The political landscape in the US is experiencing a remarkable change as more and more Democrats begin to view Bitcoin as a tool for financial inclusion.
In recent years, the Democratic Party’s stance toward Bitcoin and cryptocurrencies has shifted markedly. One prominent advocate of this development is Congressman Ro Khanna, who recently spoke at the Bitcoin Policy Institute’s Bitcoin for America Summit. Khanna emphasized Bitcoin‘s transformative power for people worldwide and urged his fellow party members to view the technology as a means of financial empowerment.
Khanna argues that Bitcoin, much like the internet, should be viewed as a significant technological achievement. His goal is to make Bitcoin a bipartisan issue by convincing Democrats that Bitcoin is a pioneering store of value that connects millions of people worldwide, especially the most disadvantaged.
Although Khanna is one of the few vocal proponents of Bitcoin within the Democratic Party, support for the technology has expanded significantly in recent years. According to Khanna, the number of Democratic politicians supporting Bitcoin has increased from around ten to nearly seventy to eighty. This trend shows a growing understanding of Bitcoin’s benefits, such as remittances and for people without access to US dollars.
The political significance of Bitcoin was also evident in the recent presidential election. Research by Coinbase shows that in swing states in the US, the number of crypto owners was about ten times the vote difference between Biden and Trump in 2020. This suggests that Bitcoin and crypto voters had a significant impact on the election outcome.
Another prominent Democrat, Van Jones, also expressed criticism of the party’s previous stance on Bitcoin. He emphasized that excluding pro-Bitcoin and pro-crypto voters was a mistake. Khanna praised Jones for his clear words and expects more voices within the party to support Bitcoin in the future.
The question remains whether President Trump’s support of Bitcoin could discourage Democrats from supporting the technology. However, Khanna argues that Bitcoin’s evaluation should not be based on party lines, but rather on its technological features. He emphasizes that Bitcoin is a decentralized digital currency that enables peer-to-peer transactions without intermediaries.
At a time when many US citizens are struggling financially, the question arises whether Bitcoin should be a central issue for Democrats. Khanna believes there are more pressing issues, such as Medicaid cuts and the defunding of veterans. Nevertheless, he sees an opportunity for Democrats to rethink their stance on Bitcoin and put themselves on the right side of history.
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