Elizabeth Warren, Progressives Should Love Bitcoin

Dear Senator Warren,

I am a fan. I think you are very smart, and you genuinely care about building a more equitable society.

But respectfully, when you talk about Bitcoin, you sound silly.

Bitcoin is not powered by a “shadowy faceless group of super coders.” It is not a “scam,” it is not “bogus digital private money,” it is not “highly opaque,” and it is not built to “assist criminals.”

Rather, Bitcoin is the most democratized form of money ever created. Nobody owns or controls Bitcoin, and everyone can take part.

Bitcoin is a monetary instrument that does not require trust in governments to not inflate away the value of money or trust in banks to stay solvent. Bitcoin was founded in 2008, amidst the global financial crisis, by a person or persons under the pseudonym Satoshi Nakamoto. The creation of Bitcoin was a noble endeavor. Satoshi is among the richest people in the world, and yet, Satoshi’s bitcoin remains untouched (and unspent). We know this because Bitcoin runs on an open-source blockchain. Every transaction is recorded on a public, transparent, decentralized ledger.