Pierre Rochard, VP of Research at Riot Platforms, responded to criticism against Senator Cynthia Lummis' (R-Wyo.) recently introduced BITCOIN Act, which aims to strengthen the U.S. dollar and help reduce the nation's rapidly increasing debt.
What Happened: In a YouTube video aired Tuesday, Rochard defended the legislation and presented arguments against some of the common objections to the idea of a strategic Bitcoin (CRYPTO: BTC) reserve.
To criticisms directed towards the inherent assumption that the leading cryptocurrency would increase in value, Rochard said that the belief stems from Bitcoin's fundamentals and the fact that it has increased in value in the last 15 years.
"Not only has nothing changed in the negative, but nothing has gotten worse about Bitcoin. Bitcoin has only improved, so if anything, I'm more bullish on the next 20 years," he argued.
The other counterargument was to use stockpiles of utility, such as oil or medicine. In response, Rochard stated that Bitcoin's utility stemmed from its unique characteristics, such as its decentralized nature, which prevents transfer disruptions, and immunity to foreign sabotage.
Another major complaint was that a reserve would imply government control over Bitcoin, thereby compromising its essential principles. Rochard described this as a misunderstanding of how the apex cryptocurrency works, explaining that the government can control its own private keys and nodes but not other people's private keys.
See Also: Elizabeth Warren's Pro-Bitcoin Rival John Deaton Calls Out Her Campaign for Labeling Him A Recruit: 'She's Worried For A Reason...'
Why It Matters: The proposed law by Lummis advocates the implementation of a $1 million purchase program to acquire 5% of the total supply of the apex cryptocurrency over a 5-year period.
The bill also outlined that no Bitcoins held in the reserve should be sold or auctioned for a minimum holding period of 20 years.
Former President Donald Trump has also expressed support for a national Bitcoin stockpile, noting in one of the interviews that it could be used to "wipe out" $35 trillion worth of U.S. debt.
The reaction to the legislation has been divided, with influential economist Justin Wolfers being one of the most vocal critics.
Price Action: At the time of writing, Bitcoin was exchanging hands at $61,019.12, up 3.27% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Wikimedia Commons
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Riot Platforms研究副总裁皮埃尔·罗查德回应了对参议员辛西娅·拉米斯(R-Wyo。)最近出台的《比特币法案》的批评,该法案旨在增强美元并帮助减少美国迅速增加的债务。
发生了什么:在周二播出的YouTube视频中,罗查德为该立法辩护,并针对针对比特币(加密货币:BTC)战略储备想的一些常见反对意见提出了论点。
对于针对领先加密货币价值将增加的固有假设的批评,罗查德说,这种信念源于比特币的基本面以及比特币在过去15年中价值增长的事实。
“不仅负面变化不大,而且比特币也没有变得更糟。比特币只是有所改善,所以如果有的话,我更看好未来20年,” 他争辩道。
另一个反驳论点是使用石油或药品等公用事业库存。作为回应,罗查德表示,比特币的效用源于其独特的特征,例如其去中心化性质,可防止转移中断,以及免受外国破坏。
另一个主要抱怨是,储备意味着政府对比特币的控制,从而损害其基本原则。罗查德将其描述为对顶级加密货币如何运作的误解,并解释说政府可以控制自己的私钥和节点,但不能控制其他人的私钥。
另见:伊丽莎白·沃伦的亲比特币竞争对手约翰·迪顿大声疾呼要给他贴上新兵的标签:“她担心是有原因的...”
为何重要:Lummis提出的法律主张实施一项100万美元的购买计划,在5年内收购顶级加密货币总供应量的5%。
该法案还规定,储备中持有的比特币在最低持有期限为20年内不得出售或拍卖。
前总统唐纳德·特朗普也表示支持全国比特币库存,他在一次采访中指出,这可能被用来 “清除” 价值35万亿美元的美国债务。
对该立法的反应存在分歧,有影响力的经济学家贾斯汀·沃尔夫斯是最直言不讳的批评者之一。
价格走势:根据Benzinga Pro的数据,在撰写本文时,比特币的交易价格为61,019.12美元,在过去24小时内上涨了3.27%。
照片提供:维基共享资源
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