US Congressman Comes Out In Support Of Bitcoin; Calls It A Product Of American Ingenuity, Innovation

The United States Congress taking a keen interest in the digital asset market was the key highlight of the week, with several supporters and critics of the industry voicing their opinions on the floor. One of the Congressman who vehemently supported Bitcoin was North Carolina 10th district’s Patrick McHenry, who spoke about the same at not just Libra’s hearing, but with CNBC as well.

During the CNBC interview, McHenry stated that regulators and politicians will come around to the idea of using Bitcoin for mainstream purposes in the long-term. The Congressman added,

“There is no capacity to kill Bitcoin now. It is just not possible. Even the Chinese with their extreme interventions and firewalls were not able to do it and that is where it stands. We know that distributed ledger and Bitcoin were the first to emerge but there are many new iterations that are trying to mimic Bitcoin and there are many mechanisms to kill then”

McHenry was also asked about Bitcoin’s price drop that happened in the background of Libra’s Congressional hearing. The Congressman however, is confident that once the world’s largest cryptocurrency goes mainstream, things will calm down. During the congressional hearing, McHenry was one of the many to have pointed out Bitcoin’s advantages as a cryptocurrency and a new financial asset. In his words,

“It is an unstoppable force and it should be our duty to not deter it. Many have tried doing it in the past and they have failed. Right now, the question is what policymakers are going to do with this opportunity of a new innovation at hand. Some want a permission-based society but before we get into any of that, we need to look at developing the technology that we have.”

Patrick McHenry did not mince words when he claimed that there are politicians who would rather kill the new technology before it grows, and that such a sentiment should be curbed. He urged the United States Congress to embrace the mainstream adoption of Bitcoin and view the digital asset as the embodiment of American values and the contribution of a generation of entrepreneurs and innovators.