Bitcoiners Won’t Accept Overregulation – Bitcoin Magazine
This is a transcribed excerpt of the “Bitcoin Magazine Podcast”, hosted by P and Q. In this episode, they are joined by Andy Edstrom CFA, CFP and advisor to Swan Bitcoin to talk about government regulation, how to expose your family to bitcoin, right time to buy and what is happening to the world economy right now.
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Q: I’d just like your thoughts on the ongoing debate between proof-of-work and proof-of-state right now.
Andy Edstrom: Yeah, I think it’s partly a story of congressmen and their staffs getting up to speed on how this all works. I think it is partly a case study in a larger change of a network, which also carries classification as a security versus not.
I think that must make people sharpen their pencils. I believe and hope that Bitcoin will remain a partisan issue, relatively speaking, that I hope we will continue to have support on both the Democratic side and the Republican side. However, I admit that it is very possible that it will swing one way – we could probably guess which way it is. I also think it’s good for Bitcoin in the long run because I think Bitcoin’s ethos of self-reliance, freedom, don’t step on me, and the right to keep your assets and function in society as a free person, I think it all plays into what it means to be an American. It’s going to be a long fight, I think. It’s going to be a lengthy process.
People keep talking about legislation coming, it will be like a general sweep and cover all of crypto or even cover some sub-segments. I do not see it as likely that we will get that legislation, even given the fact that the White House made this request for investigation and reports have been issued.
In a sense, the legislative engine has been slow. The engine of executive orders and things that the president could do has been in motion, but I don’t really see a solution anytime soon in terms of how everything is regulated. If you’re talking about specific bans or restrictions, that’s the whole point you’re starting with Bitcoin existing. Many people like it. They find value in it, they find it useful. Every time you try to restrict or restrict or ban it, you will see the “Orange Army” marching to the rescue, we will mobilize the troops.
There is a large enough intolerant minority at this point. I think any group in any part of the government that tries to crack down too hard on Bitcoin will face a lot of resistance. We’ve already seen that with various attempts to limit access to it or treat miners as brokers. I think that was the one event that happened, I would say almost two years ago, that mobilized a bunch of big letter writing campaigns and people calling their congressmen. We’ve already seen the political power that Bitcoiners can wield, and I think that power will only increase with time.
