The Bitcoin boom, driven in part by hopes of a crypto-friendly Trump administration, represents an interesting, and let’s be honest, creepy counter-example. Can technology, so easily and frequently associated with libertarian, decentralized, anarchistic whimsy truly be compatible with the very foundations of conservatism’s imperative? These principles are fiscal responsibility, limited government (though not an absence of government), and protection of national sovereignty. The answer, as it often is in my view, is much more complicated than the meme coin mania might lead you to think.

Responsible Innovation Or Risky Speculation?

Let's be honest: the explosion of meme coins like $TRUMP and $MELANIA, not to mention the fleeting existence of $BARRON, feels less like a revolution and more like a carnival. Billions of dollars flood into digital assets without real value. This trend is driven almost entirely by hype and pump-and-dump schemes and the pursuit of short-term millionaires. Is this the sort of economic development we wish to promote? Is this truly the smart, efficient, high-tech future of finance that conservatives want to support?

The prudent, responsible conservative recognizes the potential for positive, disruptive innovation that lies within the digital asset ecosystem. In its purest form, Bitcoin could serve as a hedge against inflation. It offers a tantalizing reprieve from the oversight of powerful, centralized institutions. Yet, unbridled speculation and an influx of scams is jeopardizing this promise. The crypto world today is haunted by just these tragedies.

We need to ask ourselves: are we building a sustainable financial ecosystem, or a house of cards built on hype?

Limited Government Doesn't Mean No Government

That’s the dream of the libertarian wing of the crypto community, who like to promote Bitcoin as a means to escape government control entirely. Now, conservatives know that a free-for-all unregulated market leads to chaos at best and catastrophe at worst. Fraud, money laundering, and other criminal enterprises can flourish in the shadows when anonymity is allowed to reign.

A conservative vision for crypto would need to start from a more rules-based, accountable framework. That doesn’t mean choking off innovation, but it does mean putting consumer protection and the integrity of our financial system above all else. Think of it like this: we need traffic laws to ensure that the freedom of the open road doesn't devolve into utter chaos.

  • Regulation: Necessary to prevent fraud and protect consumers.
  • Oversight: Essential to ensure the integrity of the market.
  • Enforcement: Crucial to deter illicit activity.

We should talk about the national sovereignty implications. A decentralized currency is one that no one government can control. This can produce knock-on effects that hobble a nation’s capacity to control its economy and enforce civilized order. Are we really ready to cede that power to an unregulated digital world?

Traditional Values Vs. Digital Decadence?

This is where things get uncomfortable. The excitement and uncertainty surrounding these speculative investments is what drives the meme coin culture. Get-rich-quick schemes and the extreme volatility of the crypto market are symptoms of a deeper societal malaise. This is a departure from the hardworking American value of prudent investment. For many years, smart, conservative financial stewardship has placed a priority on long-term planning.

MicroStrategy’s and Fidelity’s massive institutional acceptance of Bitcoin — MicroStrategy’s holdings of BTC are now worth almost $50 billion — is a clear sign. Yet this too calls into question the stability of the market. What do you do when one company literally owns 99.99994% of the asset? What are the systemic risks?

Trump’s embrace of crypto, from speaking at events to launching his own meme coin, is a gamble. If so, this move would be a strategic masterstroke. It could excite a new generation of voters and help brand him as a leader who embraces innovation. Or, it might be a Faustian bargain, trading in legacy values for near-term political expediency.

No, the more pertinent question isn’t whether Bitcoin would’ve done so well if Trump was president. The question is whether that success will be used to advance the priorities that conservatives hold dear. Will this help us unlock positive, responsible innovation and drive sustainable economic growth? Or will it further create more speculation and fraud and undermine national sovereignty. The answer, I’m afraid, lies in our capacity to inject a generous helping of conservative prudence. First, we have to bring some order to the wild west of crypto. We need to understand the anger and apprehension about a new world order, fear of the future.