Democrats are embracing Bitcoin despite Trump, says lobbyist
Supply Shock host Pete Rizzo spoke with Satoshi Action Fund president Dennis Porter
Maquette.pro/Shutterstock modified by Blockworks
In a surprising turn of events, Democrats in Washington DC are increasingly embracing Bitcoin, according to Dennis Porter, president and co-founder of Satoshi Action Fund.
Porter, a key figure behind efforts to establish strategic bitcoin reserves in over 30 US states, believes that the decentralized nature of Bitcoin aligns well with core Democratic values.
“I have for a long time […], despite being told by many Bitcoiners that I was wrong, said that I believe Democrats will be more likely to be more pro-Bitcoin than Republicans,” Porter stated in an interview on Blockworks’ Supply Shock Tuesday episode.
Porter told host Pete Rizzo that Bitcoin’s decentralized structure makes it particularly appealing to Democrats.
“The reason why you’ll have a lot of Democrats that are really interested in this technology is because it’s a bottom-up technology that is completely decentralized. There’s no VC hedge fund or executive board profiteering off of the people beneath them. It’s 100% bottom up. The people control it,” Porter explained.
Elsewhere, Porter highlighted bitcoin’s potential to address global financial inequality, a cause often championed by progressive Democrats.
“Bitcoin is a tool to be able to bank the unbanked and provide financial services for people all over the world who have been left behind,” Porter said. He emphasized that billions of people currently lack access to banking services or stable currencies, limiting their potential for economic growth and innovation.
The comments are notable given the Democratic Party’s continued efforts to oppose Trump’s initiatives since his re-election. Trump has been a strong supporter of bitcoin and other crypto assets, most recently hinting at establishing a strategic crypto reserve this weekend.
Yet, Porter believes the Democratic Party’s current restructuring phase presents a unique opportunity for lawmakers to define their stance on bitcoin and digital assets.
“Bitcoin is the most tightly regulated monetary asset in the entire world,” Porter argued. “The Bitcoin maxis, the most extreme Bitcoin maxis, were actually in favor of the most extreme form of regulation because it protected decentralization.”
As the political landscape around cryptocurrencies continues to evolve, Porter’s insights suggest that the traditional partisan lines may be blurring when it comes to bitcoin adoption.
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