Bitcoin in an era of institutional distrust — why hasn't it caught on with the left?

What is Bitcoin?

For those of you who haven't been curious enough to google Bitcoin in the last year, Bitcoin is an anonymous peer-to-peer electronic cash system that eliminates the third party out of transactions. It is fully decentralized thanks to the Blockchain, the consensus mechanism that verifies transactions through nodes — computers who agree that a transaction is valid.

  • 21 million Bitcoin will only ever exist in the world
  • 1 bitcoin is divisible into 100 million Satoshi's (just like 1 Dollar is divisible into 100 pennies)
  • Solution to the double spend problem
  • Created in 2009 by Pseudonymous founder Satoshi Nakamoto
  • Bitcoin is brought into the world by miners, they solve hard math problems every 10 minutes and get Bitcoin as a reward
  • Around every 4 years, the Bitcoin reward is halved
  • Bitcoin is a disinflationary asset — meaning the inflation rate decreases over time as the supply inflow decreases
  • Bitcoin is the world's largest cryptocurrency by market cap.

Politicizing Bitcoin

Bitcoin is often duped to be capitalistic, speculative, or libertarian. It must be said that all of these narratives have been true at some point in the cryptocurrency’s 11 year history. Although its founder who goes by the pseudonym, Satoshi Nakamoto, was politically neutral in their historic White Paper for obvious reasons, mainstream media has tried to shape a political narrative around the crypto-asset. And while giving it a narrative isn't inherently a wrongdoing, it is boxing a transformative technology into something it shouldn't be boxed into in the first place. It is as ridiculous as calling the inventors of the internet technocratic communists seeking to control the outflow of information into the world.

Debunking features of Bitcoin that are highly politicized

  • Pseudonymity — Right wing idea (less government control over what you buy)
  • Owning your keys — Libertarian idea (being your own bank)
  • Speculation and volatility — Capitalistic idea (people getting rich quickly)

Reddit's opinion

This thread from 2019 asks the Bitcoin Subreddit if anyone has heard or encountered individuals who endorse Bitcoin from a left wing perspective. The answer are as intriguing as the question.

'Eat the rich' — why hasn't the left caught on?



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