Cryptocurrencies such as Bitcoin (BTC) seem to be receiving growing support among politicians in the United States, with the nation’s third-largest political party expressing public approval of the flagship digital asset, along with optimism in terms of its strength and future.
Indeed, the Libertarian Party of the United States said that Bitcoin was leading “a decentralized monetary revolution” and that this revolution had the power to shake up the traditional financial systems in a tweet on July 24.
Libertarian optimism about crypto
It is worth noting that the Libertarian Party had earlier expressed support for crypto, referring to Bitcoin as the “greatest tool of human liberty that humanity has ever created,” in a blog post from February 2020 made by its Californian branch.
Picks for you
The author, Marvin Byrd, who worked in cyber security in 2010 when Bitcoin was in its infancy, wrote in the post that what gave the maiden cryptocurrency its profound underlying value was the fact that:
“Bitcoin has no owner, no central authority, and requires no trusted third party. They simply DO NOT EXIST.”
Therefore, in his opinion, no government can shut Bitcoin down, no owner to corrupt or steal from the system, and no entity to trust in order to use the digital asset, making it “the most trusted system that has ever been created.”
The party also accepts donations made in cryptocurrencies through BitPay, which allows users to make payments in Bitcoin and other major cryptocurrencies.
Speaking of donations, California passed in July a new law enabling state and local office political candidates to accept campaign contributions in crypto, after it was approved by the state’s Fair Political Practices Commission.
Republicans also support digital assets
Interestingly, members of the Republican Party have also been vocal supporters of crypto, including Wyoming Republican Senator Cynthia Lummis, who has created a bill that would integrate digital assets into the American financial system and called Bitcoin the “hardest money ever created.”
In May, Republicans in the House of Representatives introduced a new measure that prevents the Labor Department from limiting the investment alternatives accessible to workers in self-directed retirement accounts. Additionally, the law enables Americans to include Bitcoin in their 401(k) plans if they want to.
Republican lawmakers have also used the Canadian Prime Minister’s freezing of bank accounts and crypto assets of the Freedom Convoy 2022’s leaders to stifle the truckers’ protest over Covid-19 restrictions to argue that digital assets were an instrument for civil freedoms since they are not subject to the control of any government entity, as Finbold reported in February.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
