Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
United States Representative Tom Emmer is confident about the bright future of Bitcoin and blockchain technology.
The largest cryptocurrency, Bitcoin (BTC), is not going away once the ongoing financial crisis subsides, United States Representative Tom Emmer (R-MN) believes.
A known industry advocate, Emmer says that Bitcoin will only be getting stronger after the world eventually emerges from the economic chaos caused by the coronavirus.
Bitcoin and blockchain will continue to become more important
âAs we come out of the crisis, Bitcoin ainât going away, itâs gonna get stronger,â the Congressman saod during an Aug. 3 interview with co-founder of Morgan Creek Digital Anthony Pompliano.
According to Emmer, both Bitcoin and its underlying technology of blockchain will âcontinue to become more and more importantâ and see further advancements due to its unprecedented value. âYou just watch, it has value, when something has value, people are going to take risks and itâs going to advance,â the politician said.
U.S. banks are now officially authorized to custody BitcoinÂ
According to Emmer, Bitcoinâs future is now even more promising after U.S. regulators authorized banks to provide custody for cryptocurrencies last week.Â
As reported, the Office of the Comptroller of the Currency officially approved federally chartered banks to store crypto like Bitcoin on July 22. According to Emmer, Brian Brooks, Acting Comptroller of the Currency at the OCC, made a significant contribution to the future of Bitcoin:
âAnd now Brian Brooks is saying âHey, institutions, you can start banking this stuff. You can provide a home for it, you can start working with it.'â
Representative Emmer is known for advocating cryptocurrency-powered innovation. Earlier this year, he expressed concerns about regulation smothering innovation. Previously, the Congressman has called on the government to provide more regulatory clarity for the crypto industry.
Emmer is not alone in thinking that Bitcoin will become even more solid once markets start to recover. In March 2020, billionaire investor and blockchain tech supporter Tim Draper predicted that Bitcoin will be one of the most crucial tools for recovering from the global financial crisis. âWhen the world comes back, it will be Bitcoin, not banks and governments that save the day,â Draper said.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.