Srp 09

Pantera Capital CEO Says Investors ‘Overreacting’ to Bitcoin ETF Delay

Dan Morehead, CEO of Pantera Capital, calls for calm in light of the delayed SEC decision on Bitcoin ETF.


In a continuing saga between investors and the Securities and Exchange Commission (SEC), Dan Morehead calls for long-term thinking. This assurance comes amidst a tumultuous affair involving legislators, regulators, and investors alike.

10,000 Years?

According to CNBC, Morehead says the following in regards to Tuesday’s SEC decision:

I still think it will be quite a long time until an ETF is approved. The last asset class to be approved for ETF certification was copper, and copper has been on earth for 10,000 years.

After the SEC postponed its decision on a Bitcoin 00 ETF Wednesday, a bearish dip ensued. Subsequently, Morehead went on to acknowledge the following regarding the dip and ensuing fears:

The main thing to remember is that bitcoin is very early-stage venture, but has real-time price feed — and that’s a unique thing. People get excited about the price and overreact

Rather than feeling pessimistic, the Pantera Capital man pointed towards new ventures like the Starbucks Bakkt project saying:

That is going to be a very profound impact over the next five or 10 years for the markets, and, to my mind, that’s what people should be focused on.

A Positive Outlook

Morehead says “It’s all perspective,” as he pointed towards the fact that cryptocurrencies retain an 82% consistency. CNBC’s Chloe Aiello notes that,

Bitcoin was last down 6.3 percent at $6,288.30, which still makes it about 82 percent higher year on year[…]

Regardless of bearish markets and often unstable outlooks, Morehead remains a proponent of optimism in an ever-changing financial landscape.

What do you think about Dan Morehead’s insight? Tell us your thoughts in the comments below!


Images courtesy of Shutterstock, Twitter

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Srp 08

First U.S. Congress Member Reveals Owning Bitcoin, Ethereum

Congressman Bob Goodlatte, Chairman of the Judiciary Committee in the US House of Representatives, recently disclosed his personal cryptocurrency holdings. The revelation comes amidst rule changes mandating disclosure for members of the House.


Cryptocurrencies Stepping In Congress

Cryptocurrencies have made their way up in the high ranks of US politics. Congressman Bob Goodlatte filed his annual Financial Disclosure Statement on May 10, disclosing that he owns between $17,000 and $80,000 in digital currencies.

The statement was filed just before the House Ethics Committee passed new rules which required the members of the House to officially disclose in their annual reports whether or not they own cryptocurrencies. They also have to report on the holdings of their spouse’s if they amount to more than $1,000. Members of the House also have to report transactions involving more than $1,000 of crypto within 45 days of the event.

According to the statement, Goodlatte has invested in Bitcoin00, Bitcoin Cash, and Ethereum. The Sludge reports that his son, Bobby Goodlatte Jr., is an angel investor in Coinbase. His financial involvement in the company, though, is not disclosed.

Congressman Bob Goodlatte, who is the Chairman of the Judiciary Committee in the US House of Representatives, may become the first member of Congress to disclose that he owns cryptocurrencies.

Things Are Getting Serious

The last few months have marked interesting developments involving cryptocurrencies and politics. In May, fellow Democrats Dave Min and Brian Forde clashed over accepting cryptocurrencies as donations for the 45th Congressional race.

Earlier in January, former Republican Ron Paul said he’s in favor of legalizing alternative currencies so long as they are not used for fraudulent purposes.

Just a few days ago, Bitcoinist reported that a 2020 U.S. Presidential Candidate Andrew Yang will be accepting cryptocurrencies as official forms of donations for his campaign.

While the US Government remains uncertain on its position towards cryptocurrencies and the way they are treated, all of the above signals that they are beginning to have an impact on the American political landscape.

What do you think of Bob Goodlatte’s cryptocurrency holdings? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock

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Srp 02

North Carolina Bans Crypto Donations for Political Campaigns

The electoral campaign finance board of North Carolina will not allow election candidates to accept crypto donations in order to fund their campaigns.


