U.S. Representatives Patrick McHenry (R-NC) and Warren Davidson (R-OH), have encouraged Bitcoin (BTC)-powered innovation on the Bitcoin white paper’s 11th birthday.
U.S. policymakers should not attempt to deter Bitcoin’s tech
U.S. congressman McHenry, who represents North Carolina’s 10th District, urged that American authorities should not stifle the new technology in a tweet on Oct. 31.
According to the official, policymakers should facilitate the development of new technologies. McHenry reiterated his previous bullish sentiments about Bitcoin, stating:
“The world that Satoshi Nakamoto envisioned, and others are building, is an unstoppable force. As policymakers, we should not attempt to deter this technology, but instead ask ourselves: what are we doing to meet the challenges & opportunities of this new world of innovation?”
Bitcoin has big potential in protecting privacy
Rep. Davidson outlined Bitcoin’s potential to protect online privacy, retweeting CryptoX’s article on Bitcoin’s whitepaper turning 11 years old. The congressman stated:
“Eleven years ago, this anonymous white paper opened up infinite possibilities for technological innovation and #privacy protections. It’s time the US harnesses this potential and establishes a framework for American #blockchain innovators.”
Earlier in October, Davidson suggested that Facebook adding Bitcoin to its native crypto wallet Calibra would be a “way better idea” than launching their own cryptocurrency Libra.
Unprecedented growth
In a blog post on Oct. 31, major U.S. crypto exchange and wallet service Coinbase pointed out that Bitcoin’s adoption has been developing much faster than other transformative technologies such as email and television. The exchange wrote:
“The television set was invented in 1927 but by the end of the 1940s only 2% of American families owned one. Bitcoin, on the other hand, went from an idea in 2008, and a first transaction in 2009, to over 27 million users in the US alone in 2019, or 9% of Americans.”
According to a survey last spring, as much as 11% of the American population owned Bitcoin as of April 2019.
