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April 10, 2024 12:40 AM | 2 min read |
U.S. Rep. Patrick McHenry (R-N.C.) has urged the United States to spearhead Bitcoin (CRYPTO: BTC) innovation, underlining the necessity of understanding the technology to prevent ill-informed policy decisions.
What Happened: McHenry, speaking at the Bitcoin Policy Summit in Washington D.C., portrayed Bitcoin as a beacon of liberty and an unstoppable technological force. He pointed out that even the most stringent regimes, such as the Chinese communist party, have failed to halt its progress, Bitcoin Magazine posted a video clip on X.
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McHenry, a known advocate for financial innovation, emphasized the importance of his congressional colleagues becoming proficient in Bitcoin.
The Congressman also stressed the importance of educating policymakers on Bitcoin, suggesting that reading Satoshi Nakamoto‘s Bitcoin white paper could lead to more informed legislative discussions.
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In his call to action, McHenry encouraged the United States to seize the chance to become a leader in the Bitcoin revolution and shape the future of finance and technology worldwide.
Why It Matters: McHenry has been vocal about cryptocurrency regulation in the past. In September, he expressed concerns over SEC Chair Gary Gensler‘s perceived lack of transparency concerning his dealings with FTX FTT/USD and its co-founder Sam Bankman-Fried.
McHenry’s recent call comes at a time when Bitcoin’s hashrate has increased by 80% from last year, indicating improved mining profitability, according to a JPMorgan analyst note. Furthermore, Bitdeer Technologies has been leading in Bitcoin mining, with growth catalysts including proprietary tech and strategic data centers, as highlighted by a Rosenblatt analyst.
McHenry’s advocacy for Bitcoin innovation leadership could influence the direction of future policy decisions, impacting the global financial and technological landscape.
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Read More: Bitcoin’s Rise ‘Unstoppable,’ Says Pro-Crypto Congressman Patrick McHenry In Pushing US
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