Bitcoin will be crucial post-pandemic, says US Congressman

Bitcoin will be crucial post-pandemic, says US Congressman

Representative Tom Emmer spoke about Bitcoin and its emerging importance in a world that is no longer going to be characterised by centralisation in a recent podcast interview

US Congressman Tom Emmer has stated that Bitcoin is not going to lose its new-found importance as the financial crisis caused by the COVID-19 subsides. In a podcast interview with crypto investor Anthony Pompliano, Emmer explained that Bitcoin will continue to ‘get stronger’ as the world emerges from the economic crisis.

Bitcoin’s price has followed the pattern of other so-called safe-haven assets like gold over the last few weeks and is being seen as a crucial investment option amid the uncertainties in today’s world.

The creation of Bitcoin is often credited to the downfall of traditional financial institutions that caused many of the problems that led to the global economic crisis of 2008. The pandemic is leading the world into yet another large-scale financial crisis at an unprecedented pace.

Bitcoin has grown in importance as investors have turned to cryptocurrency to combat inflation caused by stimulus measures introduced by the US Federal Reserve in which more money was printed and pumped into the system.

A known advocate of cryptocurrency, Emmer explained that both Bitcoin and its underlying blockchain technology will “continue to become more and more important” and witness further advancement due to the value it offers. “You just watch, it has value, when something has value, people are going to take risks and it’s going to advance,” Emmer stated.

Emmer pointed to recent developments, such as US regulators authorising banks to provide custody for cryptocurrencies, claiming it was promising news for Bitcoin’s future. Last week, the Office of the Comptroller of the Currency officially approved federally chartered banks to store cryptocurrency.

The Congressman also criticised the centralised nature of the present monetary system and stated that he was excited about a decentralized crypto world. “There are things happening that are going to disrupt the centralised nature of our society. We’re about to blow that whole thing up, because of the pandemic, I believe,” Emmer said. “I think we’re just moving into that next phase, which is why crypto, the area, excites me,” he added.

“We’re not going backward when it comes to the internet superhighway, we have got to go forward,” Emmer told Pompliano.

This is not the first time that Emmer has advocated for cryptocurrency-powered innovation. Earlier this year, he called upon the US Government to provide more clarity regarding its stance on cryptocurrency and raised concerns that regulation could ultimately smother innovation.

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