U.S. President Donald Trump is looking to designate Antifa – a group of far-left extremists that get their kicks out of attacking policemen and vandalizing property – as a domestic terrorist group.
Antifa Is Considered a Terrorist Group
Antifa is allegedly funded by Hungarian businessman George Soros, who appears intent on keeping the United States on edge and in constant civil war. Recently, Florida Republican Representative Matt Gaetz has called for the freezing of all funds that are being sent to be protestors that may be part of the Antifa movement as a means of stopping further violence during the present riots.
With their central money outlets potentially frozen, many are worried that Antifa will now turn to bitcoin and other forms of cryptocurrency to garner the funds they need to continue the ongoing cycle of chaos.
Gaetz explained on Twitter:
Now that we clearly see Antifa as terrorists, can we hunt them down like we do in the Middle East?
While bitcoin and most forms of crypto are not anonymous – unless they’re designed to be like Monero – tracking digital asset payments could be difficult given that payments will likely be coming from multiple addresses and going to multiple addresses. This creates an entire web of online transactions that will undoubtedly overflow the blockchain system, preventing analysts from getting the information they need right away and keeping Antifa members in the green.
Nic Carter – partner at venture capital firm Castle Island Ventures – explained some of the dangers in an interview, stating:
Bitcoin is apolitical financial infrastructure that is indifferent to the identity of its users. Historically, bitcoin has been perceived as solely the purview of libertarians and ideologues. However, as financial rails have become increasingly politicized, a more heterogeneous set of groups are finding value in truly neutral payments systems. Bitcoin caters to all without restriction.
Can This Be Done?
Some, however, say that while there is genuine concern surrounding Antifa’s behavior, the freezing of financial windows could be labeled unconstitutional, and could make the organization even more powerful. Nathaniel Whittemore – a bitcoin and crypto consultant and strategist – explained:
One of the most important tools in the authoritarian toolkit is the ability to freeze the funding of legitimate political dissent. By separating the infrastructure of money from the infrastructure of state power, bitcoin makes it that much harder for this type of politically motivated confiscation… In the wake of unprecedented central bank action around the COVID-19 crisis, it seemed like the most relevant narrative of bitcoin in 2020 was as a hedge against inflation. It appears, however, that its capacity for censorship resistance might be just as relevant.
Some believe that a digital dollar or national digital currency utilized in the U.S. could make it much easier to potentially freeze funding to organizations like Antifa and keep the country’s monetary flows in check.