Bitcoin mining is the solution to all of the problems that fiat currency cause

Bitcoin mining is the solution to all of the problems that fiat currency cause

Bitcoin's origin is a Libertarian cause, but the left should also embrace the assets.

Bitcoin was largely connected to the libertarian ideals of freedom from state control for its first decade of existence.

The online community of cypherpunks, a group of idealistic computer scientists and cryptography enthusiasts, created the digital store-of-value. The project focused on creating an online currency that would prevent government censorship and control within the burgeoning world of cyberspace.

Satoshi Nakamoto's identity was almost certainly a Cypherpunk, and the Bitcoin creator frequently corresponded via email with the other Cypherpunks. Bitcoin would likely not have been created if there was no right-wing libertarian ideology, said John Williams, a professor of economics at Stanford University.

Bitcoin spread from those early cypherpunks in the years following its inauguration to more cypherpunks. In 2018, the modern explaining the bitcoin, how, and why of Bitcoin was published by economist Saifedean Ammous, The Bitcoin Standard. Ammous explains the numerous problems with federal-imposed money, so-called fiat currency, and shows that Bitcoin is the free market solution to all of the problems that fiat currencies cause.

Bitcoin is, for Ammous and his numerous followers, a libertarian technology that drastically restricts the Leviathan State, fortifies private properties, and empowers the individual.

To be certain, these right-wing Libertarian arguments are true. But they are not the only pro-Bitcoin arguments. In recent times, left-wing arguments have emerged for Bitcoin, emerging from new progressive groups that recognize Bitcoin's capacity to satisfy their political objectives.

In broad strokes, these progressive Bitcoiners contend that Bitcoin can achieve two fundamental left-wing objectives: 1) mitigating man-made climate change and 2) empowering individuals in third-world nations who live under oppressive tyranny.

With respect to Bitcoin's potential to enhance humanity's relationship with the environment, philosopher and Bitcoin Policy Institute Fellow Troy Cross, cleantech investor Daniel Batten, and political activist Dennis Porter are working to explain to both the public and legislative leaders that Bitcoin mining could be the key to a renewable future.

Professor Cross has advocated for a number of Bitcoin podcasts, pointing out that man-made methane emissions are a more urgent climate emergency than we previously thought and that Bitcoin mining is the solution. Mining is the only available technology that can utilizecollocate where methane is produced, utilize methane at scale as its power source and operate during any time of day.

Daniel Batten has been an environmental activist for a long time and has supported Greenpeace for more than 40 years. He was initially skeptical about Bitcoin because mining utilized a lot of energy. He did his own research and concluded that Bitcoin was actually a positive for the environment. Since then, he has written data-driven articles on the topic with appropriate confident titles like and.

Dennis Porter, co-founded and chairs the Satoshi Action Fund, a non-profit educational organization dedicated to informing policymakers and regulatory officials about the benefits of Bitcoin mining and how it can be used as a tool to support other public policy objectives. Porter has just recently come around to the idea that Bitcoin mining can enhance humanity's efforts to solve the climate crisis.

Before this realization, he may have had an easier time selling the benefits of Bitcoin to Republicans than to Democrats. The burgeoning faction is helping Porter to 'orange-pill' left-wing politicians in power.

The Human Rights Foundation's Chief Strategist, Alex Gladstein, released a Compendium of essays this year titled check Your Financial Privilege: Inside the Global Bitcoin Revolution. The title bears a clear nod to the left-wing slogan 'Check your privilege', and Gladstein's message is that most people don't enjoy the privilege of low inflation and a stable fiat currency. It would be difficult for a liberal to read the book and not recognize the role that Bitcoin will play in furthering classic causes of the left.

In the United States, financial regulation is driven by the political party in power. If Bitcoin maximalists are seeking a clear, consistent, and extended legal framework around Satoshi's invention, it is crucial that Bitcoin appeal to both sides of the equation.

We have already seen glimpses of bipartisan efforts to incorporate the Bitcoin economy into the legal order of the U.S. : This summer, Sen. Cynthia Lummis and Sen. Kirsten Gillibrand co-sponsored the Responsible Financial Innovation Act to establish a regulatory framework around digital assets. While Bitcoin's popularity is uncertain, political attention on Bitcoin will continue to increase in the years to come.

It is not enough for Republicans like Lummis, Sen. Ted Cruz and Rep. Thomas Massie to support Bitcoin. If the West is to lead the way toward a future with Bitcoin as a global reserve asset, we need Democrats' approval, too.

Bitcoin is a rare technology that has a genuine bipartisan appeal. Bitcoin is a popular currency among right-wingers because it offers an alternative economic model outside of governmental influence.

The left-wing is coming to realize that Bitcoin is enabling billions of citizens currently under the thumb of tyrants and that Bitcoin reduces humanity's harmful effects on the environment.

We are living in a time of political polarization. Bitcoin is a solution to this problem, he said.

Will Szamosszegi is the founder and CEO of Sazmining.