Vitalik Buterin Warns Against Backing Exclusively ‘Pro-Crypto’ Politicians
Co-creator of Ethereum Vitalik Buterin has cautioned against endorsing political figures just because they accept cryptocurrency.
Co-creator of Ethereum Vitalik Buterin has cautioned against endorsing political figures just because they accept cryptocurrency.
In a blog post, Buterin emphasized the complexity of politics and issued a warning, pointing out that even authoritarian figures, like Putin and the Russian government, have shown interest in cryptocurrencies, which is not necessarily a good sign.
As Donald Trump, who bills himself as a pro-crypto candidate, gathers support at the Republican National Convention, Buterin issues his warning. Venture capitalists Marc Andreessen and Ben Horowitz, who favor Trump, have said that they will make substantial contributions to political action committees that back him. Horowitz claimed that the FDIC and SEC had employed strong measures against the Biden administration, criticizing them for opposing their cryptocurrency companies.
Against choosing your political allegiances based on who is "pro-crypto"https://t.co/rEbRjZYtFB
— vitalik.eth (@VitalikButerin) July 17, 2024
One of the biggest spenders in this election cycle is a super PAC named Fairshake, which is backed by well-known cryptocurrency companies like Ripple, Andreesen Horowitz, Coinbase, and Jump Crypto. The majority of the $160 million raised came from these four businesses.
Using contemporary Russia as an example, Buterin, a Russian-born engineer who played a significant role in creating Ethereum, emphasized that certain governments’ “crypto-friendly” positions could be harmful. He emphasized that sponsoring politicians only because they are pro-crypto can put them in a risky position of gaining support for the only reason of endorsing cryptocurrency.
Buterin’s statement is relevant at this moment since Trump is promoting a robust pro-crypto agenda with the help of people like Elon Musk and the Winklevoss twins. Trump has pledged to protect cryptocurrency owners’ rights, encourage coin self-custody, and keep lawmakers like Senator Elizabeth Warren away from Bitcoin owners. In addition, he promised that if he were to win the presidency again, Bitcoin will be created in the US in the future. Senator JD Vance of Ohio, a well-known proponent of cryptocurrencies, was just added to Trump’s vice presidential ticket.
In contrast, the Biden administration has been seen as anti-crypto, as evidenced by the SEC’s increased efforts to target the industry. This has caused annoyance in the cryptocurrency space, as prominent personalities such as Vance have aligned themselves with opposition to the Biden administration’s position.
🚀 Vitalik Buterin: Don’t Fall for ‘Crypto’ Supremacy in Politics!
Vitalik Buterin, Ethereum's co-founder, warns against backing politicians solely for their pro-crypto stance.
He stresses that tech and personal freedoms should also be priorities, beyond just financial… pic.twitter.com/TrZkYFm2O0
— IBC Group Official (@ibcgroupio) July 18, 2024
Trump will reiterate his support for cryptocurrencies when he speaks on July 27 at the Bitcoin 2024 conference in Nashville, Tennessee. Buterin advised supporters of cryptocurrencies to look beyond a political candidate’s position on cryptocurrencies to their wider beliefs and policies.
He emphasized that the cypherpunk movement, which gave rise to contemporary cryptocurrencies, was concerned with advancing freedom and decentralization across a range of domains, not simply finance.
Along with financial freedom, he underlined the significance of safeguarding other technological freedoms including access to unbiased information and privacy in communication.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals