It helps to have friends in high places
When news leaked a few weeks back that the Treasury Secretary Steve Mnuchin was readying laws/regulations that would all but eliminate the ability for US citizens to self custody bitcoin, there was an understandably dark cloud over bitcoin and crypto.
The price dropped significantly from almost $20k down to the $16k's.
While the news wasn't for sure, the source seemed pretty confident it was coming down the pipeline.
Fast forward a few weeks and the price of bitcoin has mostly recovered and the official announcement from the Mnuchin has yet to come.
However, many in crypto, myself included believe that it will likely be coming at some point.
Thankfully, it now appears bitcoin has some fans in very high places...
Today, several congressmen (congresspeople?) drafted a letter to Mnuchin urging him to reconsider.
The letter can be seen here btw:
(Source: https://beta.documentcloud.org/documents/20421966-davidson-letter-to-mnuchin)
The full letter can be accessed via the link above.
Who's fighting for bitcoin?
I remember having a conversation with my father on one of our many afternoon walks a while back talking bitcoin and politics and just about anything under the sun that peaked our interest that day, where he posed a rather interesting question to me...
He said you know, I like everything you are saying but at the end of the day there are all the governments and bankers that have a vested interest in bitcoin not succeeding. They don't want this currency to replace their own and they don't want to lose the power that comes with it.
So, there are all these people/entities that would like nothing more than for bitcoin to go away. Who is fighting for bitcoin exactly?
At the time my answer was basically that the only people in bitcoin's coiner were its believers and large investors.
There were a few libertarian types like Ron Paul that seemed keen on it, but beyond that there wasn't a ton of backing in high ranking government positions.
Well, it looks like that is changing.
We have billionaires on our side now, we have academia on our side, and now we are getting politicians on our side as well.
These 4 congressmen/congresspeople represent a small minority at the moment but one that can surely grow.
Like a snowball rolling down a hill, it starts small and builds into an unstoppable force over time.
Bitcoin too is rapidly gaining friends in high places.
Stay informed my friends.
-Doc