US Congressman Patrick McHenry, who’s serving the 10th District of North Carolina, has weighed in on the matter of Bitcoin and whether or not there’s a chance of potentially ending it. According to him, there’s absolutely no capacity to “kill” Bitcoin.
You Can’t Kill Bitcoin
Speaking to CNBC’s Squawk Box, US Congressman Patrick 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 said that there’s no capacity to kill 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 are trying 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, it’s also worth noting that the Congressman agreed to the point that regulators have a huge impact on its overall status and whether or not the masses could use it. Still, even then, 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.”
Needless to say, people have been indeed comparing Facebook’s Libra to Bitcoin. Looking at them closely, however, reveals monumental differences.
In any case, it’s worth noting that the past week has been somewhat positive for Bitcoin in terms of validations. Just a few days ago, the Chairman of the US Federal Reserve called it a “store of value… just like gold.”
Unfortunately, this didn’t do much good for its price as Bitcoin tumbled below $10,000 and is currently trading at around $9,500.
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