Bitcoin should be embraced by the left

Bitcoin should be embraced by the left

Bitcoin, founded as a Libertarian cause, should also be embraced by the left.

Bitcoin was closely linked to the libertarian values 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. They wanted to create an internet-native currency to avoid government censorship and control in the burgeoning cyber space.

Although no one knows Satoshi Nakamoto's true identity, the Bitcoin creator was nearly certainly a cypherpunk and frequently corresponded via email with the other cypherpunks. It's not an exaggeration to say Bitcoin would likely not have been created without the efforts of a right-wing libertarian ideology.

In the years following its creation, Bitcoin has branched from the early cypherpunks. In 2018, the modern explaining the what, how, and why of Bitcoin was published by economist Saifedean Ammous, The Bitcoin Standard. Ammous introduces the many problems with government-imposed money, so-called fiat currency, and describes Bitcoin as the free market solution for all of the problems that fiat currencies generate.

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

To be certain, these right-wing Libertarian arguments are demonstrable. But they are not the only pro-Bitcoin arguments. In recent months, left-wing arguments have surfaced for Bitcoin, emerging from new progressive voices that acknowledge Bitcoin's potential to meet their political objectives.

In broad strokes, these progressive Bitcoiners argue that Bitcoin is helping to achieve two key left-wing goals: mitigating man-made climate change and empowering individuals in third-world countries who live under oppressive tyranny.

With respect to Bitcoin's potential to improve 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 lawmakers that Bitcoin mining could be the key to a renewable future.

Professor Cross has presented at several summits and Bitcoin podcasts, pointing out that man-made methane emissions are a more urgent climate emergency than we'd 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 a environmental activist for a long time and has supported Greenpeace for more than 40 years. He was initial skeptical of Bitcoin because mining required a lot of energy. Batten's credit was due to his own research, and he found that Bitcoin was actually a net positive for the environment. Since then, he has written articles on the topic with appropriate confident titles such as 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 come around to the idea that Bitcoin mining can further humanity's attempts to solve the climate crisis.

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

As CEO of the Human Rights Foundation, Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation, published a compendium of essays this year titled check your financial privilege: inside the global Bitcoin revolution. The title reflects 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. A liberal would find it difficult for a liberal to read the book and not recognize the role that Bitcoin will play in furthering classic causes of the left.

Political party is the driving force behind financial regulation in the U.S. If Bitcoin maximum advocates want a clear, consistent, and long-lasting legal framework around Satoshi's invention, it's crucial that Bitcoin appeals to both sides of the aisle.

We have already seen glimpses of bipartisan efforts to incorporate the Bitcoin economy into the U.S. legal order : This summer, Sen. Cynthia Lummis and Sen. Kirsten Gillibrand co-sponsored the Responsible Financial Innovation Act to establish a regulatory framework around digital assets. Although Bitcoin is likely to pass this year, political attention on Bitcoin will grow significantly 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 towards a future with Bitcoin as a global reserve asset, we need Democrats' support, too.

Bitcoin is a rare technology with genuine bipartisan appeal. Bitcoin offers an alternative economic system outside of government influence, making it an ideal platform for right-wingers.

Now, left-wingers are coming to realize that Bitcoin's power is transferred to billions of citizens currently under the thumb of tyrants, and that Bitcoin reduces the environmental impact of humanity's harmful impact on the environment.

We live in a time of political polarization. Bitcoin's arrival solves this, the saying goes.

Will Szamosszegi is the founder and CEO of Sazmining.