U.S. Senator Bill Hagerty was a passionate advocate of Bitcoin and the principles of decentralization during a speech at the Bitcoin 2024 conference, emphasizing that these values are consistent with American ideals of freedom and self-governance.
Speaking at the Bitcoin 2024 conference on July 26, Hagerty said the flagship cryptocurrency represents fundamental principles of freedom and shares commonality with the ideals of America's Founding Fathers.
When asked why he likes Bitcoin, Hagerty replied:
“It's in a person's DNA, right? I love freedom and rights. I don't mind centralization, and the concept of self-governance is something that all Americans value.”
He added that Bitcoin also offers a way for states to retain powers that have not been expressly granted to the federal government.
Hagerty also criticized the increasing centralization of power in the federal government and called for creating a nurturing ecosystem in which innovation can thrive in the United States, otherwise, he said, innovation and the talent that supports it will move overseas.
Bitcoin in politics
Hagerty acknowledged the growing interest in Bitcoin among his colleagues and attributed much of this momentum to former President Donald Trump, adding that Trump is the “clear” choice in the next election due to his progressive stance on technology.
Hagerty noted:
“[Trump]leaned into this. He said, 'Look, this is fundamental to American competitiveness. And it's fundamental to our freedoms and our rights.'”
Hagerty positioned Bitcoin and decentralization as crucial issues in the run-up to the November elections, contrasting the current administration's supposedly hostile approach to Bitcoin with his vision of a supportive regulatory environment under a future Republican administration.
According to Hagerty:
“If you prefer centralization, government control and a lack of sovereignty, vote for Vice President Harris. If you prefer freedom, rights, decentralization and the ability to manage your own assets, Donald Trump is the clear answer.”
The senator went on to outline his vision for a regulatory environment that is supportive of digital assets, promising to end the “war on digital assets” on day one of a future Republican administration.
Hagerty also stressed the need for a change in leadership to advance this vision, and singled out SEC Chairman Gary Gensler as an impediment to the industry's growth. He accused the SEC of harboring political ambitions, saying:
“Everybody in Washington knows that Gary Gensler wants to move from the SEC to become Treasury secretary. Think about that for a second.”
CBDC
Hagerty also touched on the controversial idea of central bank digital currencies (CBDCs), describing them as a means of centralized control, echoing comments made by President Trump and other prominent Republicans in recent years.
He argued that such technology would give governments extreme control over what individuals can and cannot do.
According to Hagerty:
“If they can control your means of trade, they can control your life.”
He added that China is one of the biggest advocates of a CBDC because it understands that a centralized currency would give them more control over their citizens.
“The biggest adoption footprint is in China. They want to control their people. Why would the United States want to adopt something that the Chinese Communist Party thinks is a good idea?”
Hagerty criticized U.S. lawmakers who advocate for CBDCs,
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