Although the Federal Election Commission in 2014 allowed candidates for federal office to accept Bitcoin donations, U.S state campaign finance offices are free to set their own rules for state election candidates.

A problem of valuation

A Republican candidate running in the 2018 U.S midterm Legislature elections, Emmanuel Wilder, asked the North Carolina State Board of Elections and Ethics Enforcement earlier this year if he could accept cryptocurrency or Bitcoin donations for his campaign funds. He also made suggestions as to how these donations could be valued, no doubt expecting this to be an issue the state would consider.

In an email to the elections board Wilder said:

“I know that this is new, but there is a great opportunity to show that North Carolina is truly open to new emerging markets.”

Kim Westbrook Strach, State Board of Elections Executive Director for North Carolina, responded to Wilder this month. She outlined its refusal as the monetary limits detailed in state campaign finance regulations are provided in U.S dollars, and cryptocurrencies cannot be reliably valued. Westbrook Strach said:

“We do not have the confidence that we could adequately regulate contributions to a political campaign in North Carolina in the form of cryptocurrency.”

Wilder replied with his disappointment, but appreciation for the decision expressing how blockchain and other technology can improve the operation of businesses and public institutions and predicting:

“Although it might not be today, there will be a day when this technology will have a place in the political process.”

The electoral campaign finance board of North Carolina will not allow election candidates to accept donations in Bitcoin or other cryptocurrencies.

Anonymity is also an issue for donations

The pseudo-anonymous nature of Bitcoin and other cryptocurrencies is also a consideration for electoral campaigns and associated finance regulators in the U.S. Jen Jones, a spokesperson for regional campaign finance watchdog Democracy North Carolina gave her advice prior to the decision. Jones said the State Board should consider, “whether it’s possible for candidates to receive campaign donations via cryptocurrency while also complying with state disclosure requirements.”

The state of Kansas also declined a request to accept cryptocurrency donations in 2017.

In June 2018 a Republican candidate in Missouri had to refuse a donation of $130,276 worth of Bitcoin as it exceeded the $5400 individual donation limit. The candidate, Austin Petersen, is one of a handful of U.S politicians looking to cryptocurrency as a source of campaign funding.

Do you think cryptocurrencies should now be accepted as a source of election campaign funding?


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Čvc 01

Germany Creates Official Organization for Public Advocacy of Blockchain Tech

· July 1, 2017 · 12:30 pm

Officially named the  ‘Blockchain Bundesverband’, the new German advisory panel, which is focusing on public advocacy of blockchain technology in Germany, was launched at the German Reichstag with the help of local politicians, blockchain advocates, and startup leaders.


Encryption in Germany

On June 20, 2017, the German government voted into law a new bill which would effectively allow police and other government agencies to install a ‘state trojan’ onto suspects’ electronic devices. The ‘state trojan’ would give governmental bodies the ability to monitor encrypted traffic, like popular messaging apps Whatsapp and Single, that use encryption for secure communication between users.

Many security experts raised concerns that this bill could potentially hinder technological innovation and be damaging for startups and corporations that use p2p encryption for their services. Bitcoin and blockchain experts expressed regarding the privacy of cryptocurrency users and traders as well, fearing that the bill could be used to spy on cryptocurrency traders and startups that use blockchain technology for their services.

Blockchain Advisory Panel

The ‘Blockchain Bundesverband’ was initiated by blockchain enthusiasts, startup founders and local politicians from the CDU, SPD, Die Linke, Die Grünen and  FDP party. The most prominent startups that joined this blockchain organization are Slock.it, IOTA and Jolokom which are also based in Germany.

According to the official blog post of the ‘Blockchain Bundesverband’, the organization’s main goal is to help German startups and government institutions to integrate blockchain technology into their services and systems.  Another significant milestone for the organization is the official acknowledgment of blockchain verified documents, timestamps, and IDs by the German government.

Additional goals that the blockchain advisory panel plans to address include the following:

  • Usage of blockchain technology in a public office system by 2020.
  • Implementation of proper government regulation for blockchain and bitcoin.
  • Creation of a blockchain commission that will support the German government regarding the technological transition of government functions.

