National Election 2024: Who Votes Bitcoin?

“Have you ever used Bitcoin?”

This personal question, along with several political ones, is what we invited all candidates running in the Austrian parliamentary election (Nationalratswahl) to answer in August 2024. Our online questionnaire was accessed over 40 times, but only five candidates actually completed it: one candidate each from KPÖ and Liste Madeleine Petrovic (LMP), and three candidates from NEOS. Here are the results.

Personal views on Bitcoin #

The LMP candidate and two of the three NEOS candidates own Bitcoin or have used it before. None of the respondents consider Bitcoin a “passing fad.”

Only the KPÖ candidate views Bitcoin as “mainly for speculators,” “too risky,” and believes mining harms the climate.

The LMP candidate and all three NEOS candidates agree that Bitcoin will become even more significant in the future, that engaging with Bitcoin promotes financial literacy, and that it will reduce the importance of central banks over time. The two NEOS candidates with Bitcoin experience consider Bitcoin a harder form of money than our euro. All three NEOS candidates believe Bitcoin promotes financial inclusion and see major innovations in the tokenization of real-world assets. One NEOS candidate recognizes positive climate incentives in Bitcoin mining.

Policy, taxes & regulation #

Please note: These questions were also directed at the candidates personally. The answers do not necessarily reflect the official party position.

All five support preserving cash, four favor unlimited and unrestricted use, while one of the three NEOS candidates can envision amount limits for anonymous payments.

The LMP candidate and one NEOS candidate explicitly state that Bitcoin payments should also be permitted without special restrictions. “Saving with Bitcoin should always be tax-free,” say LMP and two of the three NEOS candidates; the third supports tax exemption after a certain holding period. The KPÖ candidate wants to tax euro-denominated gains regardless of holding period.

Central bank digital currency (CBDC) is controversial. The KPÖ candidate views CBDC very positively as “an option to reduce customers’ dependence on private banks.” The LMP candidate views CBDC rather negatively; one NEOS candidate views it very negatively, pointing to the lack of additional benefit for citizens and major risks to individual financial freedom. For another NEOS candidate, it is not sufficiently clear “what concrete advantages the digital euro would bring for Europe’s citizens and businesses, and there are open questions regarding privacy protection.”

Messenger surveillance #

Given current events, we included a question on this topic as well. The KPÖ candidate and one NEOS candidate support a right to confidential and secure communication on the internet. LMP and the other two NEOS candidates can envision exceptions only for particularly serious crimes and under judicial oversight.

The LMP candidate and one NEOS candidate support privacy protection in economic matters as well. The KPÖ candidate and one NEOS candidate say yes in principle, but want a wealth register that discloses the ownership situation of every person.

Why should Bitcoiners vote for your party? #

KPÖ candidate:

Many people today use Bitcoin either to speculate and make money, or because they are — for good reason — skeptical of private banks and value their privacy. As KPÖ, our approach is that people should not have to rely on cryptocurrencies or speculation to make ends meet. That is why we advocate for affordable basic necessities, especially housing, and believe that corporate power must be curtailed. We share the skepticism many people have toward private banks, which is why we also want to limit the power of banks and, for example, skim off the excess profits that are currently accruing. To reduce people’s dependence on the private banking market, introducing the digital euro can also make sense.

Liste Madeleine Petrovic (LMP) candidate:

A social market economy and competition are important components of a vibrant democracy.

NEOS candidate #1:

The absence of central banks is a very important aspect of Bitcoin. It thus represents a free means of payment and store of value that is subject solely to market mechanisms.

NEOS candidate #2:

If anyone recognizes and knows how to harness the potential, it’s NEOS.

NEOS candidate #3:

We at NEOS have a comprehensive understanding of financial questions and want to enable citizens to build up their finances again — regardless of which path they choose!