On 29 December 2018, Jameson Loop, a self-proclaimed cypherpunk and a well-known figure in the crypto industry, commented in an interview on the Stephen Livera Podcast that the introduction of Bitcoin (BTC) is the first procedure in a greater transition to an “anarcho-capitalist society”.
He described Bitcoin to be an interesting experiment where its long-run success could revolutionize both the money system and how the governance should operate. Once Bitcoin achieves success, he believes that the next step to a more significant change could then be planned and implemented. Loop also explained that an “anarcho-capitalist society” will be formed more readily if software agents start replacing the current functionalities and services provided by centralized parties such as the government.
He also expressed that people should generally start investing in education, which was an aspect he said to be neglected for too long. He commented that investors should put in efforts to obtain knowledge and do research by themselves in the crypto sector and crypto developers should also aid users by providing the required knowledge to operate certain software and hardware.
Timothy C. May, recently deceased cypherpunk co-founder, wrote in his “Crypto Anarchist Manifesto” that the usage of crypto allows the formation of a system which allow its users to interact with each other directly without the influence of the government.
May also criticized that crypto should be treated to be just another form of payment such as PayPal or Visa but should be seen as something entirely different. He further commented that the main uses of cryptocurrencies would be eliminated once the government attempts to regulate and restrict the market even more.
However, it is difficult to convince the government not to regulate the market, as crypto has undoubtedly become a tool exploited by criminals. If regulatory actions are not taken by the government, crypto would soon become the ultimate nest for motivated criminals for illegal activities.