The rise of Bitcoin and the cryptocurrency asset class has received even more validation this week after noteworthy acknowledgments from political figures and central bank authorities. Covered: Federal Reserve Bitcoin Endorsement Hillary Clinton Is Paying Attention To Crypto After a strong recovery from its local low of roughly $55,800 USD, Bitcoin and the crypto market […] The post Bitcoin Rallies Off Endorsement From The Federal Reserve… And Hillary Clinton appeared first on CryptosRus.

Bitcoin Rallies Off Endorsement From The Federal Reserve… And Hillary Clinton

The rise of Bitcoin and the cryptocurrency asset class has received even more validation this week after noteworthy acknowledgments from political figures and central bank authorities.

Covered:

  • Federal Reserve Bitcoin Endorsement
  • Hillary Clinton Is Paying Attention To Crypto

After a strong recovery from its local low of roughly $55,800 USD, Bitcoin and the crypto market are rallying on some bullish commentary coming from one of the Federal Reserve board members, Christopher Williams, and the former Secretary of State, Hillary Clinton.

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Federal Reserve Bitcoin Endorsement

The Federal Reserve has been careful in choosing its wording regarding the cryptocurrency asset class. While the Fed has acknowledged Bitcoin and crypto previously, the most recent statement coming from Fed Governor Chris Williams sounds more like a quote from Bitcoin bull Michael Saylor rather than a central banker.

He says that Bitcoin is essentially electronic gold and thinks that cryptocurrencies are deriving their value in the same way that collectibles like baseball cards do.

“Bitcoin, to me, is basically electronic gold. It’s an asset people buy…it doesn’t have any fundamental intrinsic value, but that’s okay. We’ve known in economics since 1958 that useless objects can have value. As long as you believe, someone else will pay you down the road for this, you’ll pay it now. Look at baseball cards, look at art, look at beanie babies; that’s all these crypto-assets are really replicating to me.”

Despite his skepticism of the overall asset class, calling Bitcoin electronic gold shows that the Fed recognizes the position of Bitcoin in the digital economy.

Hillary Clinton Is Paying Attention To Crypto

Former Secretary of State and presidential candidate Hillary Clinton came out in public this week making some significant statements on cryptocurrency. She thinks that Bitcoin and crypto has the potential to undermine nation-states and fiat currencies.

“What looks like a very interesting and somewhat exotic effort to literally mine new coins in order to trade with them has the potential for undermining currencies, for undermining the role of the dollar as the reserve currency, for destabilizing nations, perhaps starting with small ones but going much larger…

Nation States have got to pay greater attention to the rise of asymmetric power centers.”

She ends this quote rather ironically as Bitcoin’s rise to global dominance hinges on its decentralized nature, contrary to the asymmetric power center that she describes.

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As central bankers, presidential candidates, and legislators continue to debate over the crypto asset class, the Bitcoin blockchain continues to produce block after block, onboarding users at a historic rate.

Bitcoin on-chain data analyst Will Clemente points out that the Bitcoin Lightning Network has more than tripled since the beginning of 2021, showing how users are starting to transition from using Bitcoin as a store of value to using it as a medium of exchange.

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