In response to a Forbes article, pro-XRP attorney and crypto enthusiast John E. Deaton took to Twitter to assert that even if the Biden administration were re-elected in the 2024 US Presidential election, it wouldn’t have the power to kill Bitcoin (BTC), the largest and most prominent cryptocurrency. Deaton’s comment came as a rebuttal to Florida’s Governor and Presidential candidate Ron DeSantis, who claimed that “the current regime clearly has it out for Bitcoin.”
DeSantis emphasized in the Forbes article that the Biden administration’s policies towards Bitcoin could potentially kill the technology. However, Deaton challenged this notion, suggesting that DeSantis’ statement is politically motivated and aimed at attracting support and donations from the Bitcoin community. This skepticism arises from the increasing influence of Bitcoin in the financial and technological sectors, making it an attractive force for politicians who wish to align themselves with the emerging industry.
Deaton argued that understanding the underlying technology of cryptocurrencies like Bitcoin is crucial for politicians who aim to make informed decisions and policies in this field. Without in-depth knowledge, it would be difficult to develop effective regulations or grasp the long-term potential and risks associated with digital assets.
In the meantime, DeSantis has expressed his support for fostering innovation and technological advancements in the financial sector, including cryptocurrencies and blockchain technology. He acknowledged the potential business opportunities offered by digital assets and pledged to cultivate an environment for the Bitcoin industry to thrive in.
DeSantis pointed out that money holds considerable power and any innovation challenging established power structures would naturally attract attention and prompt political debates. Bitcoin’s fundamental premise of offering a decentralized alternative to traditional currencies directly competes with existing political and economic systems, creating a wide array of responses from politicians.
To conclude, while DeSantis forewarns of the Biden administration’s alleged intentions to eliminate Bitcoin, Deaton maintains that Bitcoin cannot be destroyed by any political force, highlighting the importance of politicians understanding and embracing this transformative technology. The key takeaway here is the undeniable impact of cryptocurrencies on politics, with varying opinions arising from different political factions. As the crypto industry continues to develop, it is vital for political players to have a comprehensive understanding of these digital assets and their implications on the global financial landscape.
Source: Coingape
