The conservative current has always been very present in the Bitcoin scene. Despite the fact that Trump was never an ally, the liberation position has always been centered on the Republicans. In fact, many bitcoiners support Trump. Progressivism is in a way the opposite of the hard currency system proposed by the Utopia Liberate. At least in terms of fiscal and monetary policy. Georgia State Republican Senator Kelly Loeffer was considered our best friend in Washington. But now he has been left out of an extremely tight election. What does his defeat mean for Bitcoin?
We all gasped at the attack by Trump supporters on the Capitol. Personally, the Trump presidency has always reminded me of Venezuelan chavismo. This devotion of a caudillo who will defend the people from the elites in a kind of messianic movement has never been my favorite story. These “strong men” always have a hypnotic effect on the population. The press is not trustworthy. The institutions are not trustworthy. The business world is not trustworthy. The unions are not trustworthy. Universities are not trustworthy. Science is not reliable. Nothing is reliable. Only the supreme leader is trustworthy. It doesn’t matter what I do. You need to be lenient to the leader for doing what is necessary in fighting the enemy. He’s rude, disrespectful, and cheating. But it does not matter. The most important thing is the destruction of the enemy. The enemy of my enemy is my friend no matter what I do.
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The above is a very typical third world mentality. Personalism versus institutionality. In Latin America, for example, we too often forget that democracy is the rule of law. Sometimes we think of democracy as the rule of the people, led by the strong man. Due process? What’s this? If someone in a Latin American country accuses election fraud without evidence, the accusation automatically becomes a fact. Why? Because there is no institutional culture. Due process? What’s this?
In many ways, the Trump presidency was a banana presidency. And it ended up like governments in banana republics. Senator Kelly Loeffer planned to protest the election results on the day of the attack on Congress. Many Republicans played Trump out of fear of his supporters. That is, they have aspirations and do not want to lose this political base. It was all a theater, however. On January 6th, the matter becomes a reality. After the attack, Senator Kelly Loeffer swallowed hard, stopped the theater and confirmed the election result. He understood that this theater had gone too far.
Who is Kelly Loeffer? Following Cointelegraph’s Top 100, Kelly Loeffer is number 3 in the crypto space after Changpeng Zhao, CEO of Binance, and David Marcus of Facebook. Of course, this list has not been updated yet. It’s a list that was released last year. But it’s very interesting that Kelly Loeffer is above Vitalik. Apparently Kelly Loeffer is not known to Bitcoiners. However, popularity does not always mean influence.
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Loeffer was the CEO of Bakkt. Bakkt is a digital asset and futures exchange platform founded in 2018 by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE). Loeffer is also a co-owner of the National Women’s Basketball Association (WNBA) Atlanta Dream. She is also the current wife of Jeffrey Sprecher, the CEO of the Intercontinental Exchange (ICE) and the director of the New York Stock Exchange. In the past, the couple were particularly known for their generous donations to the Republican Party. In November 2019, Loeffer replaced Georgia Senator Johnny Isakson, who had announced his resignation on health grounds. He ran for the 2020 election, but lost a head. Are you going to return to Bakkt?
Loeffer’s influence on the financial world is significant due to his relationship with the ICE group. As a senator, the extent of her power cannot be said. It was a vote. But he does not chair a large committee. Apparently he was a member of the health committee. In all honesty, I don’t find much information about your projects or activities in the Senate. He propped up Trump’s tooth and nail. Yes.
Kelly Loeffer lined up with the toughest Trump wing of the Replication Party and at the time he was ardently against the Black Lives Matter movement. Ironically, he lost his chair to Democrat Raphael Warnock, a black man. For the first time in Georgian history, a black man wins a Senate seat.
Who will be our next crypto-nator after Kelly Loeffer’s defeat and a blue Senate? Who will chair the main committees for the crypto world? Who will be elected to the SEC?
Historically, democratic administrations have been very good for the American economy. But Democrats must not run wild because they tend to overdo budgeting and regulation. Without a conservative counterweight in the Senate, progressives can indulge in excessive amounts.
The problem here would not be so much the economy itself. While fiscal stimulus will certainly increase significantly under the new Democratic administration, the Federal Reserve, an autonomous entity, will continue to administer monetary policy in the same way.
The concern revolves around regulations. The blues could get the fumes with so much force. The radical left within the Democratic Party could get too creative. Mistakes can be made in abundance in your endeavors to become the advocates of social justice.
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A rampant witch hunt against the tech, crypto, and financial sectors is the least you want right now. The various factions within the constantly fighting Democratic Party can act as brakes. With Trump out of the equation, there is no longer a common enemy. Which could mean the conflict is getting internal.
The United States is a very divided country. Both parties are extremely divided. Of course, Joe Biden is not the left radical Trump drawn during the campaign. Biden has always been a centrist. A moderate one. He’s not the most charismatic man in the world. But it was the anti-Trump solution that got the slightest setback. Trump is gone. And now that? Will it have the power to unite the country? Are the Democrats up to their new power?
Many bitcoiners have a soft spot for Trump and the Republicans. However, this tendency serves more of an ideological affinity. Nor can we say that Bitcoin was on an altar during the Republican reign. Will the Democrats be better or worse for Bitcoin? I dont know. It’s too early to tell. It’s time to wait for the dates. We have to give time to time to evaluate our new reality.