Fred Thiel, CEO of Marathon Digital Warns

Fred Thiel, CEO of Marathon Digital, says that anti-crypto politicians in the United States are facing a significant problem. Thiel said in a new interview with the head of the crypto mining giant, Scott Melker, that the Biden administration and other Democratic politicians have taken an anti-crypto stance in the wake of major crypto bankruptcies like the FTX scandal.

“The Biden administration was definitely more open to crypto and Bitcoin, digital assets. In January and February of this year, they suddenly took a very hostile position. You look at the economic report of the White House and the position they took there. Senator Warren is now building an army against crypto. I think most of them are FTX and Three Arrows Capital, Voyager etc. driven by voters who think they may be hurt by what happened to companies. Politicians basically, if there is a squeaky wheel, they will try to silence that squeaky wheel. Many politicians discuss how digital assets work, the utility they provide, how they help stabilize the grid, etc. because they don’t really understand, they just play mole and say, OK, let’s suppress this. That way, our voters will love us.“

However, Thiel says that politicians who take an anti-crypto stance may attract backlash from younger voters who are more likely to support crypto.

“Their challenge is that all of the young voters are actually interested in crypto and digital assets. What is interesting is that while previously crypto and digital assets were not a polarizing, political issue, it is now definitely becoming something Democrats are against crypto and digital assets and Republicans seem to be pro. And I think it will become a particularly demographically divisive issue in this country. And that will be very interesting to see. It will be very interesting for individual states to enact “mining rights” laws and try to do something to limit regulatory excess, something the SEC (US Securities and Exchange Commission) and other regulators have enforced in this regard.“

We know that in the last elections of South Korea, we saw that cryptocurrencies were heavily on the agenda. The more moderate front against crypto has won the elections. Regardless of the Bitcoin price going up or down, people are interested in this industry and politicians’ approach to crypto can influence investors’ choices.