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研究副總裁皮埃爾·羅查德回應了對參議員辛西婭·拉米斯(R-Wyo。)最近出臺的《比特幣法案》的批評,該法案旨在增強美元並幫助減少美國迅速增加的債務。
發生了什麼:在週二播出的YouTube視頻中,羅查德爲該立法辯護,並針對針對比特幣(加密貨幣:BTC)戰略儲備想的一些常見反對意見提出了論點。
對於針對領先加密貨幣價值將增加的固有假設的批評,羅查德說,這種信念源於比特幣的基本面以及比特幣在過去15年中價值增長的事實。
「不僅負面變化不大,而且比特幣也沒有變得更糟。比特幣只是有所改善,所以如果有的話,我更看好未來20年,」 他爭辯道。
另一個反駁論點是使用石油或藥品等公用事業庫存。作爲回應,羅查德表示,比特幣的效用源於其獨特的特徵,例如其去中心化性質,可防止轉移中斷,以及免受外國破壞。
另一個主要抱怨是,儲備意味着政府對比特幣的控制,從而損害其基本原則。羅查德將其描述爲對頂級加密貨幣如何運作的誤解,並解釋說政府可以控制自己的私鑰和節點,但不能控制其他人的私鑰。
另見:伊麗莎白·禾倫的親比特幣競爭對手約翰·迪頓大聲疾呼要給他貼上新兵的標籤:「她擔心是有原因的...」
爲何重要:Lummis提出的法律主張實施一項100萬美元的購買計劃,在5年內收購頂級加密貨幣總供應量的5%。
該法案還規定,儲備中持有的比特幣在最低持有期限爲20年內不得出售或拍賣。
前總統唐納德·特朗普也表示支持全國比特幣庫存,他在一次採訪中指出,這可能被用來 「清除」 價值35萬億美元的美國債務。
對該立法的反應存在分歧,有影響力的經濟學家賈斯汀·沃爾夫斯是最直言不諱的批評者之一。
價格走勢:根據Benzinga Pro的數據,在撰寫本文時,比特幣的交易價格爲61,019.12美元,在過去24小時內上漲了3.27%。
照片提供:維基共享資源
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