Bitcoin’s Decentralization Spurs Opposition from Politicians, Including Sen. Warren

The United States presidential hopeful Vivek Ramaswamy recently said Senator Elizabeth Warren’s (D-Mass.) stance on Bitcoin (BTC) is because she thinks the state is superior to the individual. “Those of us who are having this conversation believe that we, as people, create a government that’s answerable to us,” said Ramaswamy on the WhatBitcoinDid podcast. He continued:

“To comprehend it, the alternative worldview is that the state predates the individual. Your rights come from the government. They’re not freed of that, so this poses a threat to the presence of that state. Then, it’s entirely within the state’s rights to come after and control that from existing.”

Ramaswamy insisted that the minds of the people on Capitol Hill who thought like Sen. Warren remained the same. “The problem isn’t that they don’t know what Bitcoin represents. It’s that they do, which creates the anaphylactic response,” said Ramaswamy, who promised to mention Bitcoin in the coming Republican presidential debates.

Ramaswamy observes that Senator Warren aims to restrict Bitcoin enthusiasts’ capacity to hold their own Bitcoin through “self-custody.” She believes in safeguarding the state and its fiat currency system, which, in turn, empowers countries to engage in continuous wars. Instead of imposing direct taxes, inflation is used to finance wars, and the people bear the burden.

The threat of centralized digital currencies
In the digital age, we see the threat centralized currencies pose to individuals. Look no further than the trucker strike in Ottawa. Although protests were peaceful and people were exercising their right to oppose and petition public officials, they were silenced and punished by the Canadian government.

The government used surveillance techniques to determine their identities through the license plates of their cars, then closed their bank accounts and deprived them of access to their own money without any charges being filed. The government wanted to silence its people. This left people unable to pay their mortgages or even pay for medicine, food, or gasoline to move their vehicles. That’s the power politicians like Sen. Warren wish to preserve.

And now, the nations of the world are on a trajectory towards central bank digital currencies (CBDCs), which would give them ultimate power over the lives of their citizens. CBDCs will become an instrument of power and control and be used to abolish cash. The government could then have complete control over the lives of its citizens.

You’re excluded from the financial system in China if you don’t meet a particular social credit score. For instance, if you need to wear your mask correctly or not be boosted, the government can turn off your capacity to spend money or program it so your credit cards will only work at a grocery store within a half-mile radius of your home. But the government won’t let you purchase gasoline or an airplane ticket.

China is a top BRIC nation, including the developing countries of Brazil, Russia, India, and China. It is a potential currency bloc that recently added South Africa to its ranks. They likely want to expand this system. The BRICS are working towards an alternative currency bloc because the US has caused other nations to be weary of its belligerent foreign policy. When the US froze the assets of Vladimir Putin, influential people worldwide noticed, and now they want to create their markets, which is dangerous for the US dollar. That conclusion could eventually damage the United States.

Modernizing the US Dollar: Fed’s Approach Without a Digital Dollar
The US needs to set a more predictable and transparent monetary policy. In multiple ways, the Fed must rewrite its bylaws in a post-Bitcoin world. Publishing Treasury bills backed by hard currencies, including Bitcoin, could help discipline the Federal Reserve, giving customers access to an asset with some basis in tough currency.

Even though it is the only tool that can subtly innovate the US monetary system at a time of increased competition, the Bitcoin industry must fight for its right to exist and the right to simple self-custody Bitcoin. Bitcoin should be utilized as a foundational technology for the reindustrialization of the West instead of being undermined by heavy-handed politicians such as Senator Warren and many others. Ramaswamy’s comments illustrate that it is impossible to persuade someone like Warren.