US Congressman Patrick McHenry, who serves the 10th District of North Carolina, has weighed in on the matter of Bitcoin and whether it can be ended. According to him, there’s absolutely “no capacity to kill Bitcoin”.
You Can’t Kill Bitcoin
Speaking to CNBC’s Squawk Box, Rep. McHenry shared his thoughts on Bitcoin.
When asked about whether or not politicians and regulators across the globe would allow the emergence of cryptocurrencies, the congressman answered that there’s no way to stop Bitcoin.
I think there’s no capacity to kill Bitcoin. Even the Chinese with their Firewall and their extreme intervention on their society cannot kill Bitcoin. So, distributed ledger, full and open, in the essence of Bitcoin, as a first mover in the space, the developer of this technology… […] My point here is, you can’t kill Bitcoin.
He also shared his thoughts on other projects in the space which try to “mimic” Bitcoin.
New iterations of this, that are trying to mimic it, they are not fully distributed, they are not fully open, there are different mechanisms to kill it.
However, the congressman agreed with the point that regulators have a huge impact on its legal status and ability to be used by the masses. Still, McHenry didn’t fail to outline the progress Bitcoin has made in the past 10 years.
You’re talking about something that was a joke 10 years ago, that people were giving away for free – well, not a joke, but people were giving it away for free, and it’s now trading at $10,000.
Others Try to Mimic it
Another interesting bit of McHenry’s interview was the fact that he said, “The essence of Bitcoin is what Facebook and Libra, and other corporations are trying to mimic.”
People have indeed been comparing Facebook’s Libra to Bitcoin. Looking at them closely, however, reveals monumental differences.
In any case, the past week has been somewhat positive for Bitcoin in terms of validation. Just a few days ago, the Chairman of the US Federal Reserve called it a “store of value… just like gold.”
Unfortunately, this hasn’t done much good for its price, as Bitcoin tumbled below $10,000 and is currently trading at around $9,500.