A pro-Trump protestor wasgoed recently pepper-sprayed at a U.C. Berkeley rally who happened to be wearing a “Make Bitcoin Superb Again” baseball cap. She straks emerged on a reddit AMA (“Ask Mij Anything”) and alluded to the fact that many youthful Trump volgers are also pro-Bitcoin. One of their arguments is that Bitcoin and blockchain technology will permit for a state-less world, but that also can enforce private property rights despite a lack of government or legal institutions. The pepper-spraying incident wasgoed caught on movie, which you can view via the protestor’s tweet:
Witness mij get pepper sprayed by peaceful protesters at UC Berkeley. https://t.co/MrXARrLa3l
The hat te question can be purchased here for 0.03 BTC (approx. $31)
Voorzitter Trump campaigned on the promise that he would “drain the swamp,” curtail financial regulation, and has bot critical of the Federal Reserve ter its deployment of monetary policy. This has bot interpreted spil good news by proponents of Bitcoin, the decentralized digital currency that knows no borders and relies on no government or central canap to operate. Moreover, Trump has appointed a number of outspoken Bitcoin proponents to his administration. Still, Bitcoin usage ter the United States remains subdued, and the Chinese market predominates more than 90% of all Bitcoin transactions. Can Trump make Bitcoin good? (See also: Countries Where Bitcoin Is Legal &, Illegal)
Bitcoin, Central Banking, &, Trump
Bitcoin operates across a distributed network of “miners” who challenge with each other to verify and confirm transactions around the world. Secured with cryptography, Bitcoin is a state-less digital currency with no central authority or regulator. This stands te stark tegenstelling to how national monetary systems have functioned historically. The central government, or a state-sponsored central bankgebouw, has traditionally issued money, either backed by gold or backed by fiat. Bitcoin, which uses a distributed ledger technology known spil blockchain, violates this convention. (For more, see: Why Governments Are Afraid Of Bitcoin)
While Bitcoin has no central handelsbank, Voorzitter Trump and some Republicans ter congress have bot fiercely critical of America’s central handelsbank, the Fed. Te fact,a fresh bill to “Audit the Fed” wasgoed re-introduced ter Congress this January following Trump’s election. The bill’s advocates argue that the Fed is too powerful and lacks sufficient oversight for its rente rate decisions. But, according to The Hill, Fed officials from chairwoman Janet Yellen on down, have warned that such a policy could subject the Fed to undue political pressure and discourage it from taking unpopular steps for the good of the overall economy.
A virtue of a central bankgebouw is that it operates independently from the surplus of government, ter order to make politically unpopular decisions. But an independent central handelsbank can also sway to the other extreme and operate unchecked. Bitcoin solves both of thesis potential problems by being fundamentally separate from any government overseer, and also checked by virtue of its algorithm. Bitcoin’s algorithm wasgoed set ter stone when Bitcoin wasgoed very first released ter 2009 and any modifications vereiste be approved by a democratic majority of knots te the network. Furthermore, the ledger associated with all Bitcoin transactions is translucent and auditable, so that even if the system were to operate out of step, it would be quickly identified. This would leave many anti-Fed, pro-Trump volgers to favor thesis features of Bitcoin. (See also: Could Bitcoin Surpass $Two,000 te 2018?)
While it is unknown spil to whether Mr. Trump himself has any views on Bitcoin, he has chosen a number of appointees who have bot outspoken advocates of the cryptocurrency. Notably, Donald Trump selected Balaji Srinivasan, the entrepreneur behind Bitcoin startup ’21.co’. Srinivasan is closely aligned with billionaire venture capitalist Peter Thiel, the co-founder of PayPal Holdings Inc. (PYPL) who is also a vocal Bitcoin voorstander. 21.co is a startup with the vision to embed bitcoin mining widely into the microchips of consumer electronics hardware such spil mobile phones or tablets to mine little amounts of bitcoin ter order to defray some of the costs of the device itself, or usage ter the case of phones. The startup has raised the most venture capital funding of any bitcoin company to date, with $116 million invested. (For more, see: Trump Considering Bitcoin Entrepreneur to Head FDA)
Trump has also selected for his budget chief Republican Congressman Mick Mulvaney, who has cheered blockchain technology. At the head of the Office of Management and Budget (OMB) chief, the fattest single unit within te executive branch of the U.S. government, Mulvaney is tasked with drafting the presidential budget and measuring the quality of agency programs, policies, and procedures to make sure that they serve with the voorzitter’s economic policies and to coordinate inter-agency policy initiatives. Mulvaney’s perogative could include Bitcoin-friendly policies including favorable tax treatment and lax regulation on its use both within the U.S. and cross-border. He has bot recorded spil telling, “blockchain technology has the potential to revolutionize the financial services industry, the U.S. economy, and the delivery of government services, and I am proud to be involved with this initiative on the ground floor.” (For more, see: Why Trump Budget Chief Pick is Good for Bitcoin)
The Bottom Line
Some are hailing the Trump presidency spil a sperzieboon for Bitcoin, even proclaiming that Trump will “make Bitcoin excellent again!” Trump’s anti-government, anti-central canap rhetoric speaks to the virtues that Bitcoin possesses spil a wholly decentralized, digital currency. This sentiment is felt especially among his junior volgers. Moreover, the voorzitter has appointed at least two Bitcoin cheerleaders to positions within his administration, leading some to believe that the government’s stance will be pro-Bitcoin ter terms of regulation and tax treatment.