As the U.S. Senate approaches the finish line of the upcoming infrastructure deal, Coindesk has reported[1] that congress is considering legislation with an escalating adversarial posture against the nascent digital asset industry. These policy changes need to be thoughtfully scrutinized rather than rushed, as they risk creating unintended consequences.
Physical infrastructure does not need to compete with emerging digital financial infrastructure. Like the early days of the internet, Bitcoin represents a digital infrastructure that can unlock economic opportunities for progressives and libertarians alike.
Approximately 1 in 6[2] Americans now owns cryptocurrencies, and nearly 80% of millennial consumers[3] are interested in learning about cryptocurrency to understand them better. You do not want to demonize this voting block as “shadowy super coders[4].” Policy leaders would be well served with a reminder that Bitcoin is a liberating technology that holds appeal across the political spectrum. Here’s a brief reminder of Bitcoin’s bipartisan appeal:
Why Progressives Like Bitcoin:
- Financial inclusion: Bitcoin can bank the underbanked – creating a more inclusive financial services infrastructure where anyone can store and send money, unencumbered by discrimination. Over 14 million Americans are unbanked and nearly 50 million Americans are underbanked even in 2021[5], and these figures disproportionately impact Black and Hispanic households. Rather than leaving these households to be serviced by predatory lenders, progressives would be well served by embracing a technology which makes access to financial services as easy as access to the internet.
- Incentivize greener energy: Bitcoin’s incentive design rewards cheaper energy production. Climate change advocates would be happy to understand how this design can accelerate the global energy transition to renewable energy[6], particularly solar and wind energy. This represents an opportunity
