Bitcoin Support Surges Among US Lawmakers

It is difficult to remember a time when the term ‘Bitcoin’ was completely unknown. Whether it is a case of fame or infamy however is up for debate, but the digital asset is fast becoming a household name, much in the same way that ‘Google’ became a colloquialism for online searching, so Bitcoin has become the common term for all-things cryptocurrency-related.

As an understanding of the benefits of blockchain technology is becoming more commonplace an appreciation for the value and potential of cryptocurrencies has become more ingrained in society. While there are detractors the technology, which is in its infancy, is beginning to win over investors, artists, creators, and more importantly the layperson.

The one area where support for cryptocurrencies has been slow in coming forth has been the government sector. Given that decentralisation lies at the core of tokens like Bitcoin only a small number of countries are openly embracing the technology, however, that tide shows signs of turning as US lawmakers begin to speak in favour of Bitcoin.

 US Leaders Stand By Bitcoin

In a surprising rally of support for the burgeoning technology several US politician including the Mayor of Miami, a North Carolina Congressman, a US Senator, and the US President-elect, Joe Biden, have all come out as pro-Bitcoin.

Here is what they have said about the future of Bitcoin and its impact on the US:

• Mayor Francis Suarez (Miami) – The forward-thinking Mayor proudly announced via Twitter that his administration believes in Bitcoin. So much so that Miami became the first US state to host the popular Satoshi Whitepaper on their official government website.
• Patrick McHenry (North Carolina) – North Carolina’s 10th District representative commended Mayor Suarez for their stance on Bitcoin. Going so far as to state his desire for more US lawmakers to “support American innovation” by normalising support for crypto-technology.
• Cynthia Lummis (Wyoming) – In addition to being Wyoming’s first woman Senator Lummis is determined to “reduce our [national] debt and our deficit” and sees educating Congress on Bitcoin as a means to achieve this lofty goal. “I want to make sure everybody understands that this is a great store of value,” she told Fox News in an interview.
• Joe Biden (US President) – Finally, the President-elect has installed none other than MIT Blockchain Professor, Gary Gensler, as the head of the Securities and Exchange Commission (SEC). In a world where actions speak louder than words, the US President has just shouted his support for Bitcoin from the rooftops of the White House.

It speaks volumes of the value of Blockchain technology and the wealth-generating power of coins such as Bitcoin that the FinTech has managed to reach some of the world’s most influential thinkers and the leaders of the US.

Mapping Out The Future

With this groundswell of support for virtual currencies in the US, it will be interesting to watch the development of state and federal regulation in this regard.

Will they seek to weave existing crypto-coins such as Bitcoin, Litecoin, XRP and others into the financial fabric of the country or seek to isolate them and install more controllable government-approved virtual currencies as we are beginning to see in China and India?

There is a clear distinction between mere Blockchain-based digital currencies and the current pool of decentralised ‘true cryptocurrencies’, the question is which one will win out in the end?