Marathon Digital CEO Fred Thiel says that anti-crypto politicians in the United States are going to run up against a key voting bloc.
In a new interview with Scott Melker, the head of the crypto mining giant says that the Biden administration and other Democratic politicians have taken an anti-crypto stance in the aftermath of large digital asset bankruptcies like the FTX scandal.
“The [Biden] administration was certainly more open to crypto and Bitcoin, digital assets. And in January, February of this year that swung around to all of a sudden a very antagonistic position. You look at the White House’s economic report and the position they took there. Senator [Elizabeth] Warren is now raising an army against crypto. I think a lot of this is driven by constituents who feel they may have been harmed by what happened to FTX and Three Arrows Capital, Voyager etc.
Politicians, basically, if there’s a squeaky wheel, they’re going to try and silence that squeaky wheel. Because many politicians don’t really understand how digital assets work, the good that they provide, how they help balance the grid, etc., they just play whack-a-mole and they say, Okay, let’s just stomp this out. That way our voters will like us.”
However, Thiel says that politicians who take an anti-crypto stance may draw opposition from younger voters who, he says, are more likely to support crypto.
“The challenge they have is that the younger voters actually are all interested in crypto and digital assets. And so what’s interesting is where before crypto and digital assets were not a polarizing, political hot potato, if you would, or topic, it now is definitely becoming something that the Democrats are anti-crypto and digital assets and the Republicans seem to be pro.
And I think it’s going to become a divisive issue, especially demographically, in this country. And it’ll be very interesting to see. The simple fact that individual states are passing “right to mine” laws and trying to do things to limit regulatory overreach, which is something that the SEC (U.S. Securities and Exchange Commission) and other regulators have been practicing on this topic, it’ll be very interesting.”
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