Former Governor Praises Bitcoin

In News
bitcoin

Do you agree that Bitcoin is something revolutionary?

It is true that Bitcoin is making a huge name in the business and financial world right now. People, especially investors, are becoming interested towards the crypto due to the incredible rise of the crypto’s price. However, despite the popularity it has been getting from around the globe, some people are still left unimpressed by crypto’s performance.

Most of the governments from different countries keep on warning people about the risk of cryptocurrencies. They for sure, show doubt towards the rising popularity of cryptocurrencies. But not this former American governor.

Former New Hampshire governor and three-term senator Judd Gregg has said he believes bitcoin could alter how the world views currency.

In an opinion piece published by The Hill yesterday, Gregg outlined why he thinks people believe in bitcoin, how bitcoin could be used and what it could mean for the global economy.

Briefly comparing bitcoin to gold, Gregg noted that the latter has value because it is rare and widely accepted by banks, while the former is supported primarily by the belief of its holders. The key difference is that bitcoin is not held by central banks at this time, he wrote.

Since bitcoin is not controlled by any nation, government or central bank, Gregg said, “it sounds so good that one is tempted to say, ‘Throw in some pixie dust and it is off to never-never land.'”

He continued:

“However, that would be too traditional a view. Bitcoin could indeed alter the entire world of commercial transactions.”

Should people have sufficient belief that bitcoin or subsequent cryptocurrencies have real value, then it could usher in “a new era,” he said, one that would have a “staggering” potential as a world currency.

However, Gregg also noted the importance of the dollar in the world economy today, saying it was “difficult to project a time when the dollar will not stand as a core element of world commerce.”

The ex-senator’s comments come at a time when U.S. politicians are awakening to the technological and fiscal possibilities of cryptocurrencies and blockchain technology.

In June 2017, Nevada Senator Ben Kieckhefer sponsored a new law paving the way for the state’s broad bid to attract new blockchain startups. The bill prohibits the taxation of blockchain technology in Nevada, while at the same time recognizing the legality of blockchain signatures.

And in March last year, a legislative proposal submitted to Maine’s Senate, and sponsored by sponsored by the state’s senator, Eric Brakey, was aimed to create a commission dedicated to studying the use of blockchain alongside paper ballots in elections.

via Coindesk


You may also read!

Giant Companies

Increasing Competition In Telecom And Cable Industries Threaten Giant Companies

Major players in the telecom and cable industries are worried about the rising competition contributed by smaller competitors. It

Read More...
Freedom of Speech

African Government Blocks Freedom of Speech and Net Neutrality

Is the African government blocking their citizens’ freedom of speech and the right to enjoy net neutrality? Having the

Read More...
Blockchain Technology

Big Bank Chooses The Power Of Blockchain Technology

Martin Schroeter, Senior Vice President of IBM Global Markets, mentioned in an interview how their blockchain business is being

Read More...

Leave a reply:

Your email address will not be published.

Mobile Sliding Menu