Dennis Porter is the president and founder of Satoshi Action Fund. He says it’s a shocking turn of events that Democrats in Washington DC have been embracing Bitcoin.
Porter, who is a driving force behind the efforts to create strategic Bitcoin reserves in more than 30 US States, thinks that bitcoin’s decentralized nature aligns with Democratic core values.
“I have for a long time […], despite being told by many Bitcoiners that I was wrong, said that I believe Democrats will be more likely to be more pro-Bitcoin than Republicans,” Porter made this statement in an episode of Blockworks Supply Shock on Tuesday.
Porter said that Bitcoin is particularly attractive to Democrats because of its decentralized structure.
“The reason why you’ll have a lot of Democrats that are really interested in this technology is because it’s a bottom-up technology that is completely decentralized. There’s no VC hedge fund or executive board profiteering off of the people beneath them. It’s 100% bottom up. The people control it,” Porter explained.
Porter has also emphasized bitcoin’s ability to combat global financial inequality – a cause that progressive Democrats often support.
“Bitcoin is a tool to be able to bank the unbanked and provide financial services for people all over the world who have been left behind,” Porter added. Porter said.
It is noteworthy that Democrats have continued to fight against Trump’s agenda since his reelection. Trump is a big supporter of cryptoassets, including bitcoin. He recently hinted at the establishment of a crypto-asset reserve.
Porter, however, believes that the Democratic Party is currently undergoing a restructuring process which presents an opportunity to lawmakers for them to clarify their position on digital assets and bitcoin.
“Bitcoin is the most tightly regulated monetary asset in the entire world,” Porter argued. “The Bitcoin maxis, the most extreme Bitcoin maxis, were actually in favor of the most extreme form of regulation because it protected decentralization.”
Porter’s observations suggest that as political attitudes towards cryptocurrencies continue to shift, the lines between the two major parties may become blurred when it comes bitcoin adoption.
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