Marathon Digital CEO Fred Thiel says that anti-crypto politicians in the USA are going to run up in opposition to a key voting bloc.
In a brand new interview with Scott Melker, the pinnacle of the crypto mining big says that the Biden administration and different Democratic politicians have taken an anti-crypto stance within the aftermath of enormous digital asset bankruptcies just like the FTX scandal.
“The [Biden] administration was definitely extra open to crypto and Bitcoin, digital belongings. And in January, February of this 12 months that swung round to unexpectedly a really antagonistic place. You take a look at the White Home’s financial report and the place they took there. Senator [Elizabeth] Warren is now elevating a military in opposition to crypto. I feel numerous that is pushed by constituents who really feel they might have been harmed by what occurred to FTX and Three Arrows Capital, Voyager and so on.
Politicians, mainly, if there’s a squeaky wheel, they’re going to try to silence that squeaky wheel. As a result of many politicians don’t actually perceive how digital belongings work, the nice that they supply, how they assist steadiness the grid, and so on., they only play whack-a-mole they usually say, Okay, let’s simply stomp this out. That method our voters will like us.”
Nonetheless, Thiel says that politicians who take an anti-crypto stance might draw opposition from youthful voters who, he says, usually tend to assist crypto.
“The problem they’ve is that the youthful voters truly are all concerned about crypto and digital belongings. And so what’s attention-grabbing is the place earlier than crypto and digital belongings weren’t a polarizing, political scorching potato, if you happen to would, or matter, it now’s positively turning into one thing that the Democrats are anti-crypto and digital belongings and the Republicans appear to be professional.
And I feel it’s going to turn out to be a divisive problem, particularly demographically, on this nation. And it’ll be very attention-grabbing to see. The straightforward indisputable fact that particular person states are passing “proper to mine” legal guidelines and attempting to do issues to restrict regulatory overreach, which is one thing that the SEC (U.S. Securities and Trade Fee) and different regulators have been working towards on this matter, it’ll be very attention-grabbing.”
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