July 17, 2018
From: Daniil Derebenskiy
As we continue to head further into the digital era, the importance and value of cryptocurrencies such as Bitcoin will only continue to rise – not just in monetary value, but also in respect to their holdings by the various nation’s citizens and institutions. Bitcoin, being incredibly suited to be used as a form of “hard money” (even more so than physical gold), WILL retain and gain value and importance. Our government/the SEC should keep in mind that this is a GLOBALLY emerging asset class, and if the SEC doesn’t prioritize and encourage the accumulation of Bitcoin by Americans, then when other nations inevitably do so for themselves, we will find a transfer of wealth occurring from America to wherever else Bitcoin is held. A large part of the transfer of this wealth will come at the expense of the US Dollar and other assets that American institutions and citizens hold much of, such as precious metals. Whether or not massive amounts of value will flow from other assets to Bitcoin is not the question – the real question is who do you want holding more Bitcoin as that process occurs – Americans, or the rest of the world?
It should also be noted that Bitcoin is an internet-based technology, and internet-based technologies spread and mature VERY quickly. Therefore, time is NOT of the essence, and for our country to retain its global financial dominance and competitiveness, it should place urgency and priority on encouraging ownership of Bitcoin ownership in its country.