This is part 2, here’s part 1.

Cryptocurrency, particularly Bitcoin, has attracted a unique mix of innovators, venture capitalists, and political figures—many of whom are wealthy white men. Figures like Peter Thiel and Elon Musk have turned crypto into a tool for political and financial gain, often skirting government oversight. These actors use cryptocurrency to their advantage, how it aligns with anti-democratic movements, and the potential dangers for Americans as we head toward a more deregulated future.

What’s Happened: Trump’s Crypto Foray

Donald Trump’s recent embrace of cryptocurrency, particularly his launch of World Liberty Financial (WLF), has shifted the conversation around crypto into the political arena. Previously skeptical of digital currencies, Trump has jumped into the crypto world with promises of financial freedom and independence from traditional banking systems.

His plan for WLF echoes his familiar rhetoric that the system is rigged against the average American. Trump casts himself as the people’s champion by offering decentralized finance solutions. However, Trump’s pivot into crypto is more about enriching his inner circle than empowering everyday citizens.

Trump’s move comes as pro-business, deregulation-focused policies are on the rise, particularly under the banner of Project 2025. The potential implications are vast—crypto could offer a way for Trump and others to funnel money through unregulated channels, avoid taxation, and manipulate financial markets without consequence.

Why Crypto Appeals to Thiel and Musk

Powerful figures like Peter Thiel and Elon Musk are at the heart of this new crypto movement. Thiel, a major backer of JD Vance and influential in the creation of Project 2025, has long supported Bitcoin. His venture capital firm, Founders Fund, invested significantly in Bitcoin and Ether just before the market surged. For Thiel, cryptocurrency offers more than just financial gains; it’s a tool to challenge government control over currency, a fundamental part of his libertarian ideology. Thiel’s vision is one where wealth and power are increasingly concentrated in the hands of a few—those who can control decentralized financial systems​.

Similarly, Musk, whose tweets have single-handedly swayed the prices of Bitcoin and Dogecoin, also sees crypto as a means of financial disruption. Musk’s libertarian leanings align with Thiel’s, and together, they are part of a growing movement of Silicon Valley oligarchs seeking to carve out unregulated spaces where traditional governmental controls don’t apply.

How Crypto Funds International Terrorists, Authoritarians, and Cybercriminals

Cryptocurrency can potentially undermine the effectiveness of sanctions, one of the most important tools of international diplomacy and political leverage. Traditional sanctions work by cutting off access to the global financial system, making it difficult for sanctioned countries or entities to move money, engage in trade, or acquire resources.

However, cryptocurrencies bypass traditional financial networks, allowing actors to conduct transactions without using banks or systems subject to regulation and oversight. This undermines the ability of the U.S. and its allies to enforce sanctions, as digital currencies like Bitcoin, Ethereum, and others can be used to conduct illicit transactions across borders without leaving a clear trail. For example, Russia has explored using crypto to evade sanctions after its invasion of Ukraine, and Iran has also been known to utilize digital assets to avoid economic restrictions.

If cryptocurrencies become widely adopted by adversarial states, U.S. political power is greatly diminished. Sanctions rely on the dominance of the U.S. dollar and control over global financial systems, such as SWIFT, which gives the U.S. unparalleled influence over international transactions.

However, if sanctioned actors can freely use crypto, they can operate outside this system. This not only weakens the effectiveness of sanctions but also emboldens countries like Russia, North Korea, and Iran to continue harmful actions with fewer consequences. In the long term, this erosion of sanctions could result in a decline of U.S. geopolitical power, as one of the most critical non-military means of enforcing global order is rendered ineffective.

What Could Be The Master Plan?

The master plan seems to be twofold: create a parallel financial system free from government regulation and use it to consolidate power.

With Project 2025 proposing to strip down federal oversight of financial markets and regulatory bodies, crypto could become the primary currency for these technocrats. Lack of oversight would allow them to move money globally, fund political campaigns, and manipulate markets with minimal interference. The goal isn’t just to create wealth; it’s about power. Cryptocurrency allows these actors to function outside traditional financial systems, evading taxes and regulation​.

For Thiel, who has long believed in a libertarian utopia, this is about more than wealth—it’s about the survival of the fittest in an increasingly stratified society. His crypto investments align with his broader vision of a world where the wealthy few can operate in isolation from government control, making it easier to influence politics and policy without being held accountable.

How It Could Affect Americans

The implications of these moves are profound.

In the hands of oligarchs like Thiel and Musk, cryptocurrency could deepen inequality even though it’s heralded as a democratizing force.

The deregulation promoted by Project 2025 would allow wealthy individuals and corporations to sidestep financial rules meant to protect consumers. Without oversight, crypto could be used to avoid taxes, fund political candidates without transparency, and bypass anti-money laundering laws. This would leave everyday Americans vulnerable to a financial system increasingly controlled by those who can afford to game the system.

In a worst-case scenario, the unchecked rise of crypto could destabilize the global economy. With figures like Thiel and Musk calling the shots, governments would struggle to rein in their influence, leading to a world where wealth and power are more concentrated than ever. For the average citizen, this could mean fewer protections, higher risks of fraud, and a financial system where the rich get richer while everyone else is left behind.

Choosing Democracy Over Billionaire Control

The rise of cryptocurrency in the hands of people like Donald Trump, Peter Thiel, and Elon Musk should serve as a wake-up call for those who value democracy.

While crypto offers the allure of financial freedom and innovation, it also poses a grave threat: the concentration of power and wealth in the hands of a small, elite group of billionaires. These individuals, who seem more interested in building alternate realities or pursuing personal gain, could leverage unregulated cryptocurrency markets to destabilize traditional economic systems and consolidate their influence. This would allow them to live in a world without financial borders or consequences, and it would all be invisible.

At the heart of this issue is a growing divide between financial freedom and democratic governance. If the unchecked rise of crypto continues, with Project 2025 acting as the political tool to dismantle regulatory safeguards, the U.S. risks becoming a playground for oligarchs. These billionaires, who appear to be bored by traditional business and driven by radical ideologies, could use crypto to evade taxes, influence elections, and reshape society according to their vision.

The Clear Choice: We Need to Fight to Preserve Democracy!

The decision we face is clear: do we allow the rich and powerful to use cryptocurrency as a tool to entrench their control, or do we choose democracy? We need a system that protects consumers, ensures transparency, and prevents billionaires from undermining the very principles that sustain a free society.

By holding these powerful actors accountable, we can stop the slide toward a dystopia where financial and political power is concentrated in a few’s hands. Instead, we must ensure that cryptocurrency fulfills its original promise of democratizing finance—not as a means for a select few to escape accountability and further deepen inequality. It means standing up against policies that weaken oversight and recognizing that a vote for deregulation, such as that represented by Project 2025, is a vote for billionaire control.

The future of crypto can be a force for good, but only if we insist on transparency, fairness, and democratic values. If we don’t, we risk turning our financial system—and, by extension, our democracy—into an arena where only the wealthiest players can compete.