## Coinbase CEO Sees New Media Dominating Election Landscape, Credits Former Colleague for Early Insight
Brian Armstrong, CEO of the US’s largest cryptocurrency exchange, Coinbase, has declared that new media platforms have taken center stage in shaping election outcomes. Armstrong, known for his outspoken views on technology’s influence, believes that long-form podcasts, social media platforms like X (formerly Twitter), and prediction markets are now the primary drivers of election outcomes, effectively eclipsing traditional media outlets.
This assertion was made in a recent tweet by Armstrong, where he credited Balaji Srinivasan, a prominent Silicon Valley investor and former Coinbase Chief Technology Officer, for being the first to identify this trend nearly a decade ago. Armstrong remarked, “This seems like the first election where new media has fully flipped traditional media. Long form podcasts, X/social, prediction markets, etc. deciding this election. […] @balajis was early but right on this. He was the first one I saw call out this trend. Probably 7-8 years ago at this point.”
Armstrong’s observation comes amidst the growing popularity of prediction markets in this election cycle. Notably, these markets have been predicting a victory for Donald Trump, contrasting sharply with national opinion polls that indicate a tighter race between Trump and Kamala Harris. The mention of ‘long-form podcasts’ likely refers to Trump’s lengthy interview with popular podcaster Joe Rogan, which aired just days before the election.
It’s worth noting that Armstrong has actively supported pro-cryptocurrency candidates in the upcoming Senate elections. He has thrown his weight behind Republican nominees David McCormick and John Deaton in the races for Pennsylvania and Massachusetts respectively. This underscores his belief that cryptocurrency is an issue that transcends partisan divides, with advocates from both sides of the political spectrum championing its cause.
As the election approaches, the impact of new media platforms on election outcomes remains a hot topic. With predictions of Bitcoin reaching $73,000 by the time of the election, it will be interesting to observe how Armstrong’s stance on cryptocurrency and his observations on the evolution of media influence play out in the weeks ahead.
