Bitcoiners Defend Crypto and Attack Critics

A number of human rights activists have defended Bitcoin and attacked crypto critics in a letter to Congress. They reject the idea that Bitcoin is a solution “in search of problems,” and offer examples of how this digital asset can make life better.

 

Earlier this week, a group of skeptics submitted an open letter to senior U.S. politicians — and described cryptocurrencies as “risky, flawed and unproven.”

 

In response, over 20 advocates have written their own note that argues Bitcoin is crucial for financial inclusion and empowerment because anyone on Earth can use it.

 

Rejecting the notion that BTC is a solution “in search of problems,” they produced examples of where this digital asset has changed lives for the better — and included links to reputable news outlets as further evidence.

 

“We can personally attest — as do the enclosed reports from top global media outlets — that when currency catastrophes struck Cuba, Afghanistan, and Venezuela, Bitcoin gave our compatriots refuge. When crackdowns on civil liberties befell Nigeria, Belarus, and Hong Kong, Bitcoin helped keep the fight against authoritarianism afloat.”

 

And those who added their signatures to the letter in support of responsible crypto policy — Alex Gladstein from the Human Rights Foundation among them — had a compelling point about those who had questioned Bitcoin’s value: most are from nations where stable currencies and free speech are the norm.

 

“Dollar and euro users have most likely not experienced extreme currency devaluation or the cold grip of dictatorship. To most in the West, the horrors of monetary colonialism, misogynist financial policy, frozen bank accounts, exploitative remittance companies, and an inability to connect to the global economy might be distant ideas.”

 

The crypto users went on to passionately argue that, in developing economies, such challenges are daily realities — and if there was a better solution than BTC already available, they’d know about it.

 

Increasing Argument over Crypto

Notably, the letter from these cryptocurrency advocates is quite clear – and acknowledges that Bitcoin, let alone digital dollars, cannot solve all of the world’s problems.

 

However, they firmly challenge the idea that BTC does not empower Americans and global citizens …… or continue to do so.

 

“Most of us dream that our fellow citizens could have access to the dollar or euro systems. But they do not. Bitcoin might not be our Plan A, but amidst the failures of legacy financial systems, it is a valuable Plan B as a bridge to the global economy.”

 

As the U.S. continues to grapple with the issue of how to regulate digital assets, the recipients of the letter — who include House Speaker Nancy Pelosi — are now being urged to keep an open mind.

 

“The crypto industry is undoubtedly rife with scams, but the solution is not to conflate genuinely useful fintech instruments with harmful crypto schemes. Instead, it is to teach people how to tell the difference.”