In October 2020, finally, Bitcoin has surpassed $13,000. While nobody can predict what’s going to happen in the future, but at least we know that Bitcoin has successfully proved itself as a strong asset during the time of the pandemic. Everybody can see that Bitcoin is a great hedging tool against the hyper-inflated fiat currencies.
Many crypto business people have been trying to stay away from politics. Coinbase CEO Brian Armstrong is a prime example of that where he has shown “neutrality” from social justice issues in the United States, such as Black Lives Matter. But while Brian has attracted plenty of support in the crypto community, it does raise one important question. Is Bitcoin itself a political movement?
BTC Started As A Political Statement Against Central Banks
Well, let’s take a little bit of Bitcoin history. It was started as a direct result of 2008’s global financial crisis by Satoshi Nakamoto. Nakamoto himself did say a lot of things about how central banks and fiat currencies had a lot of history with breach of trust. Many of Bitcoin’s earliest adopters were hardcore libertarians, where they expressed their frustration over the fiat systems over and over again.
While Bitcoin might be and suppose to be “neutral” when it comes to social issues, we can’t deny the fact that its creation was supposed to challenge the status quo that the banks held for so long. And yes, challenging that exact status quo is political as fiat currencies would forever be tied to government policies.
That’s also why in recent years there have been voices to support blockchain technology while criticizing Bitcoin at the same time, usually coming from pro-government voices. Their “blockchain, not bitcoin” political stand comes from the same place. They don’t want any currency that can disrupt the central bank’s dominance.
Libertarians Support For BTC
So, how close Bitcoin truly is for certain political ideologies to triumph? Well, let’s start with the most basic fact. Many libertarians have been supporting Bitcoin because they don’t trust federal governments, especially the central banks. Many of them have been saying the same thing about how central banks manipulate fiat currencies with unlimited power without proper checks and balances. The recent pandemic has also exposed them even more, with the Federal Reserve alone printing trillions of dollars just to save the economy.
Libertarians such as Ron Paul and others have been embracing Bitcoin and even believe that Bitcoin’s presence is a good tool to keep the central banks in check, as more and more millennials are starting to put their money from the banks to the blockchain.
But of course, not everybody in this political group support Bitcoin. Many libertarian rightwing figures have also questioned the validity and value of Bitcoin, which they believe come from absolutely nothing but only internet beliefs.
Liberals Support For BTC
On the other side of the fence, we also have leftwing politicians and figures who publicly support Bitcoin. Andrew Yang, who used to run for the American presidential seat, has been voicing his support for cryptocurrencies. He’s embracing it instead of denying its existence and its usefulness.
We also have Jack Dorsey, the CEO and co-founder of Twitter, who’s been heavily favoring Bitcoin as the true global currency of the internet. Jack is also pushing for Bitcoin adoption and Lightning Network through his Square Crypto startup.
There have been some lesser-known leftists who also believe and support the Bitcoin movement, especially due to their impression of decentralization (which is basically giving power to the people).
At the end of the day, you have different people from different political beliefs who both believe Bitcoin is the next currency of the internet. Of course, not everybody would believe in the same thing, and some libertarians and liberals actually hate Bitcoin. They believe the creation and existence of Bitcoin are actually threatening the fiat currencies of their nations.
But that’s the beauty of BTC. It has both sides embracing and criticizing it. It’s political yet can help different beliefs to have one same common ground.