Bitcoin

US Chief Of Staff: Governments Cannot Manipulate Bitcoin

US Chief Of Staff Governments Cannot Manipulate Bitcoin

The United States of America’s president has appointed a new acting White House Chief of Staff. Mick Mulvaney will start the new service during the beginning of 2019. The exciting part is that Mulvaney is pro-Bitcoin.

Is Bitcoin gaining supporters within the government?

According to a Twitter Statement, President Donald Trump has appointed Mick Mulvaney acting White House of Staff. He is replacing general John Kelly. Mulvaney is pro-Bitcoin and has mentioned this during several speeches. During Congress in 2016, Mulvaney said that blockchain and cryptocurrencies could change our current financial system, among other areas.

“Blockchain technology has the potential to revolutionise the financial services industry. It can also change the U.S. economy, and the delivery of government services,” said Mulvaney.

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Matt O’Brien even stated that Mulvaney is anti-Fed and praised bitcoin as a currency since governments cannot manipulate it. He argued that the Federal reserve is devaluating the dollar which is why cryptocurrencies are powerful. Bitcoin’s decentralised nature and its consensus algorithm make it attractive as a global currency.  

Is Mick Mulvaney good for Bitcoin?

Just as institutions are essential for the long-term growth of blockchain, so is high profile officials. Having influential members of the Trump administration is undoubtedly positive for the asset class. Even though it is good for long-term growth, it does not affect much in the short-term.

The Security and Exchange Commision are for example investigating Initial Coin offerings. They might not change their mind about the regulations in the short term and are giving ICOs fines for not following rules. Many ICOs might for that reason go bankrupt. The market is also awaiting an Exchange Traded Fund, and lawyers estimates of that happening right now are less than ten per cent.

However, that an official is pro-bitcoin is certainly good for the long-term, and he is not the only big name that speaks for cryptocurrencies. Prominent institutions such as Fidelity, Nasdaq, Boerse Stuttgart and Intercontinental Exchange are lining up to enter the market. Even countries are looking into cryptocurrencies, and during 2017, Finland released a research discussion that explained the inefficiency of regulating cryptocurrencies.

“Bitcoin is not regulated. It cannot be regulated. There is no need to regulate it because as a system it is committed to the protocol. The fees it charges the users are determined by the users independently of the miners’ efforts. Bitcoin’s design as an economic system is revolutionary and therefore would merit an economist’s attention and scrutiny even if it had not been functional. Its apparent functionality and usefulness should further encourage economists to study this unusual structure.”

Another big name is Roger Ver. He explained that it is essential to see the big picture and not focus too much on the price action. Yes, the price is going down, but there is more adoption happening all over the world and Ver is very bullish on cryptocurrencies long-term.

“Long term, the future’s brighter than ever; there’s more awareness, there’s more adoption, there’s more stuff happening all over the world. Of course, I’m incredibly bullish on the whole cryptocurrencies ecosystem.”

Image Source: “Flickr”

Ledger Nano S - The secure hardware wallet