In this episode we discusses the political landscape of Bitcoin, focusing on Trump’s recent Bitcoin-friendly stance and its implications. We explore the need for a Democratic Bitcoin strategy, the importance of grassroots education, and how Bitcoin aligns with progressive values, emphasizing its potential for global financial inclusion and environmental benefits. In a crucial election year, these issues, and bitcoin education for everyone, including progressives and democrats, is more important than ever.
My guest today is Jason Maier. Jason is a high school math teacher, educator, and author of “A Progressive’s Case for Bitcoin.”
Sorry, there will be no massive Democratic epiphany on cryptocurrency while the Republicans are led by a shitty NFT salesman. Both Trump’s campaign and his legal expenses are funded in no small part through crypto, and let’s face it, he is likely stealing from both so it funds his personal lifestyle, too. I have no doubt he likes crypto because it makes it easier to get money from sources he is not supposed to raise money from.
Assuming we ever move on from Donald Trump and the Republic survives intact, Bitcoin will also have to migrate its PoW algorithm to something less power hungry. I’ve won’t rehash what I posted before. But how many progressives do you really think will look at the massive amount of energy (renewable or not) currently being used in mining and say “Hey, it’s all good, we’re making secure money for decentralized commerce!”
You’re probably right on timeline, Dems aren’t having any epiphany about this in this election cycle.
Trump already seems pretty good at avoiding accountability moving around large amounts of money. Using crypto, from his perspective, is probably a lot more complicated. But he is receiving some big donations both via crypto and from pro-crypto donors. That’s money dems could have accessed if they wanted to, but didn’t.
I think when Dems can cut through the FUD and clickbait headlines and see that moving value globally is not free (in terms of energy or human capital), see that the <1% of global energy use by Bitcoin is actually rather efficient, and that mining can be used to stabilize power grids, bring down electrical rates for consumers, and fund the expansion of renewable energy, they’ll be just fine with it. As the linked podcast argues, Bitcoin very much aligns with many progressive ideals.
That, or they’ll just listen to their donors and chase money like good politicians. As long as crypto PAC money keeps flooding into campaigns, it’ll be available to any politician who wants to take it. Do you know any political party which is immune to PAC money? Because I don’t.
But, only time will tell of course.
My sweet, summer child. Democrats would never have accessed that money, because it’s mostly coming from foreign sources that are not supposed to influence campaigns. But Trump has no such qualms. He is limited not by what the laws say, but by what he can get away with. (Plus, he is banking on winning this next election and not being subject to laws anyway.)
Foreigners have easier ways to influence elections than donating to crypto PACs specifically, some of which are bipartisan. Like, you know, donating directly to a candidate or a PAC which only funds a single candidate.
Crypto PACs are also funded by massive corporations that are directly involved in or invested in crypto: Cash app, Venmo, basically every major tech company, Coinbase, strike payments, Kraken, your favorite hedge fund, etc. Oh, and regular idiots like me. Keep in mind that parts of “big tech” lean dem and gladly fund dem or dem-adjacent initiatives. Though, like everywhere, some also lean right.