The lost chance
This is a guest post by Jason Maier. The views expressed are solely his and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
No doubt, countless Bitcoin enthusiasts adore Trump and appreciated his address. Nevertheless, there are also a surprising number of individuals who recognize this for what it truly is: a politician seeking money and votes, while an uncertain Bitcoin community seeks some borrowed credibility. Having a prominent presidential candidate discuss Bitcoin can yield positive outcomes, but the most serious individuals I know in this space also understand that risks and hazards exist. Most notably, by aligning with Trump, the Bitcoin community risks distancing itself from potential pre-coiners for the foreseeable future. This appears to be a point that’s difficult to grasp if you’re already a fan of Bitcoin or Trump. Keep in mind, the majority of people don’t comfortably fit into either category.
Source: bitcoinmagazine.com
Without a doubt, Bitcoin will inevitably attract its fair share of con artists, philanderers, frauds, and felons. Bitcoin is for them, as well. However, we shouldn’t give in and rebrand Bitcoin in a Trumpian manner. This is simply poor marketing. The most persuasive argument I’ve encountered for seeking Trump’s endorsement is that it could compel other politicians to back Bitcoin, and his policies might force other nations to take Bitcoin seriously. This may hold true, but it’s equally possible that the reverse could occur. Casual pre-coiners, if attentive at all, will easily be able to juxtapose the “scam” Bitcoin alongside the “scam” Trump and disengage from the entire scenario without a worry. Meanwhile, Trump will exhibit no authentic enthusiasm for Bitcoin once the votes are tallied.
The way ahead
After considerable effort to maintain Bitcoin as non-partisan, bi-partisan, and apolitical, it was our community (essentially a select few influential and connected Bitcoiners) that sought a partnership with the most divisive political figure in decades. It would have been one aspect if Trump discovered Bitcoin on his own, but that’s not the situation here. We made this unforced error ourselves; more precisely, we allowed the leaders in our leaderless movement to err on our behalf.
I’ve been involved in the Bitcoin realm long enough to recognize the significant cognitive dissonance present among many Bitcoin supporters. Some of these individuals are Libertarians steadfastly dedicated to personal freedom yet fail to honor a person’s gender identity. Others are Conservatives who desire a smaller government while that very government dictates which books are banned and what healthcare options individuals can avail themselves of. There are also Bitcoiners who hope to see the government removed from the financial system while enthusiastically supporting a politician promising to purchase Bitcoin on behalf of the U.S. Government. If I can spot the cognitive dissonance, why is it so challenging for a community that prides itself on being unorthodox, skeptical, and demand verification?
If Trump had arrived punctually for his speech, we would have been aware an hour earlier that this wasn’t going to take place. Instead, we found ourselves in limbo. When Trump finally began his address, it quickly became evident that those waiting for hours had been misled. His speech was a disjointed, at times unclear, campaign address with brief mentions of crypto and, I suppose, Bitcoin thrown in as an afterthought. The first reference to Bitcoin occurred approximately six and a half minutes into his comments. I don’t fault Trump for discussing crypto more than Bitcoin; many politicians do the same. However, considering he was speaking at a Bitcoin conference, I expected more focus on Bitcoin rather than his brilliant uncle who used to be employed at MIT. Unfortunately, it seems that expectations can sometimes be set impossibly low.
The clearest takeaway from Trump’s comments on Bitcoin was the rather unsurprising awareness that Robert Kennedy Jr. ponders Bitcoin more thoughtfully during his morning coffee than Trump has throughout his entire existence. Many of Trump’s standout moments during his speech (and there were a few) were directly borrowed from RFK Jr’s keynote from the previous day. The portions of his speech that didn’t paraphrase RFK Jr were dismissive, condescending, opportunistic, and misinformed. The worth of watching the speech lies in the fact that the single-issue Bitcoin voters I keep hearing about now face a straightforward choice.
I can hear you shouting “Well, what’s your solution? Vote for the alternatives?!” A valid question. Here’s my answer: Turn away from politicians and direct your attention towards voters. Engage them where they are and enlighten them on how Bitcoin addresses the issues they care about. That’s truly the essence of it. The rest will follow naturally. Adopt a low time preference, and it will unfold organically, without sacrificing your principles. This represents the most effective method to encourage Bitcoin adoption, safeguard the vulnerable individuals that Bitcoin can assist, and attract policymakers who genuinely care about Bitcoin while shunning “crypto.” If you find yourself interacting with politicians, advocate for protections regarding self-custody, minimal tax treatments to facilitate Bitcoin spending, and consumer safeguards on exchanges and brokerages.
I see it as a personal obligation to introduce as many individuals as possible to Bitcoin, and I’ve been earnest in this endeavor. This entails introducing the 57% of Americans who aren’t fond of Trump to Bitcoin as a positive force in the world; my task is becoming increasingly difficult, particularly since Nashville. Let’s face it: Bitcoin represents the ideal fusion of “internet” and “money,” which should incite skepticism from anyone. There’s no lack of fear, uncertainty, and doubt dismissing Bitcoin as fictitious currency, a scam, a Ponzi scheme, or a tool for criminals. While experienced Bitcoiners may be unconcerned about these claims, the pre-coiners I know are acutely aware of this reputation. If my mission is to persuade them to reconsider Bitcoin, it becomes more challenging when Bitcoin enthusiasts appear eager to align with a recognized con artist, philanderer, fraud, and convicted felon.
For those who believe Trump is now aligned with us, he isn’t. He will abandon our community the moment it benefits him, and we will suffer as a result. Broaden your perspective. One week after Trump appeared in Nashville, he participated in a disastrous interview with the National Association of Black Journalists. It seems this didn’t grant him status as a Black journalist. Likewise, showing up in Nashville did not make him a Bitcoiner. We would all benefit from keeping that in mind.