Do you think that the formation of this new blockchain advisory panel will enable Germany to properly promote blockchain innovation? Let us know in the comments below!


Images courtesy of  Pixabay, Bundesblock

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Bře 24

Why The Bitcoin Miners Are Destined To Lose The Forking Wars

· March 24, 2017 · 6:00 pm

2,706 views

Excuse me for indulging myself, but there are many points of view towards what may be an impending hard fork for Bitcoin. This may come across as a loosely coherent ramble, but at least it is short and sweet. There is enough here to put it on wax, so here’s what I see, in the big picture.


This is in response to the Medium post created by Peter Rizun yesterday, outlining how this hard fork may play out, and essentially showing a way BTU wins, in the long run. (Roger Ver tweeted his support for this post, so I read it and posted most of these thoughts in the comments section, and here we are.)

In my humble opinion, the problem I see coming is if BCU breaks off, it will become an altcoin, as has been established by the Bitcoin exchange establishment. These miners can mine all the blocks they want, if the greater community doesn’t trust their developers, doesn’t want an altcoin, and isn’t buying BCU, it is irrelevant by design.

The market will decide who wins, and anybody who is not a miner wants to stick with Core and their chain. The miners are one thing, the market is something else. The miners might win a battle, but they would lose that war. They should keep that in mind.

Without those miners, BTC would definitely take a hit, but the Core developers could then quickly move to a 2MB upgrade and get SegWit and The Lightning Network approved, creating greater Bitcoin functionality, from a trusted group of developers, and an incredible upside in off-chain scalability that an on-chain approach would be hard pressed to match. All without the centralization and control of the miners.

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Users will follow anyone who is going to implement SegWit. The market is sold on this concept as a boon to Bitcoin functionality. BTU has not done a very good sales job at all regarding their position. Scaling away from miners will hurt mining, but it will let Bitcoin reach its full potential.

BTU needs to sell their mined Bitcoins to a market. I’m not seeing much of a market for BTU, outside of the miners and BTU investors, themselves. The miners do not control Bitcoin, and even Core does not control Bitcoin. Maybe, just maybe, The People control Bitcoin’s future growth? Anyone who thinks the market doesn’t have a handle on who each side is looking out for here is fooling themselves.

Just seeing how the community is responding, keeping my ear to the ground, the greater community will not follow the miners, who are primarily looking to turn a digital buck in Bitcoin. They will follow Core, who is looking after the greater good. Miners will lose that tug of war.

Bitcoin miners vs Bitcoin core

It has become clear that BTU developers cannot replace BTC developers, as the recent bugs have shown the world, but BTC miners can be replaced. There are plenty of people around the world who want that job and can do it just as well.

This power struggle is really temporary in nature. People will not follow miners looking for profit first, and who want to hijack the entire system, from now on, in order to get it. That is not leadership.

At the end of the day, The People will decide to back Core. The only question is when will the dissenting miners, clouded by visions of endless Bitcoin profiteering, figure this fact out?

If the miners didn’t get the memo, that the vast majority of the market will stick with Core and not dump BTC for any BTU altcoin, use this. Like Bitcoin itself, it’s far from perfect, but it’ll do just fine.

How do you think a hard fork would play out? Should there be an increase in block size? Let us know what you think below!


Images courtesy of Bitcoin Core, AdobeStock

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Úno 13

VP Mike Pence’s New Chief Economist is a Bitcoin Supporter

· February 13, 2017 · 8:00 am

Bitcoin supporter Mark Calabria from the Cato Institute has been selected to serve as Chief Economist for Vice President Mike Pence.


Bitcoin-Supporter to Advise Mike Pence

The Vice President of the United States, Mike Pence, has selected a well-known libertarian and Bitcoin advocate, Mark Calabria, as his chief economist.

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Having also previously worked for the Senate Banking Committee, Calabria is best known as the former director of financial regulation studies at the Cato Institute. He is also an outspoken advocate of free markets, housing reform and alternative currencies.

