Tom Emmer Is Saying That Coronavirus Crisis Will Make Bitcoin ‘More Important’ And ‘Stronger’
The coronavirus has created an unprecedented global economic mess, not unlike the 2008 global economic crisis that led to bitcoin's creation.
Many investors have turned to bitcoin recently to combat the inflation they see coming as a consequence of the unprecedented coronavirus stimulus measures the U.S. Federal Reserve and other central banks have pumped into the system.
U.S. Congressman Tom Emmer told that he expects bitcoin to "get stronger" as the world emerges from the coronavirus crisis.
U.S. Representative Tom Emmer (R-MN) said to bitcoin investor Anthony Pompliano "As we come out of the crisis, bitcoin isn't going away," adding bitcoin and cryptocurrencies are going to "continue to become more and more important."
"[Bitcoin is] going to get stronger. You just watch, it has value, when something has value, people are going to take risks and it’s going to advance."
Emmer was talking about last week's news that banks provide custody for cryptocurrencies from now on. That kind of progress will bring bitcoin and crypto into the mainstream.
He also criticized modern centralized monetary systems.
"There are things happening that are going to disrupt the centralized nature of our society. We're about to blow that whole thing up, because of the pandemic, I believe," Emmer said.
Bitcoin is powered by decentralized blockchain technology that substitutes centralized authority with a distributed network. Some are in the opinion that governments will be able to move away from top-down, centralized systems if using blockchain.
"I think we’re just moving into that next phase, which is why crypto, the area, excites me."
In the past, Emmer has advocated for decentralized and blockchain-powered innovation. He is calling for the U.S. government to take the benefit of cryptocurrency technology.
This week, Emmer, co-signed a letter to the IRS, asking the U.S. tax agency to establish a policy that endorses the protocols used to create some cryptocurrencies, known as proof-of-stake.
He raised concerns that regulation could eventually smother innovation and called on the U.S. government to give more regulatory clearness for the crypto industry earlier this year.
Emmer told Pompliano "We're not going backward when it comes to the internet superhighway," and added, "We've got to go forward."
Emmer used the hack that Twitter had lately, where high-profile Twitter accounts were hijacked and used to promote a bitcoin scam, to give his support to bitcoin.
"Bitcoin isn't the problem," he tweeted in the wake of the attack. "Centralized control is."
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