It’s becoming harder for politicians to ignore Bitcoin, and Pantera Capital CEO Dan Morehead believes this shift is inevitable. Whether you’re a fan of politics or not, it’s interesting to see how Bitcoin is starting to find its place in the political spheres.
A Political Turn Towards Bitcoin?
For a long time, Bitcoin enthusiasts have viewed the government as the big opponent of digital currencies. But things seem to be changing. We’re now seeing more and more governments showing interest in Bitcoin and crypto, which is a big change from the past.
So, Why the Change?
Dan Morehead has an idea about why this is happening, especially in the United States. In the latest monthly Blockchain Letter, where he discusses latest developments in crypto and blockchain, he points to the policies of the Federal Reserve as a key factor. According to him, the constant printing of money by the Fed has mostly benefited a small group, particularly older generations. “The spoils of the Fed’s policy errors and Congress money printing have gone almost exclusively to the minority of Americans who are older,” Morehead said.
Morehead even uses data from the Federal Reserve to back up his point, showing that a significant chunk of financial gains has gone to older people. This trend, he says, might push politicians to start thinking more favorably about Bitcoin. Why? Because most Americans are under 40, and they’re looking for something different.
Trump’s Bitcoin Stance
One of the biggest surprises recently is Donald Trump’s public support for Bitcoin. Just a few years ago, Trump wasn’t exactly a fan of digital currencies, but now he’s openly backing Bitcoin. Morehead calls this the “biggest news in crypto” right now.
Of course, we still have to wait and see what happens if Trump ends up back in office. The polls are showing Kamala Harris ahead of Trump for now, but as we all know, anything can happen between now and the election.
But according to Dan Morehead, this might not be such a big deal anymore. He says, “Everything changed. And I really think this is a sea change right now because now politicians see that crypto is popular. Think about this. The majority of Americans are under 40 years old. They all love crypto and they vote. And so politicians can put two and two together.”
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