{"id":389963,"date":"2019-07-16T11:00:20","date_gmt":"2019-07-16T11:00:20","guid":{"rendered":"https:\/\/uniquehot.com\/?p=389963"},"modified":"2024-06-11T13:45:41","modified_gmt":"2024-06-11T13:45:41","slug":"why-bitcoin-investors-taking-us-treasury-crypto-quip-stride","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/why-bitcoin-investors-taking-us-treasury-crypto-quip-stride\/","title":{"rendered":"Why Bitcoin Investors Are Taking the U.S. Treasury’s Crypto Quip in Stride"},"content":{"rendered":"

Just five years ago, Bitcoin<\/a> (BTC) being mentioned by some of the biggest names in finance and politics<\/a> was a quixotic dream. Now, this dream is coming to a reality.<\/p>\n

Ever since the cryptocurrency market rebounded in late-2018, investors, politicians, and technologists have begun to realize that Bitcoin is not going to die. And thus, they’ve sprung out of the woodwork to issue comments on the matter.<\/p>\n

Related Reading: A City in Canada to Accept Crypto Assets for Tax After Council Approval, Bolstering Adoption<\/a><\/h6>\n
Just a week after one of the world’s most powerful individuals, U.S. President Donald Trump, dropped the “Bitcoin” bomb, Steven Mnuchin did too.<\/p>\n
As reported by NewsBTC previously<\/a>, the American Treasury Secretary was fairly bearish on cryptocurrencies, mentioning their ability to be used by criminals for illicit activities, like money laundering, the sale of illicit drugs, and hacking.<\/p>\n
With this in mind, Mnuchin dubbed cryptocurrencies, like Bitcoin, a \u201cnational security issue\u201d, keeping his statement blunt.<\/p>\n
He went on to conclude that companies dealing with this asset class should comply by the rules that many “traditional financial institutions” abide by. Mnuchin explained:<\/p>\n
“The United States Treasury has been very clear to Facebook, to Bitcoin users, and to other providers of digital financial services that they must implement the same [rules] as traditional financial institutions. The rules governing money-service providers apply to physical and electronic transactions alike.”<\/p><\/blockquote>\n
Overall, this may seem bearish. But, many analysts and investors have taken this comment in stride. In fact, the cryptocurrency market <\/a>is up in the past 24 hours, not cratering<\/a> as some bearish traders expect.<\/p>\n
Why so?<\/p>\n
Then They Fight You<\/strong><\/h2>\n
As Yan Pritzker, the founder of Inventing Bitcoin, notes, as it stands, BTC’s market capitalization is 6% that of M0 (base money supply) of the U.S. Dollar.<\/p>\n
He notes<\/a> that the fact that Donald Trump and Mnuchin have felt the need to address Bitcoin, despite the fact that it is such a relatively small asset, confirms that BTC is actually growing.<\/p>\n
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Bitcoin\u2019s market cap is 6% of the USD M0 money supply. That the president and treasury secretary feel compelled to speak out about it at this point validates that we have firmly departed the \u201cthen they laugh at you\u201d phase.<\/p>\n
— Yan | swan.com (@skwp) July 15, 2019<\/a><\/p><\/blockquote>\n