US Libertarian Party Called Bitcoin “Decentralised Monetary Revolution”

Cryptocurrencies such as Bitcoin (BTC) appear to be gaining traction among lawmakers in the United States, with the country’s third-largest political party voicing public support for the flagship digital asset, as well as excitement about its power and future.

In a tweet on July 24, the Libertarian Party of the United States stated that Bitcoin was spearheading “a decentralised monetary revolution” with the potential to shake up traditional financial systems.

#Bitcoin is at the forefront of a decentralized monetary revolution that can nullify the Federal Reserve and the fiat system in general.

— Libertarian Party (@LPNational) July 24, 2022

Libertarian optimism about cryptocurrency.

It is worth mentioning that the Libertarian Party previously voiced support for cryptocurrency, referring to Bitcoin as the biggest weapon of human liberty that humanity has ever invented in a blog post published by its Californian branch in February 2020.

The author, Marvin Byrd, who worked in cyber security in 2010 when Bitcoin was still in its infancy, noted in the essay that the fact that:

“Bitcoin has no owner, no central authority, and requires no trusted third party. They simply DO NOT EXIST.”

As a result, no government, in his opinion, can shut down Bitcoin, no owner can corrupt or steal from the system, and no entity can be trusted to utilise the digital currency, making it the most trustworthy system ever developed.

The party takes crypto donations using BitPay, which allows users to make payments in Bitcoin and other major cryptocurrencies.

In terms of donations, California implemented a new rule in July that allows state and local office political candidates to receive crypto campaign contributions after it was authorised by the state’s Fair Political Practices Commission.

Republicans’ favour of digital assets.

Members of the Republican Party, surprisingly, have been ardent proponents of crypto, notably Wyoming Republican Senator Cynthia Lummis, who introduced legislation to integrate digital assets into the American financial system and called Bitcoin the “hardest money ever created.”

Republicans filed a new bill in May that would prohibit the Labour Department from restricting the investment options to workers in self-directed retirement plans. Furthermore, the law allows Americans to put Bitcoin in their 401(k) plans.

Republican lawmakers have also used the Canadian Prime Minister’s freezing of the Freedom Convoy 2022 leaders’ bank accounts and crypto assets to stifle the truckers’ protest over Covid-19 restrictions. They argue that digital assets are an instrument for civil liberties as any government entity does not control them.