The largest cryptocurrency, Bitcoin (BTC), is not going away once the ongoing financial crisis subsides, United States Representative Tom Emmer (R-MN) believes.
A known industry advocate, Emmer says that Bitcoin will only be getting stronger after the world eventually emerges from the economic chaos caused by the coronavirus.
Bitcoin and blockchain will continue to become more important
“As we come out of the crisis, Bitcoin ain’t going away, it’s gonna get stronger,” the Congressman saod during an Aug. 3 interview with co-founder of Morgan Creek Digital Anthony Pompliano.
According to Emmer, both Bitcoin and its underlying technology of blockchain will “continue to become more and more important” and see further advancements due to its unprecedented value. “You just watch, it has value, when something has value, people are going to take risks and it’s going to advance,” the politician said.
U.S. banks are now officially authorized to custody Bitcoin
According to Emmer, Bitcoin’s future is now even more promising after U.S. regulators authorized banks to provide custody for cryptocurrencies last week.
As reported, the Office of the Comptroller of the Currency officially approved federally chartered banks to store crypto like Bitcoin on July 22. According to Emmer, Brian Brooks, Acting Comptroller of the Currency at the OCC, made a significant contribution to the future of Bitcoin:
“And now Brian Brooks is saying ‘Hey, institutions, you can start banking this stuff. You can provide a home for it, you can start working with it.’”
Representative Emmer is known for advocating cryptocurrency-powered innovation. Earlier this year, he expressed concerns about regulation smothering innovation. Previously, the Congressman has called on the government to provide more regulatory clarity for the crypto industry.
Emmer is not alone in thinking that Bitcoin will become even more solid once markets start to recover. In March 2020, billionaire investor and blockchain tech supporter Tim Draper predicted that Bitcoin will be one of the most crucial tools for recovering from the global financial crisis. “When the world comes back, it will be Bitcoin, not banks and governments that save the day,” Draper said.