He expressed his support for Bitcoin on multiple occasions. In an interview, Calabria said:

While I’m an economist, not a tech guy, I’m very excited about Bitcoin, as I am about alternative currencies in general, and perhaps even more interested in the blockchain.

According to Jim Parrot, a senior adviser to Barack Obama’s National Economic Council, Calabria provides the Trump administration with “a voice around the table that will give them their philosophical true North.”

Moreover, Calabria even acknowledged in 2015 that “pretty much everyone at Cato, to varying degrees, is supportive of Bitcoin.” In fact, a few even own bitcoin, “as well as a few other alt-currencies.”

Bitcoin-Advocates Fill Administration

Mark Calabria is not the first Bitcoin advocate to join the ranks of the Trump administration. The president’s Bitcoin-friendly entourage is one of the main reasons why many Bitcoinists are optimistic about the Trump presidency.

Among these is Peter Thiel, co-founder of PayPal and initial financier of Facebook. Thiel has been part of Trump’s transitional team for over a year and has invested millions of dollars in Bitcoin businesses over the years.

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Senator Mick Mulvaney, also known as ‘Bitcoin Congressman,’ has been chosen as Trump’s budget chief. Mulvaney has been actively promoting Bitcoin education in Washington for several years.

Most notable, however, is perhaps Balaji Srinivasan, an executive at venture capital firm Andreessen Horowitz and founder of the Bitcoin startup 21.co, who is contending to lead the Food and Drug Administration (FDA).

Bitcoin Gaining Ground in Washington D.C.

Furthermore, the U.S. Government is taking other steps to better understand Blockchain and its industry. This is the case with the new Congressional Blockchain Caucus, an initiative spearheaded by Rep. Jared Polis (D-Colo.) and David Schweikert (R-Ariz.).

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In 2015, Calabria expressed his concern with regards to Bitcoin regulations, saying:

I don’t think the Bitcoin community should be complacent about the current regulatory environment. The potential to get a lot worse is definitely there.

The Congressional Blockchain Caucus hopes to improve the approach to regulating cryptocurrencies through education about Bitcoin and blockchain technology. Hopefully, Calabria’s libertarian and laissez-faire approach can help lawmakers establish a sensible policy towards Bitcoin regulation in the near future.

Will the addition of Mark Calabria as Chief Economist help push Bitcoin adoption forward? Will it be good for the American Economy? Share your thoughts below!


Images courtesy of Shutterstock, Cato.org

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Úno 10

U.S. Congress Creates New Blockchain Caucus in Washington

· February 10, 2017 · 8:00 am

What is constantly an issue, both now and in the future, is the concept of regulating and understanding blockchain and digital currency technology at a government level. The U.S. Government is taking steps to better understand this industry with their new Congressional Blockchain Caucus.


Blockchain Caucus Will Educate Lawmakers

Spearheaded by Rep. Jared Polis (D-Colo.) and David Schweikert (R-Ariz.), this will create a soundboard for future policy creation dealing with blockchain technology and the growing world of digital currency.

The term caucus might imply that this might be a one-off meeting, however this will be a continuing forum for ongoing education and policy reform in the field of distributed ledger technology.

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“Blockchain has the potential to transform the 21st-century economy,” Polis said. “Lawmakers need to understand that as the world rapidly changes, it’s our responsibility to ensure that we craft policies and adopt laws that match our ingenuity.”

Blockchain’s potential to reshape everything from the financial industry, to supply chains, to cyber security, to health care is something we should embrace.

Mulvaney Replaced by Schweikert

This blockchain technology initiative has actually been in the making for over a year, led by Rep. Mick Mulvaney (R-S.C.) who has to spend much of the last two years looking to get Washington politicians educated on the industry. With Mulvaney currently undergoing confirmation in the Senate as President Donald Trump’s pick to head the Office of Management and Budget (OMB), Schweikert replaces Mulvaney.

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“Open blockchain networks and distributed ledger technologies are still new, but it’s critical for members of Congress to begin comprehending both their current applications and future use cases,” Rep. Schweikert said. “It is critically important the United States remain competitive regarding emerging technologies, and distributed ledger technology is the open, secure, efficient technology backbone we’ve been looking for.”

