Mnuchin Crypto Speech Was Total Validation of Bitcoin: Barry Silbert
The Treasury Secretary’s repetition of Donald Trump’s comments Bitcoin is “based on thin air” failed to dent optimism.
He referred to both as “cryptocurrencies,” despite analysis confirming that Libra is in fact not similarly structured to true cryptocurrencies.
“We are concerned about the speculative nature of Bitcoin and will make sure that the U.S. financial system is protected from fraud,” he added.
Responding, the Bitcoin industry was predictably buoyant, after much of Mnuchin’s speech highlighted a lack of understanding about decentralization, while hinting the government’s goal was to protect the prowess of the dollar.
“Complete and total validation of bitcoin,” Barry Silbert, CEO and founder of Digital Currency Group tweeted.
Others took aim at the myriad ongoing attempts by Washington to get to grips with cryptocurrency and their apparent impotence in the face of an uncontrollable phenomenon.
“Familiar with President’s Working Group On Financial Markets? GATA: no more markets only manipulations,” Trace Mayer summarized, poking fun at Mnuchin’s repeated assertion that no one had heard of the Treasury’s Financial Crimes Enforcement Network (FinCEN).
Some sources did approve of Mnuchin’s perspective, such as Morgan Creek Digital co-founder, Anthony Pompliano, who focused on his worries about illicit activity.
“Sounds like a green light for those who want to do things the right way,” he wrote.
Similarly upbeat was CoinShares’ Meltem Demirors, who described the comments as measured and fair.
Bitcoin gained slightly following the conference, mirroring behavior seen in the aftermath of Trump’s words.
Overall, BTC/USD is down around 15% compared to the start of last week, when the pair reached highs of just over $13,000.
You may be interested
World’s Biggest Bitcoin Cash Conference Kicks Off in Australia – What to Expectbtcethereumadmin - September 4, 2019
Arguably set to become the world’s biggest Bitcoin Cash conference yet, Bitcoin Cash City kicked off today in sunny Townsville,…
New Storm Concept Could Strengthen Bitcoin Cash Instant Transactionsbtcethereumadmin - September 4, 2019
Software developer Awemany has published a potential alternative approach to instant transactions on the Bitcoin Cash (BCH) network called “delta…
Why Portugal’s Tax-Free Crypto Trading Matters for Bitcoinbtcethereumadmin - September 4, 2019
Cryptocurrency enthusiasts and businesses in the industry have had to put up with regulatory uncertainty for quite some time. The…