There is a threat that is beginning to surround Bitcoin. A threat that shouldn’t exist, but due to how politics work in today’s world; it was inevitable. Bitcoin, a digital currency that doesn’t have a physical form. It has no allegiances or enemies. It cares nothing about the FUD that surrounds it on a daily basis, or how certain countries are considering banning it. Bitcoin does care what you or I think about it. It just continues pumping out blocks around every ten minutes and becomes stronger each day.
However, in the last year, a new battle has emerged for Bitcoin. The largest country in terms of GDP, the US has made Bitcoin a partisan issue. Republicans have come out in favor of Bitcoin and cryptocurrencies, which means that Democrats have come out passionately against it.
It has come down to; you’re either with me or you're against me.
A currency that allows you to take full custody and protect your rights. Something that is censorship resistant, unconfiscatable and helps to protect your freedoms is something that sounds so American that everyone would be all for it. Sadly, that isn’t how politics in the US works any longer. It’s all about the donors, what those donors want, and what politicians feel will help them to get re-elected again.
Bitcoin being a partisan issue isn’t all bad. If the right political party has power, a lot of progress could be made in terms of great regulation for Bitcoin. Making it possible for much more action to be taken than normal. Similar to how parties try to push through all their agendas and bills while they have the majority.
However, there are a lot of negatives that come with Bitcoin being a partisan issue as well.
If the wrong party has power, a lot of action can be taken to not only hamstring the industry, or even permanently damage it. This is what we are currently seeing happen with the Democrats seemingly making crypto enemy number 1. Going so far that several crypto companies are leaving the US.
It doesn’t even get better if the House and Senate are split evenly between Democrats and Republicans. This just means that nothing will ever get passed. We will be in a continued stalemate.
With each election cycle, the party in the majority can change. Resulting in the market progressing rapidly, or all the recent progress being wiped away.
The best possible thing for Bitcoin and its future would be if it became a bi-partisan issue. That is considered just as essential as free speech. After all, Bitcoin is simply code, which is considered legal via free speech in the US. It is the same thing. However, it just is taking a while for both parties in the US to understand this.
How about you? Do you think Bitcoin becoming a partisan issue is a threat?
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