Sam Seder has used his well-known radio show ‘The Majority Report’ to look into the possible far-right ethos behind Bitcoin. In a phone interview with prominent author David Golumbia, the two men discussed the underlying principles behind Bitcoin and also the criticism its followers aim at the US Federal Reserve.
Bitcoin not as value neutral as many think
When Bitcoin was originally founded, its lack of central regulation and apparent openness led to many of its followers claiming it to be less political than traditional hard currencies such as the US Dollar. In his show Seder dispelled this myth and noted that all currencies, be it digital or physical, have an inherent political value.
Bitcoin founders had limited the number of coins to mine at 21 million with a view to removing the issues around stability and inflation. This has not proved to be the case though as the sharp changes in Bitcoin prices have shown. The much vaunted stability that limiting the number of Bitcoins was meant to bring has not seemingly panned out as the cryptocurrencies followers claimed.
Could Bitcoin really be built on a far-right mentality?
Many of the most fervent Bitcoin advocates heavily criticise the US Federal Reserve for what they claim are artificial tinkerings with the US Dollar price for their own gains. While the Fed may have its faults, it is actually the fact they are audited and regulated that protects the public from them. When you consider Bitcoin has no such regulation to serve the public, their criticisms in this area look dubious.
This is what has led authors like David Golumbia to examine if it is simple far-right anti-Semitism that is actually behind these attacks on the US Fed. Could it be that the age old suspicion of the Fed being a Jewish institution, only looking after themselves, is really what is happening?
Right-wing capitalism always wants less regulation
The other key factor that Seder aired as part of the interview was that far-right voices are always calling for less government regulation and interference in business. With this being one of the other main driving forces not only behind Bitcoin but also their followers attacks on the traditional banking system, it may point to a far-right bias at Bitcoin’s heart.
Image Source: Pixabay