Bitcoin’s run in the market in 2017, grabbed headlines and had more and more people paying attention to the crypto space. Bitcoin’s run has not been smooth though, with a lot of naysayers discouraging people from even considering crypto as a store of value.
BTC has recently been a hot topic in congress, with mostly naysayers going off and advocating for it to be brushed aside. This week however had some congress men admit that Bitcoin’s future was out of their control. During a testimony on July 17, US congressman Patrick mchenry who represents North Carolina’s 10th district, told congress that any attempts to stop BTC would be futile.
Mchenry’s take is in sharp contrast to other congressmen who have made the headlines over Bitcoin with Brad Sherman again gaining the spotlight after making dubious claims about crypto’s role in crime. Other congressmen failed to draw a distinction between Bitcoin and permissioned digital currencies specifically Facebook’s Libra project which formed the initial basis for the hearings.
According to Mchenry, BTC will prevail legislation or not. He went ahead to imply that if it were possible to shut down crypto, some adversary would have done so within the last decade. “We should not attempt to deter this innovation; governments cannot stop this innovation, and those that have tried have already failed,” said Mchenry
Mchenry’s comments come at a time when other nations are as well beginning to take notice of crypto and having talks on how to regulate it. India is a notable case with the country working on official guidelines after what some accepted as a draft law to ban crypto-currency. The move by Indian legislators, who pushed the document that mandated prison sentences to crypto users, left Billionaire investor Tim Draper irate. He went on to call the Indian government “pathetic and corrupt”
Tim draper’s comments on the Indian government are quite stern, but the irony is that Draper’s own president has voiced clear opposition to crypto. Trump’s tweets on crypto have been nowhere near supportive, after he said that America only had one real currency, the US dollar. Trump’s opposition to crypto has led to some saying that the crypto space is growing stronger and stronger and the US president just gave it more recognition.