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Centralized monetary systems never end well, US Congressman Tom Emmer said during the latest Pomp Podcast.
In brief
Bitcoin's decentralization is its main trump card against fiat currencies, said US Congressman Tom Emmer.
The coronavirus pandemic, akin to the 2008 financial crisis, is prompting people to look for alternative stores of value, he noted.
He added that centralized monetary systems are only good for small groups of people who are in charge of money allocation.
The decentralized nature of Bitcoin is what makes it stand out compared to traditional, tightly controlled fiat currencies, US Congressman Tom Emmer said yesterday, during the “Pomp Podcast” hosted by Morgan Creek Digital co-founder Anthony Pompliano.
Emmer pointed out that Bitcoin was conceived by Satoshi Nakamoto around the same time the 2008 financial crisis struck the world—not unlike today’s economic woes spurred by the coronavirus pandemic. And like in the past, people are looking for new stores of value amid the US government’s unprecedented relief measures that could ultimately devalue the US dollar.
"As we come out of the crisis, Bitcoin ain’t going away. It's gonna get stronger. And now [Acting Comptroller of the Currency] 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’," said Emmer.
He was referring to Brooks’ recent statement that banks in the US are allowed to custody cryptocurrencies—a move widely supported by the crypto industry.
Looking at the Twitter hack
As Decrypt reported, the Congressman also defended Bitcoin in the wake of the recent Twitter hack, stating that “Bitcoin isn't the problem. Centralized control is.”
During the podcast, Emmer confirmed his stance.
“Look, Twitter’s the problem. They are the ones that screwed up. Bitcoin didn’t screw up. Twitter, your security was not adequate. They hacked Twitter, and you’re gonna have bad guys all over the place,” said Emmer.
He also explained that this is why he doesn’t like centralized control. As an example, Emmer recalled when the coronavirus started spreading in Chinese Wuhan and the local government just “shut everybody down” since it was in control of fiat currencies.
“The government has your currency all on a card. And guess what? If you lived in Wuhan, they shut you down, man. You couldn’t get a ride out of Wuhan to another city. You couldn’t go get some groceries unless the government released you to go get the groceries. So, need I say more about what I don’t like about centralized control?” asked Emmer.
Emmer added that when Facebook’s Libra cryptocurrency was first proposed, he thought “Oh, great concept, wonderful. But somebody’s gotta be in control, right?”
Citing “The Road to Serfdom,” a book written by an Austrian-British economist and philosopher Friedrich Hayek, Emmer pointed out that in a centralized system there always has to be someone—or some group—that decides the allocation of money. And that is never a good thing.
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Bitcoin’s recent rally past $11,000 for the first time in about a year has been impressive by many standards. The move brought BTC past a crucial technical resistance, shook out many bears, and increased sentiment in the industry drastically.
Even still, there remain skeptics. Peter Schiff, the chief executive of Euro Pacific Capital and a prominent gold bull, wrote as BTC moved past $10,000:
“Two of the last three times #Bitcoin rose above $10,000 in Oct. of 2019 and in Feb. of 2020 it soon fell by 38% and 63% respectively. The last time Bitcoin rose above $10,000 was in May, and it only fell by 15%. It’s above $10,000 again today. How big will the next drop be?”
Yet the crypto asset branch of Fidelity Investments — a $2 trillion Wall Street asset manager and financial services company — released a report on Jul. 30 indicating that demand for BTC should increase over the medium to long term.
Higher demand, assuming consistent or decreasing supply, should lead to higher prices.
Why Bitcoin demand will increase in the long run: Fidelity Investments
In a report titled “Bitcoin Investment Thesis: an Aspirational Store of Value,” Fidelity Digital Assets identified five “longer-term tailwinds that could fuel adoption” of BTC. These are as follows:
An increase in monetary and fiscal stimulus triggered by the economic effects of the pandemic will likely make investors to “turn to a new type of fixed supply asset as protection against potential inflation or low-interest rates, but with significant growth potential – bitcoin.”
Deglobalization, spurred by economic and political trends, could create inflation as global supply chains break down. Bitcoin stands to benefit from this trend.
Paul Tudor Jones, a billionaire hedge fund manager, has acknowledged Bitcoin.
Even if we don’t see hyperinflation, Bitcoin’s potential ability to store wealth over long periods of time, compared to the slowly inflating fiat currencies, should give it a bid in the decades ahead.
The world is undergoing a “great wealth transfer” from baby boomers (and those older than them) to the younger generations. This shift in wealth should naturally favor Bitcoin as there are more millennials bullish about crypto than baby boomers.
Investors are acknowledging the narratives
Fidelity’s report comes shortly after the company revealed that per a survey they spearheaded, institutional investors are rapidly getting acclimated with cryptocurrency as they begin to acknowledge the aforementioned narratives.
In that survey, it was said that 80% of investors surveyed find something interest about the crypto asset class. What makes digital assets interesting, according to the results, include crypto’s long-term upside potential, the technological developments of the industry, and Bitcoin and other altcoins being uncorrelated with other asset classes.
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The number of Bitcoin accounts with more than $1 million in Bitcoin has grown 40% in the last week.
In brief
The number of Bitcoin addresses with more than $1 million in Bitcoin has increased by 40%.
This is due to the increase in Bitcoin price over the last week.
More Bitcoin is flowing back into exchanges too.
The number of Bitcoin whales has hit 18,000 after a sudden increase in the last few days. A Bitcoin whale, in this instance, refers to the number of accounts with more than $1 million of Bitcoin.
According to data provider Glassnode, the 40% surge coincided with the recent boost in the price of Bitcoin. After flatlining in the low $9,000s for weeks, Bitcoin’s price suddenly broke $10,000—and then $11,000—in a matter of days.
Since this is based on blockchain data, it doesn’t necessarily mean that there are now 16,000 Bitcoin millionaires. It just refers to the number of accounts that contain at least $1 million worth of Bitcoin, whether they are exchange accounts (looking after other people’s money) or multiple accounts owned by the same people.
The price action is the main reason behind the increase. Since it’s a measure of the amount of fiat value in these Bitcoin addresses, when the price went up, it nudged many addresses into the $1 million mark.
This follows a trend reversal in the movement of funds to and from exchanges. As Decrypt reported last week, the trend switched as more Bitcoin started heading back into exchanges, rather than moving away from them.
Typically this is seen as a bearish sign, suggesting more traders might be wanting to sell. But for the price to jump up $2,000 in two days, someone has to be buying.
