Bitcoin vs. Politics: French Actors Disagree on the Crypto Revolution

Bitcoin and the crypto sector in general are finding more and more brands in France, thanks to more and more open authorities. However, the ideology behind the crypto revolution is still debated.

The Bitcoin Ideal: A Deep Libertarian Universe?

Cryptocurrencies are increasingly being watched by the French authorities. Between the government looking to develop the web3 and the introduction of a new crypto tax, the sector could finally be seen at its fair value. However, there are still some ideological tensions within the actors. The Surfin’ Bitcoin event, held in Biarritz last week, was an opportunity to rekindle the debate between the industry and the traditional economy.

Indeed, the meeting brought together crypto advocates who have championed libertarianism in the industry. Indeed, Bitcoin and its acolytes continue to disrupt the current economic system. The small orange room was initially recognized for its ‘Robin Hood’ side, opening an alternative market for all. A fact that attracted some deputies, including Pierre Person, who stood out with two reports in favor of crypto. Yorick de Mombynes, advisor to the Court, would think these characteristics would make the industry apolitical.

If it comes under politics, money can become a tool to enslave the population. But Bitcoin offers a historic opportunity to depoliticize the currency.

Excerpt from Yorick de Mombynes’ speech at the Surfin’ Bitcoin event

Source: Yorick de Mombynes’ Twitter account

Crypto would be more political than ever in its independence

However, there are still some objections. Among them is the economist David Cayla for whom cryptocurrencies are said to be more political than ever. In an interview with Capital, he suggested that digital currencies would be exactly against the state. Bitcoin would therefore only be an anarchic currency that rejects the authority of countries.

The Bitcoin ideology goes even further by denying the existence of the state itself. It’s a form of ultra-liberalism, a libertarian version of money. […] The idea behind it is the fact that we naturalize the currency by refusing to manage it collectively and politically. It is a view of the economy where it would impose itself on societies and be a form of natural production, with laws of nature.

Excerpt from David Cayla’s interview with Capital

Belgian MP Christophe De Beukelaer has decided to receive his salary in digital currency. For him, it would be a political act to demand more openness about its use. Therefore, to be adopted globally, Bitcoin would still need initiatives that oppose the pre-existing system to impose itself.

Bitcoin getting closer to the traditional system?

However, we can still wonder about the “apolitical” side of Bitcoin. Indeed, the first cryptocurrency seems to have lost its independence. Although its use is at odds with the current economy, its position in the market is moving closer and closer to the stock market assets. For example, the BTC would become more and more sensitive to the vagaries of the traditional economy, as its rate varies according to the statements of the FED.

We might therefore fear in the long run that the first cryptocurrency will merge into other assets and lose sight of its revolutionary features.

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