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Can one of Bitcoin use cases be uniting the democrats and republicans?
This is probably a bit of an odd question, and I’ve been trying to stay away from discussing politics in the past year, but hear me out. As you might know, the United States has been suffering from a political division that has made many people fight over ThanksGiving dinners and lose BFFs, especially Facebook friends.
The republicans and democrats just don’t seem to see eye-to-eye on anything. As I was scrolling my Twitter feed the other day, seeing people fighting to defend their political beliefs, I suddenly noticed something. Bitcoin has qualities that both the democrats and republicans can get behind. On the flip side, some cryptocurrencies also have qualities that have got bipartisan resistance from the politicians on both sides.
How Republicans And Democrats United AGAINST Crypto
After Facebook announced its new crypto, Libra, politicians on both sides of the aisle jumped to criticize it. The governments around the world are also scared of Libra, and for good reason: Facebook’s Libra aims to utilize Facebook’s massive access to data to create a monetary system that puts Facebook in charge of a third of the world’s population’s money.
Basically, Facebook wants to become a central bank that competes directly with the existing ones around the world, and it has so much power and data to accomplish just that. So, naturally, governments who want to stay in power, are fighting against it. Personally, and as I’ve mentioned in my previous videos, I don’t think Facebook’s Libra lives up to the ideology of Bitcoin and many other cryptocurrencies that are optimized for being decentralized.
Today I’m not going to get into that because we have an important topic to cover. Let me elaborate on why I think the democratic and republican people (not politicians) can unite over Bitcoin. First, is the democratic case. And my Republican friends, make sure to stay until after this because your case is very juicy.
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Bitcoin Use Cases For Democrats
One of the key democratic ideals is income inequality and redistributing wealth to low-income families
A decentralized peer-to-peer cryptocurrency is an ultimate tool to distribute wealth among all people and take away the power from monopolies and big banks. Remember Bernie Sanders who keeps yelling about the top 1%?
With Bitcoin, instead of all the power being held by the top 1%, everyone can benefit and prosper from the wealth being generated.
Now for the second of Bitcoin use cases among democrats. And that is banking the unbanked and underbanked.
Many Democrats are concerned about the undocumented immigrants who came to the US at a very young age. Many of these undocumented immigrants can’t open a bank account simply because they don’t have sufficient documents. With Bitcoin, they can easily access cryptocurrencies and participate in the global economy. Yet another democratic problem solved.
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Bitcoin Use Cases For Republicans
One of the core republican beliefs is that families and communities should be strong and free from government intrusion. This belief is one of the main cases they make for the second amendment for example, the right to keep and bear arms.
Even though criminals can use guns to kill people, the second amendment suggests people have the right to bear arms to defend themselves and in case of government oppression.
Enters Bitcoin. The ultimate method to free individuals from any government oppression.
Let me tell you a story.
My dad was a very successful CEO of one of the largest construction companies in Iran before the Iranian revolution happened that overthrew the Shah and put the Islamic regime in charge in 1979. The new government took over my dad’s company, all his assets, machinery, properties, and froze his bank account. They were even going to execute him, but he somehow lucked out.
I was born years after the revolution after my dad had hit rock-bottom and lost everything. He was actually trying to sue the new government to get at least some of his assets back, but he was unsuccessful. Needless to say, I was raised in poverty.
Years later, after learning about blockchain technology and how it has enabled the advent of a peer-to-peer, permission-less, and decentralized asset called Bitcoin, I couldn’t help but wonder… If my dad had only a fraction of his assets tokenized or in form of cryptocurrency, I wouldn’t had grown up with no money.
Second Bitcoin Use Case For Republicans
This one is as simple as that Bitcoin is permission-less and has a whole different tax system than what you’re used to. Cha-ching!
Here you go, my first attempt in pleasing everyone. Do let me know if you think any of these made a good case in uniting the American people. Let me know if you can think of other use cases of Bitcoin that can unite the democrats and republicans.
If you’re wondering how you can take your crypto investing to the next level, don’t forget to get your free copy of my new book, Cryptocurrency Investing For Dummies.
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Remember that as the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio. Don’t forget to complete your risk management due-diligence before developing your investment strategy.