Bitcoin: The Progressive's Dream Financial Product

Tony Kim Oct 02, 2024 04:08

Pantera Capital outlines why Bitcoin embodies the ideal financial inclusion product, emphasizing its borderless, permissionless, and cost-effective features.

According to Pantera Capital, Bitcoin (BTC) represents the ultimate financial product for progressives, embodying key features that promote financial inclusion. The insights were shared in a detailed piece that highlights Bitcoin's potential to revolutionize the financial landscape.

Bitcoin's Ideal Features for Financial Inclusion

Pantera Capital's analysis begins by listing the attributes that a progressive think tank might desire in a financial product aimed at inclusion:

• Accessibility for anyone on Earth
• Cellphone-based usability
• Borderless transactions
• Permissionless use
• Instantaneous transfers
• Low remittance costs for migrants
• No bank or SWIFT fees
• Lower transaction fees compared to Visa and Mastercard
• No cost for storing money or savings
• Potential for earning yields
• 24/7/365 access to funds
• Immunity from central bank devaluation
• No inflation, with historical appreciation of 90% annually over eleven years
• Resistance to totalitarian repression
• Elimination of discrimination through alphanumeric identifiers
• Empowerment for women in repressive nations
• Banking the unbanked, including teenagers
• Democratization of financial products
• Global reach, even in remote areas
• Involvement of 4 billion people in the financial system

Pantera Capital emphasizes that these features make Bitcoin a dream product for financial inclusion. The firm points out that Bitcoin’s open-source nature and lack of patents mean it is freely available to the world.

Political Perspectives and Endorsements

The discussion also touches on the political landscape surrounding Bitcoin. Congressman Ro Khanna (D-CA) is quoted saying, “Being against Bitcoin is like being against cell phones,” underscoring the non-partisan nature of the technology. However, the article notes the irony that progressives, who theoretically should embrace Bitcoin, often oppose it.

Senator Elizabeth Warren (D-MA) has also weighed in, describing Bitcoin as a matter of national security. The U.S. government's historical support for internet companies contrasts sharply with its cautious approach to blockchain, resulting in significant blockchain trading moving offshore.

Vice President Harris's Blockchain Stance

Vice President Kamala Harris recently made a significant policy endorsement of blockchain technology. In a speech, she compared the importance of blockchain to past American innovations like the transcontinental railroad and the Interstate Highway System, affirming the nation's commitment to global leadership in emerging technologies.

Former President's Bitcoin Use

In a symbolic move, a former U.S. President recently used Bitcoin to purchase a round of cheeseburgers, marking a notable political pivot towards blockchain technology. This event highlights the growing mainstream acceptance of Bitcoin and its potential role in future financial systems.

Conclusion

Pantera Capital's analysis makes a compelling case for Bitcoin as the ultimate financial inclusion tool, aligning perfectly with progressive ideals. The firm’s insights suggest that Bitcoin's adoption could lead to significant advancements in global financial accessibility and equality.

For more detailed insights, visit the original article on Pantera Capital.

Image source: Shutterstock

• bitcoin
• financial inclusion
• cryptocurrency