I'm seeing this new meme bubble up that Bitcoin, not even "crypto", is responsible for the demise of US democracy. This is nonsense.

First of all, everything that's happening in the last two months is a continuation of multi decade trends. It was obvious long before the whitepaper was published. Particularly an out of control growth of, and complete lack of checks on, executive branch power. Trump isn't even using a fraction of it. I find Dan Carlin's take on this stuff in his Common Sense podcast useful.

But that aside, crypto just isn't that important (yet). It's nice (or bad, depending on your views) that some people in power have at least heard of it, and own some, but that doesn't make it a crypto coup.

The highest estimate of crypto industry donations to this campaign I've seen is $400 million. That's a lot, but total spending was many billions. Apparently even Musk, who has very little to do with crypto despite his Doge pumps, donated hundreds of millions.

Crypto was also barely a voting issue. Molly White went to great lengths to prove that.

Finally, a friendly reminder that Bitcoin is a global phenomenon and not everything is about the US.

Find another scape goat.