Transcript
Will Crypto Crash the Blue Wave?
Paul Krugman here with a video update for September 22nd. I want to talk about something that was a very big deal in the way we talked about the 2024 election, which was the role of the cryptocurrency industry.
Paul Krugman | Substack
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Sep 22, 2026 at 9:46 AM UTC · Updated hace 14 horas · 7 min de lectura
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Willcryptocrashthebluewave?Probablynotaquestionyou’vebeen asking,butyoushould.
PaulKrugmanherewithavideoupdatefor September22nd.Iwanttotalkaboutsomethingthatwasaverybigdealin thewaywetalkedaboutthe2024election, whichwastheroleofthe cryptocurrencyindustry.
We’retalkingaboutitalotlessthistime, IthinklargelybecauseAIhasstolen thelimelight.Butcryptoisstilloutthere.Andwhileithasnotsucceededin creatingaviablebusinessinthenormalsense,ithasbeen extraordinarilysuccessfulatbuyingpoliticalinfluence.Andthey’resettodoit again.
Now,thebackgroundhereis,asIrecordthis,themidtermelectionslook, baseduponpolling,baseduponjustimpressions,lookslikeabigbluewave.ElliotMorrisgivestheDemocratsa97%chanceoftaking theHouseandtwo-to-oneoddsoftakingtheSenate.
Butthere’sstillafewweekstogoanditlookslikethere’sabigwaveofright-wingmoneythat’sgoingtocomecrashingin.Wedon’tknowhoweffective thatwillbe.Theroleofmoneyinpolitics,particularlyoflast-minute advertisingblitzes,issomewhatunclear.
Butitiscomingandcryptoisgoingtobeaprettybigpartofit.Basedon OpenSecrets,whichtrackscampaignfinancing,itappearsthatthecrypto industry,whichspentbigin2024,isgoingtospendevenbiggerin2026, whichisunusualbecausemidtermsareusuallylowerstakesthanpresidential years: Theydon’tusuallyinvolveasmuchspending.
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