Not so quick. Let’s take this one significantly.
Vice President Kamala Harris went reside along with her first crypto-specific coverage yesterday, vowing to assist defend Black People who spend money on cryptocurrency. That is customary challenge stuff for the Democratic Occasion in 2024, the place as Nik factors out, the reason for anti-racism is alive and nicely.
For the sake of argument, let’s even put apart Nik’s extra legitimate critiques.
I, too, am involved that, with out coverage specifics, a Harris administration may use this coverage to stop Black People from the advantages of proudly owning Bitcoin.
For now, let’s take care of the very actual challenge of reparations. America is a Democracy, and knowledge reveals over 70% of Black People really feel the federal authorities ought to pay them restitution for the struggling of their ancestors (in comparison with simply 12% of white People). Three-quarters additionally consider the Federal authorities ought to make the cost.
Let’s additionally take into account the truth that, as Harris’s opponent, Donald Trump, has so clearly articulated, Bitcoin is the perfect probability America has to repay an exorbitant sum just like the $35 trillion nationwide debt. (Trump’s personal quote is that we may “pay a little bit crypto” to absolve the deficit).
With some estimates suggesting the worth of reparations for slavery to be above $12 trillion, possibly it’s time for Democrats to contemplate Bitcoin as a part of the answer, not as an trade to carry again with onerous regulation.
In any case, the Trump marketing campaign has already made clear: it believes the treasure trove of over 200,000 BTC (confiscated from darkish markets and criminals) is an asset to wield strategically.
With this in thoughts, why shouldn’t the Democrats take into account Bitcoin the same strategic funding, shopping for and promoting Bitcoin for the objectives aligned with their voting constituency?
Positive, you may argue that utilizing America’s stockpile of Bitcoin must be a bipartisan effort, and that its use ought to profit everybody. However clearly, any cost of reparations would require both further cash printing (and forex debatement) or taxation.
Paying reparations in Bitcoin (as others have prompt making money funds to the descendants of slaves) could be handy and helpful, and it could defend these People and their wealth from continued debasement by U.S. policymakers.
Name it a half-baked concept, possibly. However for the Harris Administration, it may imply fulfilling lengthy damaged guarantees. For hundreds of thousands, the establishment of chattel slavery, the place Blacks have been purchased and offered as property, is a painful historical past that is still actual.
Like Bitcoin itself, placing this up to now may very well be a once-in-a-century alternative.
