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The crypto community is still reacting to recent comments by US Treasury Secretary Steve Mnuchin on Bitcoin and his brothers. The asset itself reacted strongly with a pump to 6% that day and many have retained the positive points of the speech, some saying it was "extremely bullish".
Bitcoin as a store of value
The rhetoric was to be expected, politicians and bankers always see bitcoin as a tool for doing bad things. In reality, it's no different than cash or any other commodity that can be transferred beyond the eyes. The vast majority of crypto users are not criminals, drug traffickers or money launderers. Yet space persists in wearing this deleterious label because the bureaucrats do not understand it and are afraid of it.
A number of industry observers drew positive conclusions from Mnuchin's comment, which echoed President Trump's recent crypto tweet. Travis Kling, chief investment officer of Ikigai Asset, said the Treasury Secretary and the Fed chairman agreed on the status of bitcoin as a store of value.
Both the Fed President and the Treasury Security agree that Bitcoin is a valuable speculative reserve. Both, with the president, agree that Libra and Bitcoin are two very different things. Wildly bullish.
Both the Fed President and the Treasury Security agree that Bitcoin is a valuable speculative reserve.
Both, with the president, agree that Libra and Bitcoin are two very different things.
Wildly bullish.
– Travis Kling (@Travis_Kling) July 15, 2019
Anthony Pompliano, co-founder and partner of Morgan Creek Digital, has approached the issue from a different perspective: US regulators are fully open to bitcoin and cryptographic operations are legally and transparently.
The Treasury Secretary, Steve Mnuchin, basically asked everyone to follow the rules and not to commit illegal activities with Bitcoin or crypto. It sounds like a green light for those who want to do things the right way.
The Treasury Secretary, Steve Mnuchin, basically asked everyone to follow the rules and not to commit illegal activities with Bitcoin or crypto.
It sounds like a green light for those who want to do things right
– Pomp (@APompliano) July 15, 2019
This feeling has been echoed elsewhere on crypto twitter with comments like those of other industry observers:
sensational. @ stevenmnuchin1 simply says, "I do not talk about the investment merits of Bitcoin and I use them for speculation purposes. I'm talking about stopping illicit financial activities.
it's a non-political situation.
my jaw is on the floor!
Libra is a bigger threat than BTC
It seems that the US Treasury is more concerned about Facebook's ambition to dominate digital finance than it has done with data. Mnuchin said:
"Regarding Facebook's Balance and other developments in cryptocurrency, our overriding goal is to maintain the integrity of our financial system and protect it from abuse."
A gigantic monopoly of data farms and the Internet, with more than 2 billion users actually creating its own bank, risks flying a few feathers. In reality, the insatiability of Facebook has shed a better light on Bitcoin because no one owns it or controls it, making it the total antithesis of Libra.
Was the recent speech bullish for Bitcoin? Add your thoughts below.
Images courtesy of Twitter @Travis_Kling, @APompliano, Politico
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