Building this platform will also allow a clearer path for members of the Bitcoin community to add value and education to a group of governors who will truly need their expertise, going forward. This moves in marked contrast to how Japan has mishandled the adoption of digital currency and blockchain technology without proper input from industry leaders.

The move was applauded by influencers such as Jerry Brito of Coin Center and Perianne Boring, Founder and President of the Chamber of Digital Commerce.

Perianne Boring

“Blockchain technology is one of the most important inventions in modern finance,” stated Perianne Boring. “[The] key to unleashing the power of this technology is collaboration and engagement between the industry and policy makers. [We] look forward to playing a significant role in the development of this sector by working with Rep. Polis, Rep, Schweikert and the Blockchain Caucus towards building a legal environment that fosters innovation, jobs, and investment.”

Will the Blockchain Caucus have a positive impact on Bitcoin adoption? Share your thoughts below!


Images courtesy of Wikimedia, Shutterstock, CDC

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Úno 08

Litecoin: SegWit ‘Testbed’ at Risk as Bitcoin Politics Spread

· February 8, 2017 · 8:00 am

The Segregated Witness (SegWit) update has received lukewarm support thus far since it was announced on Litecoin on January 28th.


Beyond Bitcoin: ‘Testbed’ for SegWit

After Bitcoin, the SegWit scaling update has now been introduced to Litecoin along with some other cryptocurrencies including Vertcoin, Groestlcoin, and Viacoin.

Right now, Litecoin miners are in the process of voting on the update. Currently at 3%, support is lower than it is in Bitcoin, which rapidly climbed up to 22% in its first two weeks.

Bitcoinist_Litecoin Logo

The vote has attracted the attention of the Bitcoin community. Litecoin (and other coins) could become a testbed for the potential SegWit soft-fork on Bitcoin, and could offer a sneak peek as to how this update fares in the real world. Moreover, SegWit may have better chances on Litecoin since its activation threshold is just 75% compared to Bitcoin’s 95%. 

But this “testbed” mentality may be part of the reason why Litecoin users are not so eager to activate the update, which would make them, in a sense, Bitcoin’s ‘lab rat.’ Dubbed the “silver to Bitcoin gold,” it currently has a market cap of about $198 million USD, which could be negatively affected if the update goes sour.

Creator: ‘Litecoin Became Political Too’

Nevertheless, the SegWit update is supported by Litecoin creator Charlie Lee.

charlie-lee-talks-about-litecoin-bitcoin-and-coinbase-22-640x360

In a recently held Reddit AMA (in Chinese), he stated:

Yes, it’s unfortunate that SegWit on Litecoin became political too. One of the reasons I’m doing this AMA is to try to pull the politics out of the Segwit on Litecoin. Let’s not let Bitcoin politics pollute Litecoin for no reason.

Meanwhile, LTC1BTC founder Jiang Zhuoer stated that his pool, which controls 10% of the network, will not support the SegWit update. His motives, however, seem to stem directly from the Bitcoin debate. 

“Why do the Bitcoin Core developers say that the Segwit soft fork basically fixes every line of Bitcoin’s code? Zhuoer said. “As the complexity of a system increases, it follows that the stability of that system must decrease.”

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Still, other pools have demonstrated their support for SegWit. F2Pool, the biggest Litecoin pool with 45.6% of the network’s hash rate, announced it will signal their support for SegWit in the coming weeks.

Litecoin Could Help Bitcoin Break Deadlock

Since Litecoin has a small number of users compared to Bitcoin, scaling is not exactly a pressing issue at the moment. Though SegWit was introduced to Bitcoin as a scaling solution, it also introduces additional features and paves the way for other upgrades such as the Lightning Network. 

Lee explained the motive for supporting SegWit saying,

The main fix is transaction malleability, which would allow Lightning Networks (LN) to be built on top of Litecoin. And there are a bunch more nice features of SegWit. With SegWit and Bitcoin’s current block scaling deadlock, I see a potential for Litecoin to help Bitcoin break through this deadlock[…]. We have been drafting behind the Bitcoin race car for many years. It’s about time to take a turn out front.

