Libra Flop, Bitcoin Top: the U.S. Congress debated currencies to Crypto

While the members of US Congress eyeing Libra suspicious, and Facebook Manager David Marcus to ask critical questions holes, seems to be the policy of Bitcoin compared to relatively open-minded. One of the members referred to Bitcoin as "an unstoppable force".

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22. July 2019BTC$10.632,00 0.42%part Facebook Twitter LinkedIn xing mail

It was an eventful week: FED Chairman Powell Bitcoin, to be referred to as a digital store of Value similar to Gold, and the Finance Committee of the U.S. Congress dealt with crypto-currencies in General, and Libra, and Bitcoin in Particular. You have to say it so clearly: Some of the statements of the parliamentarians are not less than a sensational legitimacy of the crypto-currency no 1. What happened?

In short:

Congress on Bitcoin:

2013: *laughs*
2014: *laughs*
2015: *laughs*
2016: *laughs*
2017: *laughs*
2018: *laughs*
2019: "Bitcoin is unstoppable money. Bitcoin, not shitcoins."

That escalated quicky.

— Rhythm (@rhythm traders) July 18, 2019

What Twitter User @rhythm traders is referring to, is the unexpected support from the members of Patrick McHenry. This language of "an unstoppable Power." What he meant was Bitcoin. And to put instead of created innovations in chains, you should watch US policy rather necessary regulatory steps for the new paradigm benefit.

The U.S. Department of the Treasury nature looks different. Instead of openness to the Minister of Finance, Steven Mnuchin (Republican) strikes rather repressivere tones: Bitcoin is a matter of national security is"".

In a similar notch beats, however, his German counterpart, Olaf Scholz (SPD). As we reported, is the Minister equally aware about the risk, the exercise of private currencies, such as the Libra on the financial market stability. "The issuance of a currency does not belong in the hands of a private company, because it is a core element of state sovereignty," said Scholz.

the Exciting part of the debate, which had started Donald Trump personally, is the fact that money is slowly but surely politicized. For it is only in the last week, the American had tweeted-President, Bitcoin is based on "nothing more than thin air". You have to recognize in all this the big picture: Even half a year ago would have been unthinkable that the President, Finance Minister, Central Bank chief and the Congress of the largest economy in the world back Bitcoin on the Agenda. And instead of the expected rejection of a quite controversial and in Parts highly political debate on the future of money is obtained. There are, indeed, exciting times.

Joe Kernen is Bitcoins darling

And then there would be cores yet Joe, Host of the TV Show Squawk Box and, for some time, secret Hero of Bitcoin Twitter. In the Interview with the Minister Mnuchin cores wanted to know why you wash again and again the old story of the "money-currency Bitcoin" try. Cash was finally, for decades the drug of choice when it comes to money laundering.

Are you saying cash has never been used for illicit purposes, @joesquawk asks in response to Mnuchin's concerns about #btc

"We are going to make sure that bitcoin doesn't become the equivalent to a swiss numbered bank account," says @stevenmnuchin1 pic.twitter.com/EnBsteTHzU

— Squawk Box (@SquawkCNBC) July 18, 2019

The answer was the object lesson of a rhetorical manoeuvre:

I don't think that cash is constantly washed. We have the best AML-System AML stands for Anti Money Laundering, i.e. Anti-money-laws] of the world. We will ensure that Bitcoin is the Equivalent of Swiss numbered accounts.

The debate ums private money is expected to gain on rising Bitcoin price sharpness. The games are opened.

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