Progressives Misunderstand Bitcoin – Bitcoin Magazine


Logan Bolinger is a lawyer and the author of a free weekly newsletter about the intersection of Bitcoin, macroeconomics, geopolitics and law.

As Bitcoin continues to infiltrate U.S. politics and policy, debates about which political party is more naturally aligned with the orange ethos have proliferated and intensified. The increasing number of self-described Progressives entering the space has catalyzed some heated discussions about how Bitcoin fits into the ideology of the political left. Is Bitcoin Progressive? Is it fundamentally not Progressive? Is it something else? To understand why these may not even be the right questions and why many (though not all) Progressives seem to struggle with Bitcoin, we should refine some of the partisan language and identifiers that tend to constrain our thinking. To the point, it’s high time we disentangle capital “P” Progressivism from lowercase “p” progressivism.

I firmly believe that Bitcoin, though harmonious with purportedly Progressive ideas, ultimately transcends the ossified, two-party paradigm we have in U.S. politics. Nevertheless, it’s obvious that skepticism from the politically left-leaning cohort, specifically Progressives, remains acute and intractable. So what’s the problem here? Why do folks who identify politically as Progressives vilify Bitcoin, a technology that credibly addresses many of their professed concerns and priorities? It’s a vexing question and it has been examined by a number of Bitcoiners who have come to the space from the left (myself included). There is certainly an element of over-trusting the machinery — and overestimating the competence — of the state and misunderstanding how money works, but I think there are some other things going on that are discussed less. I want to put some of those thoughts on the table.

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