Trumps New Chief Of Staff Is Pro-Bitcoin

After John F. Kelly went on scheduled leave last week, the President of the United States, Donald Trump has decided to choose the pro-Bitcoin, Mich Mulvaney to serve as the acting White House Chief of Staff at the start of next year.

It was reported by Matt O’Brien (Washington Post) that Mulvaney has been very vocal about his support towards the leading cryptocurrency and in one of his speeches, he praised the decentralised nature of Bitcoin as a consensus currency.

It was reported in 2016 that Mulvaney has allegedly said that the Federal Reserve basically lowered the value of the dollar and emphasised that the exercise of such control isn’t possible with a digital currency such as Bitcoin which isn’t controlled by a government body.

For Bitcoin, having someone like Mulvaney who is a high profile official and an influential member of the Trump administration is certainly positive for the long-term growth of the cryptocurrency. Even though, Mulvaney’s neutral stance towards the digital currency sectors could inspire the thought processes of regulators and lawmakers in the United States. Realistically though, it can’t have a short-term impact on the roadmap implemented by commissions such as the Securities and Exchange Commission and the Commodities and Futures Trading Commission.

With a pro-Bitcoin official in the United States government, this is a great step forward for the industry. It could even encourage other officials in government to look at cryptocurrencies in a neutral way too and look for at the benefits that the decentralised financial systems can bring.

Back in September last year, the central bank of Finland published a research discussion which looks into the inefficiency of regulating blockchain protocols. As reported by CCN, the paper states:

“Bitcoin is not regulated. It cannot be regulated. There is no need to regulate it because as a system it is committed to the protocol as is and the transaction fees it charges the users are determined by the users independently of the miners’ efforts. Bitcoin’s design as an economic system is revolutionary and therefore would merit an economist’s attention and scrutiny even if it had not been functional. Its apparent functionality and usefulness should further encourage economists to study this marvelous structure.”

What are your thoughts? Let us know what you think down below in the comments!