. Indonesia held its general election on 14th February 2024 where President Elect Prabowo Subianto was chosen to lead the nation through 2029.
The DeFI Space within Indonesia has steadily grown over the years due to its large young populations and innovations that are happening within the country. The nation with its “Industry 4.0” initiative could be instrumental for the DeFI Space and Blockchain technology to grow as its Golden Generation arises within the future. Meanwhile the Asia region continues to show its supremacy both in terms of population and adoption of the DeFI Space.
Finally casting our mind back north in the world and you will find plenty of elections within the EU Regions with countries like Germany, Italy and France all going to the polls in 2024. The European Parliament Election and The French Legislative Election are obviously the most highlighted within the long list of countries while most are still impending as we head to the last leg of the year. The EU Regions with its recent MICA Regulations has seen its DeFI Space continued over the years and strengthening it will be key as 2025 rolls by.
The African and Oceania regions also join the long list of elections happening in 2024 with countries such as Nigeria, South Africa, Algeria and Australia just to name a few awaiting new leaders for the next term. With plenty of nations currently or will be casting their votes for the upcoming term, 2024 has so far been a massive year for democracy worldwide and presented an interesting dynamic for the DeFI Space moving forward!
DeFI Space in 2024 and beyond
Approaching the last few months of 2024, the DeFI Space has seen an uptrend in its performance from the 2nd Quarter of 2024. Bitcoin has leveled off on the $60k to $70k range from the bottom it experienced more than a month ago while the Market Cap is back to the $2 Trillion mark this year while there is still a volatile journey up ahead. This should provide good inclination moving forward as more countries are taking part in forging a digitalized world.
The Super Election Year has marked a historical achievement for democracy within the world and a brightful hope for change in the livelihood for many communities. The New Leaders elected also have a chance for steering the economy to the right direction as new policies and interest rates are expected to occur within many countries and this will be instrumental in driving interest back to the DeFI Space as more adoption is possible.
Regulation will be key in ensuring this optimism for the DeFI Space as a Regulatory Framework implemented by the United States will set the precedent for other nations to follow suit. This is why we should expect a much clearer regulatory stance in 2025 that should help encourage great innovations within the DeFI Space while on the other hand ensuring a great security for the community to be involved in.
Ofcourse, with every change in the world there is a transition between the old & the new and that period may occur right now as Elections are going on around the world but we can expect a positive outlook in 2025. With the enormous excitement and innovations around technology, DeFI might not be the “Newest Kid on The Block” anymore but it will have to compete with revolutionary innovations that will channel the attention back to the space. .
We at Nagaya Technologies Pte Ltd. surely believe that a proper regulatory framework could help provide the structure needed for the Crypto Space to operate efficiently. This resonated in our principles which are to provide Legality and Transparency to our holders to promote trust and value. Our vision is this should not only create trust but also value for the stakeholders of our Hybrid Crypto Asset. To learn more about Nagaya Technologies and the world’s first hybrid cryptocurrency, you can read our whitepaper through our website at nagaya.io
Or you can talk to us at t.me/nagayaofficial
