Bitcoin Advocates Close To Trump
President-elect Donald Trump has brought at least three individuals into his new administration who are publically pro-bitcoin. Who are the individuals and what makes them interesting?
For the position of US Director of Office of Management and Budget, Trump appointed US Congressman Mick Mulvaney, a Tea Party Republican, a hardline fiscal conservative known as being very outspoken about drastically cutting federal spending on social programs. Mr. Mulvaney is also a founding member of the bipartisan Blockchain Caucus, aka the "Bitcoin Caucus" whose purpose is to help congress remain current on crypto/blockchain technologies and currency, and how to develop policies to advance them. He is also a very outspoken advocate of abolishing the Federal Reserve.
Peter Thiel, one of the original founders of PayPal, vocal bitcoin advocate, and outspoken gay billionaire has been offered a position on Trump’s transition team executive committee but has yet to accept. Nevertheless, the offer shows that Trump is not shy about bringing bitcoin advocates into his administration.
Betsy DeVoss, daughter-in-law of Amway co-founder Rich DeVoss, has been picked by Trump to be Secretary of Education but has yet to be vetted and approved by the appropriate congressional committee. Her position on bitcoin is unknown but it might be assumed that being closely associated with Amway she might be pro bitcoin. Ironically… her kids go to private schools but considering that she has always been an advocate for quality education she might possibly be presumed to be pro bitcoin.
Texas Governor Rick Perry, an outspoken advocate for bitcoin, has been nominated for Secretary of Department of Energy and is awaiting congressional confirmation.
A few other prominent politicians who have in recent years spoken positively about bitcoin include:
1. Jared Polis
A US congressman known for saying that the US dollar should be banned instead of bitcoin.
2. Dan Elder
A candidate for US House of Representatives in 2016 famous in the bitcoin community for funding his campaign solely by bitcoin and stating that bitcoin would be a way to bring integrity back to the notion of money.
3. George Galloway
A British politician and mayoral candidate in London noted for pledging to run his campaign budget on MayrosChain, a blockchain-based public expenditure management system. He stated on his funding page:
“Now, for the first time, the radically disruptive technology of blockchains can provide a technological backbone for true, 100 percent transparency. Political accountability, it seems, is about to take on a whole new meaning."
4. Andrew Hemingway
Andrew Hemingway, a Republican who ran (unsuccessfully) for New Hampshire Governor in 2014 and spoke once about using blockchain tech for elections.
5. Gulnar Hasnain
Over in London again, Gulnar Hasnain, a Green Party candidate running for a local government position, became noted for taking donations via bitcoin and also an alt coin called Onename, and a micro-tipping tool called Change Tip (recently closed).
In this interesting Youtube video, she shares her evolution into a bitcoin advocate.
She once said in an interview that she would like to draw attention to the positive aspects of blockchain technology and its potential to “transform democracy worldwide” and added that there were many similarities between her party and the principles of distributed ledger technologies.
She further added, “Surprisingly, the Green Party is vocal on the same issues as the bitcoin movement – more decentralised power, smaller government, a need for a shift in the concentration of power in the banking system and a more inclusive society.”
6. Rand Paul
Back in the US, everybody knows Ron Paul’s son, Rand Paul, a noted Libertarian who currently serves as Kentucky as one of its two Senators. He accepted bitcoin donations during his brief, unsuccessful campaign for US Republican Presidential nominee.
Kentucky Senator Rand Paul, who officially announced his bid for the 2016 Republican presidential nomination, started to accept bitcoin donations in April this year. The Washington Post called his decision to accept donations in the digital currency a "genius political move".
However, during a TechCrunch panel earlier this year, Paul said he was "an outlier" on "the bitcoin things".
That might have something to do with the reason he didn’t win the nomination…. Maybe he just wasn’t Libertarian enough. In a Bloomberg News report, he was quoted to say, "I've been fascinated by the concept of it, but I never would have purchased it myself. I'm just a little bit skeptical."
So, there are probably other politicians who are slowly evolving a positive attitude toward bitcoin and cryptocurrency if for no other reason than their hope that it might keep their sorry asses in office. Whatever happens, you can bet that as public awareness and favorability it increases, most of them will see it as a politically expedient bandwagon to jump on.
Trumps recent statements and appointments are indeed a positive thing but exactly when, where, and how the components of Trump’s administration will fall into place remains to be seen as does precisely how his new administration will deal with the massive tactical problem of (as he says) “draining the swamp”.
To say that there is a lot of inertia in the federal bureaucracy, the upper echelons of Wall Street and the global banking industry, and the US “presstitute media” would be an understatement. Such massive anti-freedom, anti-capitalistic, anti-libertarian machines as have evolved over the recent several US political administrations will take an equally long time to unravel and properly reconstruct, if for no reason other than the fact that it will take time to ferret out the dormant agents of the old regime and its way of thinking. They will not ‘go quietly’.
A few observers are speculating that Trump might try to pull a rabbit out of the federal hat by taking the US economy toward some kind of bitcoin-based monetary system.
That’s possible but, as far as it goes, there aren’t any indications that such a move is being seriously considered…yet. Plus, it’s doubtful that the existing government bureaucracy would eagerly cooperate with something so totally libertarian.
One notable speaker, author, and economic forecaster, Doug Casey, has conjectured that the US government’s only possible way to avert a total collapse of the overly debt-burdened US economy would be to come out with a federally sponsored and/or designed version of cryptocurrency… which Mr. Casey conceptually calls, “Fed Coin”. See my recent article about Fed Coin and Mr. Casey.
I agree that Trumps appointments are looking interesting but I also think it’s still too early to start popping champaign corks about what it means for bitcoin and cryptocurrency in general. For the time being, the future of such things is still in the hands of private sector entrepreneurs. Whatever the Trump administration might try to do, the devil is still in the details. And the solution to the world’s money problems are still TBA (To Be Announced).
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