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US Senator Bill Hagerty passionately advocated for Bitcoin and the principles of decentralization during his speech at the Bitcoin2024 conference, highlighting the alignment of these values with American ideals of liberty and autonomy.
Hagerty said during his appearance at the Bitcoin2024 conference on July 26 that the flagship crypto represents the fundamental principles of freedom — drawing parallels with the ideals of America’s founding fathers.
When asked why he loves Bitcoin, Hagerty responded:
“It gets to the DNA of a person, right? I love liberty and freedom. I don’t care for centralization, and the notion of autonomy is something every American appreciates.”
He added that Bitcoin presents a way for states to retain powers that were not explicitly granted to the federal government.
Hagerty also criticized the federal government’s increasing efforts at centralization, advocating instead for a nurturing ecosystem that allows innovation to thrive within the US. He said that failure to do so would drive innovation and the talent that supports it offshore.
Bitcoin in politics
Hagerty acknowledged the growing interest in Bitcoin among his colleagues, attributing much of this momentum to former President Donald Trump. He added that Trump is the “clear” choice in the upcoming elections due to his progressive stance toward technology.
Hagerty noted:
“[Trump has] leaned into this. He said, look, this is fundamental to America’s competitiveness. It’s also fundamental to our liberty and freedom.”
Looking ahead to the November elections, Hagerty framed Bitcoin and decentralization as pivotal issues. He contrasted the current administration’s approach, which he described as hostile to Bitcoin, with a vision of a supportive regulatory environment under a future Republican administration.
According to Hagerty:
“If you favor centralization, government control, lack of sovereignty, then you can vote for Vice President Harris. If you want liberty, freedom, decentralization, the ability to self-custody your own assets, Donald Trump is going to be a clear answer for you.”
The senator further outlined a vision for a supportive regulatory environment for digital assets, promising to end the “war on digital assets” on day one of a potential future Republican administration.
Hagerty also emphasized the need for leadership changes to facilitate this vision, singling out SEC Chair Gary Gensler as an obstacle to the industry’s growth. He slammed the regulator for allegedly harboring political ambitions, saying:
“Everybody in Washington knows Gary Gensler’s aspiration is to move from the SEC to become Treasury Secretary. Think about that for a moment.”
CBDCs
Hagerty also touched on the contentious topic of central bank digital currencies (CBDCs), describing them as instruments of centralized control, echoing statements made by Trump and other prominent Republicans in recent years.
He argued that such technology would allow the government to have an extreme amount of control over what individuals can and can’t do.
According to Hagerty:
“If they can control your means of transacting, they can control your life.”
He added that China is one of the biggest proponents of CBDCs because it understands that centralized currencies give them more control over the population. He said:
“The largest footprint of adoption is taking place right there in China. They want to control their population. Why in the world would the United States want to adopt anything that the CCP thinks is a good idea?”
Hagerty criticized US lawmakers who have advocated for CBDCs and