Not so fast. Let’s take this seriously.
Vice President Kamala Harris launched her first cryptocurrency policy yesterday, pledging to help protect Black Americans who invest in cryptocurrencies. This is the standard issue for the Democratic Party in 2024, where, as Nick points out, the anti-racist cause is alive and well.
For the sake of argument, let’s put aside Nick’s more valid criticisms.
I also worry that without policy details, the Harris administration could use this policy to deny Black Americans the benefits of owning Bitcoin.
For now, let’s deal with the very real issue of reparations. The United States is a democracy, the data show More than 70% are black Americans They feel the federal government should pay them reparations for the suffering of their ancestors (compared to only 12% of white Americans). Three-quarters also believe the federal government should pay.
Let’s also think about the fact that, as Harris’s opponent, Donald Trump, has clearly demonstrated, Bitcoin is America’s best chance of repaying an exorbitant sum like… $35 trillion national debt. (Trump’s own quote is that we can “pay a little bit in crypto” to plug the deficit.)
Although some estimates indicate the value of reparations for slavery More than 12 trillion dollarsMaybe it’s time for Democrats to view Bitcoin as part of the solution, rather than as an industry retreating from burdensome regulation.
After all, the Trump campaign has already made it clear: it believes in this treasure trove More than 200,000 Bitcoin (confiscated from dark markets and criminals) is an asset that should be used strategically.
With this in mind, why don’t Democrats view Bitcoin as a similar strategic investment, buying and selling Bitcoin to achieve goals aligned with their constituencies?
Sure, you could argue that the use of America’s stock of Bitcoin should be a bipartisan effort, and that its use should benefit everyone. But it is clear that any payment of reparations would require either printing additional money (and devaluing the currency) or imposing taxes.
Pay compensation in Bitcoin (as suggested by others Make cash payments (For the descendants of slaves) would be convenient and beneficial, and would protect these Americans and their wealth from continued humiliation by US political decision-makers.
We might call it a half-baked idea. But for the Harris administration, it may mean fulfilling long-unkept promises. For millions, the institution of slavery, where black people were bought and sold as property, is a painful history that remains real.
As with Bitcoin itself, putting this in the past may be a once-in-a-century opportunity.
This article is a takes. The opinions expressed are entirely those of the author and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.
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