In these shaky economic times, many people are beginning to wonder how cryptocurrencies will progress into the future. Especially with the presidential elections right around the corner, many wonder how the republican party views Bitcoin? What can the government control in regard to cryptocurrencies? While you may hear many different answers from all sorts of sources, this article addresses how the republican party feels about cryptocurrencies as a whole and what changes Bitcoin may experience moving forward.
The Republican Party
Due to the widespread coronavirus quarantine, many Americans are spending more time in front of the television than they normally would—much to the delight of the government. The presidential candidates on both sides have upped the number of commercials exhibiting what they stand for as well as what the other side lacks, however, what is glaringly absent is their positions on cryptocurrencies such as Bitcoin. In comparison with the democratic party, a number of the members of the republican party have actually be publicly open to, and even embraced, many cryptocurrencies as they have come to exist. In fact, a number of republican candidates have even used digital currencies for the purpose of funding their election campaigns.
The most famous republican in regards to cryptocurrency acceptance is Andrew Hemingway, who began accepting Bitcoin contributions to his electoral campaign back in 2014. As a technology entrepreneur, Hemingway recognized early the potential of cryptocurrencies and worked to harness them in a way that would be beneficial to his political ambitions. Other republicans who used cryptocurrencies to fund their campaigns include (but are not limited to) Austin Petersen for Missouri Senate and Rand Paul, an aspiring presidential candidate.
You’re probably thinking that it sounds like the republican party is all for cryptocurrencies based on the above information, however that hasn’t yet proven to be true. Government as a whole is still very hesitant to recognize Bitcoin as an actual currency due to the stipulations that led to its rise in popularity and make up the bulk of its current use. Many people know that the most common use for Bitcoin is illegal activities such as purchasing drugs or black-market purchases and this makes governments angry. Recent years have seen many increases in regulation to cryptocurrency as the government tries to stop the illegal uses, treating it like gold and taxing it as such. And we can expect to see many more regulations imposed in the future, regardless of which party takes office in January 2021 as the government further tries to curb illegal usage of cryptocurrencies.
What Does This Mean?
Well despite the large number of republicans who invest in and use cryptocurrencies, many of them are against classifying Bitcoin as a legal currency as recognized by the government. In a party vote in 2018, 88 percent of republicans actually voted against making Bitcoin a regulated currency and when voters were asked why they voted no, many of them cited fears of money laundering. Currently, terrorism is a huge fear of many Americans and the government feels they are able to control many terrorist organizations by cutting off money at the source (and by this they mean seizing any money they believe is going to a terrorist organization). Whether this is truly helping the terrorism situation or not, one can never be sure, but it is a valid concern the US government must consider when making these sorts of decisions.
Don’t let the results of the vote get you down, if the creators of Bitcoin are still around, they would be scoffing at all this discussion of making Bitcoin a regulated currency because the whole point of the creation of Bitcoin was to have a decentralized currency that the government couldn’t control. And while one could argue you can have a currency recognized by the government without it being controlled by said government, it would be very difficult to find a government which is capable of recognizing something without controlling it. And the minute the US government exercises control over a cryptocurrency such as Bitcoin, it has officially lost one of the main purposes of its use.
Either way, the government has announced future plans to work with and recognize cryptocurrencies. How will they accomplish this? And will it infringe on everything Bitcoin stands for? We will just have to wait and see I suppose.
What Should I Do?
In recent weeks, due to the quarantine, Bitcoin has experienced numerous thousand-dollar swings as people begin to feel less confident in the US Stock Exchange. Past observations have shown that people take a renewed interest in cryptocurrencies any time there is uncertainty with regards to the US economy or government policies. Even without these outside influences, Bitcoin is an extremely volatile currency and there is no saying where it will go next.
That being said, investing in cryptocurrency is a big decision that should not be taken lightly. If you do decide to invest in a currency such as Bitcoin, discuss it over with a financial advisor or someone close to you before doing so.
After you have purchased some Bitcoin, you’re probably wondering just what you’re supposed to do with it. And some investors do just that, they purchase cryptocurrencies then let them sit in an account and wonder if they should be doing something else with it. This would be the equivalent of putting money in a savings account. Yes, it will accrue interest, but you won’t actually be making money. In order to actually attempt to return a profit (again nothing is guaranteed) your best bet is to invest your cryptocurrency in a business of some sort.
One of the many options of Bitcoin businesses to invest in is MintDice, an online cryptocurrency casino which currently allows players to invest in their house bankroll. They are also very investor friendly in that they run a free blog regarding many current events and cryptocurrency news. They also provide investing tips for those who wish to sign up for them. MintDice isn’t the only site out there either. There are numerous cryptocurrency-based businesses these days who look for investors to become involved in their business. Just make sure you thoroughly vet any business before you invest your hard-earned money in them—there are always scams out there both in the US dollar and cryptocurrency world.
Nothing in this world is certain, and in shaky times like the current coronavirus quarantine and upcoming election, perhaps it’s time to take the leap and invest in Bitcoin or another cryptocurrency—because who knows—one of them could be the next big currency of the future.