US Senator Bill Hagerty passionately advocated Bitcoin and the principles of decentralization during his speech at the Bitcoin2024 conference, highlighting the alignment of these values with American ideals of freedom and autonomy.
Hagerty said during his appearance at the Bitcoin2024 conference on July 26 that the flagship crypto represents the fundamental principles of freedom – drawing parallels to the ideals of America’s founding fathers.
When asked why he likes Bitcoin, Hagerty replied:
“It touches a person’s DNA, right? I love freedom and freedom. I don’t care about centralization, and the idea of autonomy is something that every American appreciates.”
He added that Bitcoin offers states a way to retain powers not explicitly granted to the federal government.
Hagerty also criticized the federal government’s increasing efforts at centralization and instead advocated for a nurturing ecosystem that enables innovation in the US. He said not doing so would drive innovation and the talent that supports it offshore.
Bitcoin in politics
Hagerty acknowledged the growing interest in Bitcoin among his peers and attributed much of this momentum to former President Donald Trump. He added that Trump is the “clear” choice in the upcoming election because of his progressive stance on technology.
Hagerty noted:
“[Trump has] leaned on this. He said, look, this is fundamental to America’s competitiveness. It is also fundamental to our freedom and liberty.”
Looking ahead to the November elections, Hagerty has identified Bitcoin and decentralization as crucial issues. He contrasted the current administration’s approach, which he described as hostile to Bitcoin, with a vision of a supportive regulatory environment under a future Republican administration.
According to Hagerty:
“If you support centralization, government control, and a lack of sovereignty, then you can vote for Vice President Harris. If you want liberty, freedom, decentralization and the ability to control your own assets, Donald Trump will be a clear answer for you.”
The senator further outlined a vision for a supportive regulatory environment for digital assets, pledging to end the “war on digital assets” on day one of a potential future Republican administration.
Hagerty also emphasized the need for leadership changes to facilitate this vision, citing SEC Chairman Gary Gensler as an obstacle to industry growth. He slammed the regulator for allegedly harboring political ambitions, saying:
“Everyone in Washington knows that Gary Gensler’s ambition is to move from the SEC to Secretary of the Treasury. Think about that for a moment.”
CBDCs
Hagerty also addressed the controversial topic of central bank digital currencies (CBDCs), describing them as instruments of centralized control, echoing statements by Trump and other prominent Republicans in recent years.
He argued that such technology would allow the government to have an extreme degree of control over what individuals can and cannot do.
According to Hagerty:
“If they can control the way you do business, they can control your life.”
He added that China is one of the biggest proponents of CBDCs because it understands that centralized currencies give them more control over the population. He said:
“The largest footprint of adoption is right there in China. They want to control their population. Why on earth would the United States want to adopt something that the CCP thinks is a good idea?”
Hagerty criticized US lawmakers who have advocated for CBDCs and