Bitcoin’s Rise in US Politics
The Bitcoin 2024 conference in Nashville saw a historic moment with former President Donald Trump delivering a keynote speech. He wasn’t the only politician present; 10 senators and another presidential candidate, Robert F. Kennedy Jr., also attended the event.
Republican Support for Bitcoin
Trump outlined the Republican Party’s commitment to Bitcoin, stating that he would replace SEC chair Gary Gensler with someone who supports innovation. He also pledged to make the US a “bitcoin mining powerhouse,” urging supporters to hold onto their Bitcoin. Trump further committed to keeping all Bitcoin acquired by the US government and to freeing Ross Ulbricht. He also confirmed that there would be no Central Bank Digital Currency under his presidency.
A Bipartisan Shift?
While the Republican party has embraced a pro-Bitcoin stance, the Biden administration has also shown interest. A roundtable discussion organized by Congressman Ro Khanna in Washington saw key administration officials and prominent figures like Mark Cuban and Mike Brock engaging in constructive discussions about Bitcoin.
The Influence of the Satoshi Action Fund
The language used in the Republican platform suggests the influence of the Satoshi Action Fund, which has been instrumental in educating lawmakers and pushing for Bitcoin-friendly legislation at the state level. Four states have already enacted such laws, and the organization has been successful in getting over 20 states to consider similar policies.
Bitcoin’s Growing Appeal
The growing interest in Bitcoin from both parties suggests that it is not a partisan issue. The United States is seeing increasing federal policies supporting cryptocurrency, driven by grassroots advocacy and state-level successes.
A Global Impact
The influence of organizations like the Satoshi Action Fund, advocating for pro-Bitcoin legislation, demonstrates the global momentum behind Bitcoin. As the US continues to shape its Bitcoin policies, other countries are likely to follow. As Dennis Porter from the Satoshi Action Fund states, “When the US acts, the rest of the world follows.”
Bitcoin is clearly making its mark on the global stage, with its influence extending beyond just the financial realm and into the political sphere.
