Crypto Cabal
Fifteen years after Bitcoin’s creation, it still remains primarily a tool for financial speculation and organized crime, with few legitimate use cases. The broader cryptocurrency industry has weathered numerous scandals, including the collapse of FTX and criminal charges against Binance. The crypto currency is yet another tool for the wealthy to bet on hypotheticals with their play money, create non-existent threats, hype the need for its existence, speculate, and eventually make more money. Yet, crypto lobbyists wield significant power, mainly due to their substantial financial resources. I have always remained a skeptic and will continue to remain a skeptic of the crypto world until I can see legitimate use cases for the same that affect all people-not just the rich.
Money Talks
The crypto industry’s primary Super PAC, Fairshake, has amassed over $202 million so far, for the 2024 election cycle, largely from 8-figure contributions from individual donors. Coinbase alone has donated $70 million, while investors like Ben Horowitz, Marc Andreessen, and the Winklevoss twins (remember them?) have written multi-million dollar checks. Here is the open secret. These largest individual donors from the crypto industry are specifically supporting Donald Trump’s candidacy.
Of the $45 million Fairshake and its subsidiaries have spent so far, two-thirds have been used to attack Democrats or support Republicans. This financial clout positions the crypto industry to be one of the most…