During the AMA, Lee also expressed his opinion regarding the alternatives that have been proposed, reassuring that Litecoin will stick to SegWit.

Litecoin roadmap

When asked what will Litecoin do if Bitcoin goes with Bitcoin Unlimited and FlexTrans, he said:

With such a controversial topic, I can’t see how Bitcoin can possibly go BU and FlexTrans. It will likely just not change, and that’s fine. It’s still the best store of value we have ever seen. Whatever happens, Litecoin is going the SegWit direction. And we welcome any Bitcoin Core devs to join us if Bitcoin, for some reason, goes in another direction.

Charlie Lee is currently holding another AMA thread on this topic (in english) here.

Will Litecoin pave the way for Bitcoin’s SegWit? Or will it fail to reach consensus?


Images courtesy of Shutterstock, Twitter, litecoinpool.org

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Led 20

4 ‘Yuuge’ Reasons Why Trump Will Make Bitcoin Greater

· January 20, 2017 · 6:00 am

Here are four reasons why we at Bitcoinist believe the Trump presidency can make Bitcoin even greater in the next four years. 


Making Bitcoin Even Greater

We at Bitcoinist believe the world’s most popular cryptocurrency is already great. Indeed, it has shown that it can weather any political storm. But what about the looming ‘Trumpocalypse’ that some political pundits have predicted?

Judging by Trump’s actions and comments thus far: Bitcoin will not only survive, but will also become greater than ever. Here’s four reasons why…

An Entourage of Bitcoin Supporters

Trump’s team includes some of the Bitcoin industry’s most well-known investors.

As Bitcoinist previously reported, among them is Peter Thiel, a serial entrepreneur who has been part of Trump’s transitional team for over a year. Various Thiel associates, themselves crypto startup investors, namely 21 Inc. CEO Balaji S. Srinivasan, are meanwhile contending for positions at the Food And Drug Administration (FDA).

balaji

In addition, Trump announced wildcard senator Mick Mulvaney as his budget chief last month. Also known as ‘Bitcoin Congressman,’ Mulvaney has been actively promoting Bitcoin education in Washington for several years, liaising with various community figures and launching a Bitcoin Caucus to raise awareness among politicians.

mick

Mulvaney and fellow congressman Jared Polis are also working with the Coin Center, a Washington-based nonprofit that focuses on digital currency technology, to help Congress understand how it all works.

“For the past two years we have worked with Representatives Mulvaney and Polis to educate their colleagues through briefings and other events, and the new Congressional Blockchain Caucus will be a wonderful new platform to continue these efforts,” said Jerry Brito, executive director of Coin Center.

Their forward-thinking leadership on blockchain technology in Congress is unmatched.

Bitcoin: The Remedy to Protectionism

It is no secret that Trump’s policy is firmly focussed on strengthening domestic identity. Critics have long hailed the Trump era as a time when globalization will take a back seat and the US will look inward.

Bitcoin, as a borderless tool excluding no one – even those without the internet – is the antithesis of this stance. What’s more, as has been witnessed by various failed crackdowns worldwide in recent years, Bitcoin’s relentless spread is impossible to control.

Bitcoinist_BTC_World

An example lies in Trump’s expected new ally, Russia. Having previously sought to block information and trading sites connected with Bitcoin and other “surrogate currencies,” this month saw the country’s central bank officially admit that it had to work with Bitcoin rather than ban it and pretend it would go away.

Devil’s in the Dollar

Trump’s ingrowing toenail style fiscal policies have been slated as extremely bad news for the US budget deficit. Saxo Bank stated last month it expects Trump to increase the imbalance from “from $600 billion to $1.2-1.8 trillion,” which could propel the price to as high as $2,100 in 2017.

100-dollar-bills-wallpaper

This, it says, will cause knock-on effects worldwide as the Federal Reserve increases interest rates, leading to an overly strong dollar and demand for alternatives among foreign investors.

“This leads to an increased popularity of cryptocurrency alternatives, with Bitcoin benefiting the most,” it concluded.

