The main crypt currency, Bitcoin (BTC), will not disappear once the current financial crisis subsides, says US representative Tom Emmer.
A well-known industry advocate, Emmer says Bitcoin will only get stronger after the world emerges from the economic chaos caused by the coronavirus.
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Bitcoin and blockchain will continue to become more important
“As we come out of the crisis, Bitcoin will not disappear, it will become stronger,” the congressman said during an Aug. 3 interview with Morgan Creek Digital co-founder Anthony Pompliano.
According to Emmer, both Bitcoin and its underlying blockchain technology “will continue to become more and more important” and will see more advances because of their immense value. “Just look, it has value, when something has value, people will take risks and move forward,” the politician said.
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U.S. banks are now officially authorized to hold Bitcoin
According to Emmer, Bitcoin’s future is now even more promising after U.S. regulators last week authorized banks to provide custody for cryptoactives.
As reported, the Office of the Comptroller of the Currency officially approved the banks authorized by the federal government to store crypto-currencies like Bitcoin on July 22. According to Emmer, Brian Brooks, acting comptroller of the OCC, contributed significantly to Bitcoin’s future:
“And now Brian Brooks says, ‘Hey, institutions, you can start doing banking with these things. You can provide a home for them, you can start working with them.'”
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Representative Emmer is known for championing innovation driven by crypto-currencies. Earlier this year, he expressed concern about regulations that stifle innovation. Earlier, the congressman called on the government to provide more regulatory clarity for the crypt industry.
Emmer is not alone in thinking that Bitcoin will become even stronger once the markets begin to recover. In March 2020, billionaire investor and blockchain technology proponent Tim Draper predicted that Bitcoin Code would be one of the most crucial tools for recovery from the global financial crisis. “When the world returns, it will be Bitcoin, not the banks and governments that save the day,” Draper said.