President Andrew Jackson Is The REAL Father of Cryptocurrency

May 7, 2022 5:31 pm

While Satoshi Nakamoto gets credit as the Father of cryptocurrency, the real father of the idea of cryptocurrency is President Andrew Jackson.

I know what you’re thinking, how can a President in the 1830s come up with a concept like a cryptocurrency, well the answer is Jackson never came up with the technological idea of cryptocurrency but rather the idea that a select group of people should not have too much economic power over the common man.

In the year 1833, Jackson shut down the Federal bank and in exchange distributed the funds among state banks by doing so he literally decentralized banking.

Jackson was also quoted saying “The bold effort the present (central) bank had made to control the government . . . are but premonitions of the fate that await the American people should they be deluded into a perpetuation of this institution or the establishment of another like it”.

Hackernoon gave a great perspective on President Jackson being the original Satoshi Nakamoto:

If you think the foundation of cryptocurrency began in 2008 with the Bitcoin creator Satoshi Nakamoto (that’s the alias he uses, and no one really knows who he is), you’re mistaken. The same principles that drive the growth of cryptocurrency actually began much earlier — like nearly 200 years ago with President Andrew Jackson, who is often referred to as “Old Hickory.” He was known as the champion of the common man who opposed the concentration of power in the hands of a small group of privileged people. He objected to the national bank’s political and economic power and lack of oversight.

As president, he announced the shutdown of the country’s national bank in 1833, known as the Second Bank of the US, and redistributed the funds to state banks. In doing so, Jackson decentralized banking, which gave the public more options and also provided flexibility to the states for a period of time. In fact, in 1835, he became the only president to pay off the national debt. Today it’s more than $30 trillion, which amounts to $90,000 per person in America.

Jackson died in 1845, and some of his policies were divisive. This article, however, focuses only on the connection between Jackson’s values behind the decentralization of money and how it relates to the evolving cryptocurrencies of today. And it comes down to this: A key force behind the popularity of cryptocurrency and other digital assets is the flexibility and privacy from government intrusion.

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