Bitcoin is becoming increasingly strong, even before the institutionalism of the United States. Despite the fact that opinions remain hostile, the issue is already being debated daily.
Banning Bitcoin (BTC) is not an option, since it is a worldwide innovation. This idea, widespread among bitcoiners, was reaffirmed by the Chairman of the US Senate Committee on Banking, Housing and Urban Affairs, Mike Crapo. During the hearing on cryptocurrencies and regulation held on July 31st, 2019, before the Senate Committee on Banking, Housing and Affairs, he showed that the official position in the United States seems to be of greater openness and recognition to the characteristics and potential of Bitcoin.
Mike Crapo said that banning the use of Bitcoin in the United States would be an impossible achievement as it is considered to be a global innovation.
Bitcoin is an increasingly powerful reality, with more than 10 years in operation and with the most robust network among the rest of cryptocurrencies in terms of hash rate and investment. It went from being originally an experiment among cypherpunks to being the subject of debate between the powerful, and the United States remains an important worldwide reference.
People no longer talk about Bitcoin just for its price, which is about 50% below its historical maximum, but for its features/characteristics and the resilience of its network. The recognition on the part of Crapo only reaffirms Bitcoin as a good currency, one that fully fulfills its functions regardless of whether the powerful seek any occasion to censor the Bitcoin community.
In addition, it is significant that a representative of the institutionalism of a country, which usually imposes its own agenda through sanctions and other coercive measures, openly acknowledges that, even in the case that the United States decided to start on a path to deep prohibition, Bitcoin would continue to function. The innovation that Satoshi Nakamoto made available to Bitcoin users has a broader scope than the persecution measures that the US or any other country may impose.
Crapo’s opinion is a new sign of the confirmation and maturity of this technology. In addition to this representative, Congressman Patrick McHenry also stated in early July 2019 that “there is no capacity to kill Bitcoin.” The president of the United States, Donald Trump, had also posted his opinion on the cryptocurrency through his Twitter account.
An increasing number of representatives of the government of this country realize that Bitcoin brings something different to the rest of payment systems and exchange of value. This characteristic/feature is the fact that its use is truly decentralized and it would be very difficult (practically impossible) to completely ban any activity connected/associated with its operation, as countries such as China or India have proposed.
Seemingly, the position that these decision makers from the United States are showing could have some kind of influence in other allied countries. Maybe there will not be an immediate adoption there, but the growing positioning of Bitcoin as a topic of discussion and interest in the agenda of the main countries of the world makes it the best option for investors.
By Willmen Blanco