Moreover, he will inherit nearly $20 trillion dollars in US national debt that he hopes to alleviate by decreasing government spending and being “very strong on the debt limit.” He said:

OK, I would use the debt limit. I want to be unpredictable, because, you know, we need unpredictability. Everything is so predictable with our country. But I would be very, very strong on the debt limit.

Bitcoin meanwhile has been known to thrive under conditions of unpredictability and global economic uncertainty.

No More Bricks in the Wall

Trump’s classic threat of walling in Mexico with a physical barrier he would make it pay for is already looking less and less watertight thanks to borderless currencies.

trump_336x696px

As Mexico’s currency takes a continued beating following a major drop on election day, November 8, interest in Bitcoin and trading is growing fast.

As is being witnessed in countries such as Argentina and Venezuela, citizens are actively looking for a safe haven for their capital, which will be safe from geopolitical posturing. In Bitcoin, they have flexibility combined with increasing practicality as a day-to-day currency (although, as we have seen, it is by no means there yet).

What YOU Can Do For Your Country…

While Trump has still made no official comments about Bitcoin or its status under his rule, the community is already hitting the ground running with a concerted petition efforts.

In the meantime, for those who can’t wait until the inauguration, here’s something to hold you over while looking stylish at the same time:

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Will Trump’s presidency boost Bitcoin into the mainstream? Let us know in the comments below!


Images courtesy of genesis-mining.com, mulvaney.house.gov, shutterstock, btcc.com

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Led 13

Bitcoin Goes to Washington – Trump May Hire More Digital Currency Leaders

· January 13, 2017 · 3:00 pm

2,899 views

President-elect Donald John Trump seems to have a lengthy to-do list when it comes to “making America Great Again.” This apparently includes meeting with, and potentially hiring many Bitcoin advocates and executives to join him in his administration.


Trump Set to Shake Things Up

Yesterday, Trump met with two more people aligned with Bitcoin and its supporters for potential positions in Washington.

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This movement started with Peter Thiel, PayPal co-founder (with Tesla’s Elon Musk), and initial financier of Facebook, who has been a part of Trump’s political Transition Team since the election last year.

Thiel has been on the record saying that Bitcoin was what PayPal was supposed to be, as it pertains to being a future online medium of exchange itself, not necessarily envisioned as the online fiat currency clearing house that it has become. Theil has invested millions in Bitcoin businesses over the years.

Thiel is closely linked to the two men Trump met with yesterday, who are both being interviewed for potential roles in the Food and Drug Administration, and both have been critical of the FDA’s leadership recently.

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Jim O’Neill was once a former Health and Human Services official under President George W. Bush, and he currently works at Mithril Capital Management, where Thiel is also a co-founder. His recent commentary about the FDA has raised eyebrows in Washington, and this seems to have attracted the interest of Trump.

“We should reform FDA so that it’s approving drugs after their sponsors have demonstrated safety and let people start using them at their own risk, but not much risk of safety,” O’Neill said back in 2014. “But let’s prove efficacy after they’ve been legalized.”

Bitcoin Startup CEO Under Consideration

The other gentlemen under consideration is Balaji Srinivasan, who is an executive at venture capital firm Andreessen Horowitz, and founder of 21.co. The startup made headlines last March when it set a record for venture capital funding for a Bitcoin start-up, generating $116 million USD in capital.

balaji

The company creates Bitcoin mining computers, among other components. He has tweeted about his displeasure of the FDA in the past.

Other Bitcoin-Friendly, Friends of Trump

Next week could be the finalization of these roles under consideration. Trump has already tapped known Bitcoin advocate Congressman Mick Mulvaney (R-S.C.) to run the Office of Management and Budget. Mulvaney has been a fixture on any discussion on Capitol Hill dealing with blockchain, digital currencies, and fintech. He has been seen teaching other politicians about the benefits of these new technologies to the future of American economics.

Will Trump’s administration be a boon for Bitcoin? Share your thoughts below!


Images courtesy of teleport.org, shutterstock, investors.com

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