Bitcoin (BTC) adoption trend baffles Erik Voorhees

Erik Voorhees is scratching his head over a trend he didn't see coming. In a post on X early Sunday, he said, “I would not have predicted a bunch of Bitcoiners becoming protectionists because a politician told them it would help the economy.”

Erik Voorhees is scratching his head over a trend he didn't see coming. In a post on X early Sunday, he said, "I would not have predicted a bunch of Bitcoiners becoming protectionists because a politician told them it would help the economy."

"Nor would I have predicted a large percentage of libertarians en masse embracing a novel legal argument they'd never heard before, in a span of one week, to promote an infinitely powerful chief executive," Voorhees continues. "But both have happened in 2023."

His post has since garnered over 1,000 likes and 150 retweets.

The post comes after a report by The Block revealed that a group of prominent crypto figures, including the likes of Hunter Biden, had lobbied the administration to prioritize policies that would provide direct economic relief to lower-income families amid the ongoing strikes by the actors' and writers' unions.

The report also highlighted a petition on the White House website, which has garnered over 140,000 signatures, urging President Biden to buy more bitcoin instead of protecting developers from being jailed or self custody.

"People are desperate for help, and politicians are promising salvation," Voorhees says. "But the only salvation is self-reliance, not the State."

Voorhees's post has sparked a lively discussion among his followers, with many weighing in on the pros and cons of government intervention in the economy.

One follower commented, "It's sad to see how easily people are manipulated by those in power."

Another follower added, "I think it's important to note that there is a difference between protectionism and economic nationalism. Protectionism is when a country tries to protect its own industries from foreign competition, while economic nationalism is when a country tries to promote its own economic interests, even if it means harming other countries."

The discussion comes as the U.S. economy faces a number of challenges, including high inflation, a strong dollar, and a sluggish recovery from the pandemic.

It remains to be seen what impact, if any, the pleas from prominent crypto figures and the petition will have on the administration's economic policies. However, the fact that so many people are willing to speak out and sign petitions on this issue underscores the deep concern that many Americans have about the state of the economy.

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In other news, the price of bitcoin hovered around the $70,000 mark on Monday morning, showing little movement over the past 24 hours. The largest cryptocurrency by market capitalization has faced resistance at the $72,000 level in recent days.

At the same time, ether, the second-largest cryptocurrency, traded at around $515, remaining relatively stable. It had hit a two-week high of $536 on Friday.

Among other cryptocurrencies, Solana rose by about 3% over the past 24 hours, reaching a two-week high of $83.8. The token had lost over 50% of its value this year, as the cryptocurrency faced difficulties in handling network capacity and faced competition from newer tokens like STARKNET.

Despite the pessimism surrounding cryptocurrencies this year, with bankruptcies and layoffs in the industry, there were signs of recovery in the market. Bitcoin has risen by more than 150% since the start of the year, while ether has gained over 100%.

As of 07:18 AM ET (11:18 GMT), bitcoin was trading at $69,934. It had risen by 0.2% over the past 24 hours. Ether was down 0.3%, trading at $511.7.

Among other major cryptocurrencies, Solana rose by 2.9% to $83.8, Chain (native token of the Chain blockchain) fell by 0.8%, and STARKNET advanced by 1.4%.

The cryptocurrency market cap now stands at $3.16 trillion, according to CoinGecko.

This article is generated with the help of AI and has been reviewed by an editor.

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This article is intended for informational purposes only. Cryptocurrency is a volatile investment product and may not be suitable for all investors. Before investing in cryptocurrency, it is advisable to carry out comprehensive research and seek advice from a qualified investment advisor to