Don’t Neglect Digital Assets
I don’t want America to fail behind other countries in bitcoin and Cryptocurrencies, Kevin McCarthy urges Treasury Secretary and Federal Reserve Chairman.
The GOP Leader Kevin McCarthy urges Treasury Secretary and Federal Reserve Chairman respectively not to ignore Bitcoin like they are doing. He believes Bitcoin or digital assets have a future and shouldn’t be ignored.
Kevin McCarthy Interviews
In an interview with CNBC, Kevin, when asked if Yallen and Powell have a good understanding of digital assets or Bitcoin, said:
“I think they tried to ignore it to make it go away. I think Jamie Dimon will tell you that from the beginning he was wrong. This is moving toward the future. They should not ignore it.”
He recalled that JPMorgan CEO Jamie Dimon called bitcoin a “fraud” that is “worse than tulip bulbs” in 2017. Not long, his bank has come a long way, buying into digital assets. Today, JPMorgan says it sees massive institutional demand for bitcoin and has launched a crypto investment product tracking public companies with bitcoin exposure.
The Federal Reserve Chair Powell and Treasury Secretary have not warmed up to bitcoin. Powell said in the last week’s interview that cryptocurrencies are “vehicles for speculation.” He claimed that “They’re not being actively used as payment,” despite a growing list of companies accepting them for payment, including Elon Musk’s Tesla. Following Powell’s sentiments, Treasury Secretary Yellen had no different views.
She called bitcoin a “highly speculative asset” in February, asserting that it was not “widely used as a transmission mechanism” and was an “extremely inefficient way of conducting transactions.” She went ahead to warn that the misuse of cryptocurrencies is a growing problem, noting that cryptocurrencies are mainly used for illicit financing.
Kevin McCarthy Affirms
McCarthy went forward to suggest that, Treasury Secretary Yellen and Fed Chair Powell “should not only learn more about it but the basis is going to continue to grow.”
This is something that those who regulate, those who are in government that makes policy better start understanding what it means for the future.
The GOP Leader, McCarthy served California’s 23rd district and currently the Republican leader in the US House of Representatives. He emphasized that “other countries are moving forward” in the area of digital currencies.
“I do not want America to fall behind. I want the next century to be ours. That’s why I want to look forward, not backward, and not keep my head in the sand,” he said.