Ethereum co-founder Vitalik Buterin on Wednesday warned against choosing a candidate solely on whether they claim to be “pro-crypto.” In a blog post, Buterin said it’s more important to scrutinize a candidate’s broader policies to ensure they support fundamental crypto goals, like internationalism and protecting private communications.
“If politicians are pro-crypto, a key question to ask is: are they pro-crypto for the right reasons?,” Buterin wrote. “Do they share your vision for what 21st century technology, politics, and economics should look like?”
While Buterin did not name any politicians or crypto investors, his comments came a day after Marc Andreessen and Ben Horowitz declared their support for former President Donald Trump in the 2024 presidential election. The Andreessen Horowitz founders noted in a podcast yesterday that Trump's plans to regulate crypto are “a total endorsement of the entire industry.” The influential venture capitalists join other Silicon Valley notables, including Elon Musk, who endorsed Trump last week.
Additionally, the Ethereum co-founder argued that signaling support for a “pro-crypto” candidate could motivate politicians to promote the cause with malicious intent, noting that authoritarian leaders in Russia, in particular, have argued support for crypto to consolidate their power.
“It doesn’t matter if they also support a ban on encrypted messaging, if they’re power-hungry narcissists, or if they’re pushing legislation to make it harder for your Chinese or Indian friends to attend your next crypto conference — all politicians need to do is make it easy to trade coins,” Buterin said.
The Ethereum co-founder suggested looking at the cryptocurrency views of “crypto-friendly” politicians five years ago, which he said could provide an indication of whether politicians will reverse their stance five years from now.
Notably, former President Trump was strongly opposed to decentralized tokens five years ago: In a July 2019 tweet, Trump said he “doesn't like Bitcoin or other cryptocurrencies because they are not money.” In a subsequent tweet, he said, “The United States has only one real currency,” referring to the U.S. dollar.
But in May, Trump reversed his stance on cryptocurrency, becoming the first major presidential candidate to accept donations in Bitcoin, with The Wall Street Journal reporting that Trump's crypto fundraising efforts brought in $3 million in donations in the second quarter.