It is advisable to approach this matter with the necessary seriousness.
On the previous day, Vice President Kamala Harris unveiled her inaugural crypto-specific policy, pledging to offer protections for Black Americans who engage in cryptocurrency investment. This initiative aligns with the Democratic Party’s platform for 2024, reflecting the ongoing commitment to the cause of anti-racism, as highlighted by Nik.
For the purpose of discussion, it may be worthwhile to set aside Nik’s more substantial critiques.
There are valid concerns regarding the potential ramifications of this policy. Without specific guidelines, there exists a possibility that a Harris administration could inadvertently inhibit Black Americans from reaping the benefits associated with Bitcoin ownership.
Moreover, a pressing issue that requires attention is the topic of reparations. Recent data indicates that over 70% of Black Americans support the idea of federal restitution for the injustices suffered by their ancestors, compared to merely 12% of white Americans. A significant majority also advocates for the government to facilitate such payments.
In this context, it is significant to consider the perspective shared by Donald Trump, Harris’s opponent, emphasizing that Bitcoin could serve as a viable means for addressing the nation’s substantial $35 trillion national debt. Trump’s assertion that America could “pay a little crypto” to alleviate the deficit is noteworthy.
Considering some estimates posit that the reparations owed for slavery may exceed $12 trillion, it may be prudent for Democrats to reevaluate Bitcoin’s role, viewing it not as an industry to be restrained by burdensome regulations but rather as a potential solution.
Furthermore, the Trump campaign has articulated its belief in utilizing the considerable stockpile of over 200,000 BTC—seized from illicit activities—as a strategic asset.
Given this context, it stands to reason that Democrats could also regard Bitcoin as a strategic investment, leveraging it to advance objectives that resonate with their voter base.
One could argue that the deployment of America’s Bitcoin reserves should ideally involve bipartisan collaboration and aim to benefit the broader public. However, the prospect of implementing reparations would necessitate either a form of money printing, resulting in currency devaluation, or increased taxation.
Disbursing reparations in Bitcoin, as some have proposed in the context of direct cash payments to descendants of enslaved individuals, could offer a practical solution while safeguarding these individuals and their assets from the ongoing erosion of value by federal policymakers.
This notion may appear unconventional. Nonetheless, it represents an opportunity for the Harris administration to fulfill longstanding commitments. For countless individuals, the legacy of chattel slavery—where individuals were treated as property—continues to resonate powerfully.
Much like Bitcoin itself, addressing this issue could present a once-in-a-century opportunity to rectify historical injustices.
This article is a Take. The opinions expressed herein are solely those of the author and do not necessarily represent the views of BTC Inc or Bitcoin Magazine.
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