Dennis Porter Once Again Saves Bitcoin: 30% Mining Tax Dead
Dennis Porter, CEO and Co-Founder of Satoshi Action Fund, has once again single handedly saved Bitcoin. The Biden administration had proposed a 30% tax on American Bitcoin miners which would have cause them all to go out of business. This would've caused hash rate to move primarily into countries with brutal dictatorships such as El Salvador, Russia, Iran, and North Korea. The concentration of hash rate in such barbaric countries would have caused Bitcoin to lose it's image of freedom money, essentially killing it.
Alex Gladstein applauded the move saying, "This is one small step for Bitcoin, but one giant leap for democracy. We cannot have hash rate being chased out of the borders of the freest country on Earth. The worst part of this happening is that countries that the US has sanctioned for human rights violations, would be strengthened. Unfortunately the US cannot export democracy to every country yet like we have to Syria, Afghanistan, Libya, and Iraq."
Dennis Porter is reported to have courted Kevin McCarthy personally on Michael Saylor's yacht, to educate him on how such a move would be destructive to the US economy. Many critics are claiming that McCarthy rolled over by allowing the Debt Ceiling to suspended until after the election, but in reality, McCarthy did a bunch of behind the scenes work to ensure Bitcoin mining remained safe in the shining city on the hill.
This marks just another powerful moment in Dennis Porter's long history of pushing powerful Bitcoin legislation. Porter appears to be forming one of the most powerful political alliances in history. His work has presidential candidates such as RFK, and the other guy at the Bitcoin conference who won't win, discussing Bitcoin as campaign talking points.
After the news broke, Greg Foss announced on Twitter that he would be donating $150,000 of GBTC to Satoshi Action Fund. "We have to give Dennis money for the children. Some people like Udi just make noise, some people like Dennis are pure signal" He shared on twitter.
Despite Porter's rise in power over the last few months, he has made vocal enemies. Despite getting hundreds of thousands of signatures on a petition to speak at the Bitcoin 2023 conference, his speakership was blocked by activists working inside the conference. AOC also announced her disliking for Porter on Twitter saying, "Republicans will always do backroom deals with people the furthest right wing scum like Porter. We cannot allow markets to be free as it will make people too rich and Bitcoin is hard to tax. It's also bad for the environment."
