The crypto community is still reacting to US Treasury Secretary Steve Mnuchin’s recent commentary on bitcoin and its brethren. The asset itself reacted strongly with a 6% pump on the day and many have taken the positives from the speech, some claiming that it is ‘wildly bullish’.
Mnuchin: Bitcoin as a Store of Value
The rhetoric was to be expected, politicians and bankers still see bitcoin as a tool to do bad things. In reality, it is no different to cash or any other commodity that can be transferred beyond the gaze of prying eyes. The vast majority of crypto users are not criminals, drug traffickers or money launderers, yet the whole space keeps getting this deleterious label because bureaucrats don’t understand it and consequently fear it.
A number of industry observers have taken the positives out of Mnuchin’s commentary which echoed the words in president Trump’s recent crypto tweet. Ikigai Asset Chief Investment Officer, Travis Kling, noted that both the Treasury Secretary and the Fed Chairman agree on bitcoin’s status as a store of value.
The Chairman of the Fed and the Treasury Security both agree that Bitcoin is a speculative store of value. Both of them, along with the President, agree that Libra and Bitcoin are two very different things. Wildly bullish.
The Chairman of the Fed and the Treasury Security both agree that Bitcoin is a speculative store of value.
Both of them, along with the President, agree that Libra and Bitcoin are two very different things.
— Travis Kling (@Travis_Kling) July 15, 2019
Co-founder and partner at Morgan Creek Digital, Anthony Pompliano, looked at it from a different angle in that US regulators are fully open to bitcoin and crypto providing operations are carried out legally and transparently.