By Tobi Loba
Bitcoin (BTC), the first and largest cryptocurrency has been garnering much-needed recognition lately. A member of the United States Congress, Tom Emmer, just made a positive comment about the leading cryptocurrency.
According to Emmer, Bitcoin has value and will continue to advance and become an integral part of the future of Americans.
The US representative for Minnesota, who is a pro-crypto, blockchain and decentralization said this during a conversation with Morgan Creek’s co-founder and Bitcoin maximalist, Anthony Pompliano:
“Bitcoin, blockchain, it’s not going away, it’s going to continue to become more and more important and it’s going to advance. You just watch. It has value and when something has value people are going to take more risks and it’s going to advance.”
Centralization Is the Culprit, Not Bitcoin (BTC)
Based on Tom Emmer’s assertion, governments know that fiat currency has lost control, but they chose to control the people to make it look like everything is fine.
According to the Congressman, centralization that gives the government the full power is the major problem, citing how people were shut down in China in the wake of Coronavirus pandemic.
He said:
“The government has your currency all on a card and guess what if you lived in Wuhan, they shut you down man, you couldn’t get a ride out Wuhan to another city. You couldn’t go get the groceries, unless the government released you to go get the groceries.”
He added that as soon as the United States took the dollar off the gold standard, the whole system got translated from wealth creation to debt creation. So as to keep the whole debt infested economy working, the government has to keep printing money until the people are able to return to work.
Emmer also stated that the United States government should look for better practical options once the crisis is over.
“It’s time to get back to wealth creation and it’s time to look for new forms of transfer,” Emmer added.
Speaking about Bitcoin as a store of value, he said, “It doesn’t have to be the gold standard, it’s pegging it to some responsible number, so it has meaning instead of people just playing with it and have some of us wondering why.”
Bitcoin Did Not Screw Up, It’s Twitter’s Problem
Giving his take about the recent Twitter hack, where unsuspecting Bitcoin holders were robbed of relatively $100,000 in BTC, Emmer said the problem stem from centralized governance. He said Bitcoin is not to blame.
“Twitter is the problem, they’re the ones that screwed up, and bitcoin didn’t screw up. Twitter, your security was not adequate. They hacked twitter and you’re gonna have bad guys all over the place,” Emmer noted.
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