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Peter Van Valkenburgh Defends Cryptocurrency in US Senate Hearing

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US Senate cryptocurrency

As cryptocurrency becomes mainstream, Congress is debating how to handle its development.

For example, Republican Sen. Mike Crapo said, “In order to move forward in a productive way and give these innovations the room to flourish in a safe and sound way, we need to sort through the static.”

Cryptocurrency Naysayer: Dr. Doom Roubini

Dr. Doom, Nouriel Roubini may not be a fan of cryptocurrency.

He made that very clear in his opening statement at a U.S. Senate Hearing.

“Crypto is the mother and father of all scams … [and] blockchain is the most overhyped technology ever and is no better than a glorified database,” Roubini said.

“Crypto twitter is a cesspool of bots, trolls, shills, scammers, crypto zealots and lunatics. Barking dogs that attack me after losing 90 [percent] in last year. None read my paper & none have any substantial critique. This motley crew is a bunch of pathetic lunatics & HODLing losers”

Perhaps we should take that as a compliment.

And perhaps we can remind him of missed opportunities a decade from now, too.

Cryptocurrency Defender Doesn’t Agree

Furthermore, Van Valkenburgh told the committee that blockchain and cryptocurrencies are not perfect. However, they are a significant step in improving the financial situation for many.

“Bitcoin is the world’s first globally accessible public money. Is it perfect? No. Neither was email when it was invented in 1972. Bitcoin’s not the best money on every margin. It’s not yet accepted everywhere. It’s not used often to quote prices and it’s not a stable store of value.”

Moreover, he added, “But it is working, and the fact that it works without intermediaries is amazing.”

Whomever you decide to agree with, the one certainty is that cryptocurrency is here to stay.

Of course, it’ll take some time for agencies to figure it out.  But nothing comes without growing pains.  As Van Valkenburgh notes, email wasn’t perfect when it started either.

 

 

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