An anarchistic digital currency pioneered by cypherpunks and first used on shady internet sites is not something one would typically associate with patriotism. Nevertheless, as our country strays further from its founding ideals of liberty, decentralization, and personal responsibility, perhaps Bitcoin is precisely what is needed to return us to those roots.
While Bitcoin is a ground-breaking technology, what it accomplishes is neither a radical nor a new idea. The fiat experiment beginning in 1971 is not the norm in the history of money, and bitcoin simply restores the principle of sound money that has been present throughout history. Where Bitcoin differs from the monetary standards of the past is in its technological superiority, which allows it to avoid some of the failures of those past standards.
Bitcoin’s ledger is auditable and can be verified by individuals running nodes on their own personal computers. This prevents the creation of inflationary “paper” bitcoin similar to the creation of paper gold and silver that has hurt those markets, since Bitcoin makes physical delivery of the asset much easier. With gold it is necessary to entrust institutions to hold the physical asset since they are the only ones with the resources to store and guard it. There is no such problem with Bitcoin since users are able to self-custody practically limitless amounts of value using a single digital wallet.
Bitcoin has the potential to disrupt the current paradigm of nation-states, yet owning bitcoin should be seen as patriotic since it embodies the values this country was founded on. For better or worse, Americans have always prided themselves on their individualism. The desire to hold as much control over one’s own life as possible is an innately American desire, and one that is only fully enabled financially through holding bitcoin.
Bitcoin not only gives its holder control over their wealth and finances, but also the ability to transact freely with the rest of the…