Not so fast. Let’s take this one seriously.
Vice President Kamala Harris went live yesterday with her first crypto-specific policy, promising to help protect Black Americans investing in cryptocurrency. This is standard issue for the Democratic Party in 2024 Nik points out that the cause of anti-racism is alive and well.
For the sake of argument, let’s even put Nik’s more valid criticism aside.
I am also concerned that a Harris administration, without specific policy details, could use these policies to prevent Black Americans from enjoying the benefits of owning Bitcoin.
Now let’s talk about the very real issue of reparations. The United States is a democracy, and the data shows it more than 70% of black Americans believe the federal government should pay them compensation for the suffering of their ancestors (compared to just 12% of white Americans). Three-quarters also believe the federal government should make the payment.
Let’s also consider the fact that, as Harris’s opponent, Donald Trump, has so clearly stated, Bitcoin is the best chance America has to raise an exorbitant amount like the A national debt of $35 trillion. (Trump’s own quote is that we could “pay a little cryptocurrency” to eliminate the deficit).
Some estimates suggest the value of reparations for slavery above $12 trillionPerhaps it’s time for Democrats to consider Bitcoin as part of the solution, and not as an industry that must contend with burdensome regulations.
After all, the Trump campaign has already made it clear: it believes in the treasury of over 200,000 BTC (seized from dark markets and criminals) is an asset to use strategically.
With this in mind, why wouldn’t Democrats consider Bitcoin as a similar strategic investment, buying and selling Bitcoin for causes that align with their constituency?
Of course, you can argue that using the US Bitcoin supply should be a bipartisan effort, and its use should benefit everyone. But it is clear that any payment of reparations would require either additional money printing (and currency debates) or taxation.
Pay reparations in Bitcoin (as others have suggested making cash payments to the descendants of slaves) would be convenient and useful, and it would protect these Americans and their wealth from continued humiliation by American policymakers.
Maybe call it a half-baked idea. But for the Harris administration, it could mean fulfilling long-broken promises. For millions, the institution of slavery, where blacks were bought and sold as property, is a painful history that remains real.
Like Bitcoin itself, putting this in the past could be a unique opportunity.
This article is a To take. The opinions expressed are solely those of the author and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.