Bitcoin and Politics: New Research Attempts to Uncover Crypto Community’s Political Ideology


Research Conducted Attempts to Uncover the Political Leaning Within the Crypto Community

Bitcoin has been considered to be inherently neutral, but it is clear that its influence is increasing especially in the U.S political sphere. As a result, this has triggered the various researchers to go ahead and try in identifying the current dominant ideology in the political scene within the crypto community.

What Is The Actual Political Ideology Of The Cryptocurrency Community?

Bitcoin has a democratic and neutral nature making it one of the primary virtues of the asset. As we know, the coin does not belong to any particular political group or even any type of group in general. But there are some observers, like Professor Harold James, who consider this digital asset to be a threat.

He considers it to be a threat not only to the current financial systems but also the political scene. Additionally, other individuals believe that most of the bitcoin enthusiasts actually have a particular political leaning. An excellent example of this is Professor David Golumbia, where in his book he talks about the politics of bitcoin.

He laments that ever since the inception of the coin it has been able to widely promote the digital currency that will be able to revolutionize everything, this is from the nation-state to online commerce. He further states that bitcoin and blockchain supporters have subscribed to some form of cyber libertarianism, that is actually dependent to an astonishing far-right political thought.

This is not all; there was another recent comment from Peter Ryan where he said that some might say that the crypto market is political, others are arguing that is a technology that has been able to take a direct aim at the current monetary policy by the central bank. He further concluded that the 52% of the ever-growing crypto market is actually right wing and 45% in the left side.

Politicians Are Starting To Embrace Bitcoin

Bitcoin is being adopted by a number of politicians in various pedigrees, as many of the candidates want to receive their donations in Bitcoin. Denis Richardson who is the Oregon Secretary of State, in June 2018, made a request that the political campaigns that are done in the state of Oregon to be given the right of receiving donations in Bitcoin and the other coins within the crypto market.

In August 2018 it was proposed by the Fair Political Practices Commission of California that the political donations made in cryptocurrency will need to be considered as cash contributions in order for the compliance of state legislation.

But this was not accepted by all as the states of Kansas, and North Carolina declined this petition that allows for crypto donations.

Donations being made in cryptocurrency is not all that new in the market as the former US President Candidate Senator Rand Paul during his last campaign asked for the contributions to be made in bitcoin. Additionally, Andrew Tang who is a candidate for the 2020 presidential election has already announced that he is accepting the crypto coins to help in funding his campaign.

As a result, with the politicians embracing the crypto-coin businesses are foreseeing a boom in the crypto donations taking place. Let ’s take Bitplay as an example; it is already offering the necessary tools that can help in facilitating the political contributions that are made in Bitcoin, while still claiming to be compliant with the finance laws around the US campaigns.

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