The Left’s Continued Attacks on Bitcoin

Surprise, surprise. Bitcoin is on the move again, gaining worldwide traction, and the imbecilic writers at The Daily Beast are telling you that Bitcoin is a medium for ultra-rightwing authoritarian politics with the sinister possibilities of overthrowing government accountability. The claim is simple: because Bitcoin (and other cryptocurrencies) do not need government oversight or banking mediums to facilitate economic transactions, it poses a threat to the current social democratic welfare state.

There are the usual cadres of lies in the recent attack. The claim that Bitcoin facilitates money laundering and crime has been thoroughly debunked despite constant media peddling of this narrative. More people use fiat cash for crime and money laundering than Bitcoin and other cryptocurrencies. But statist leftwingers don’t ever complain about that. There main complaint rests as it is always has been: if humans are improving their lives and futures without the “help” of government, it must be inherently rightwing and dangerous! Blah. Blah. Blah.

Then there is the claim that pro-Bitcoin politics dismantles the system of checks and balances in political-economy. This position is misleading to the unread and uneducated economic public. The “system of checks and balances” that anti-Bitcoin propagandists don’t acknowledge is that the checks and balances of the IMF, World Bank, and other global economic institutions are inherently corrupt, manipulate markets, and stymy economic innovation and improvement by creating debt dependency in developing nations. The whole goal of Bitcoin and other cryptocurrencies is to escape the tyranny of “checks and balances” in national economies to regain economic and financial independence. Orwellian doublespeak works in this manner: call something bad good, give it a good and benevolent name to cover up the negatives, and the sheepish people will believe it.

Bitcoin is a nonpartisan issue. But pro-government totalitarians are enraged at Bitcoin’s continued rise. Why? Because, as we’ve said before, if the greatest redistribution of wealth in the history of humanity occurs because of individual choice rather than government bureaucracy (read: more government control) than it must be bad! Live for yourself. Control your own destiny. Don’t wait for so-called benevolent regulators and bureaucrats to claim to have your best interests when they are always serving the interests of the power elite with the veil of helping you.


Hesiod, Paul Krause in real life, is the editor of VoegelinView and a writer on art, culture, literature, politics, and religion for numerous journals, magazines, and newspapers. He is the author of The Odyssey of Love and the Politics of Plato, and a contributor to the College Lecture Today and the forthcoming book Diseases, Disasters, and Political Theory. He holds master’s degrees in philosophy and theology (biblical & religious studies) from the University of Buckingham and Yale, and a bachelor’s degree in economics, history, and philosophy from Baldwin Wallace University.


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