Bitcoin Forum

Steven Mnunchin (United States Secretary of the Treasury) surprised everyone with a press conference about the cryptocurrencies, Bitcoin and Libra. This is very interesting. In my opinion this is one of the first steps for a global adoption. I'm serious. Even if it doesn't look like at the first impression from the news and missleading titles. Mr. Mnunchin warned to be careful about cryptocurrencies and to do your own research. He also said that there's a lot of good things to invest (crypto). But that's what any professional trader would advise to other traders and investors. At the time of press, bitcoin started to rise in price! I think that we might be at the begining of something big. I personally think the world is gonna slowly adopt cryptocurrencies and this is just a start of a global recognition. They took crypto very seriously. It looks like it might be regulated and adopted in the future. Please watch the video, cuz i think the news are missleading.

1. He said that their first main concern is that they don't want any bad users to use cryptocurrencies. (This sounds like they want crypto to be legit and regulated, maybe even adopted.)

2. He said that they will make sure that the general public and investors understand what are they investing in.

This actually doesn't change anything. The US Government hasn't really shown any inclination towards banning Bitcoin thus far, but have been actively trying to curb illegal activity within it (regulating exchanges, enlisting blockchain analytics, etc.) All he really did was put these actions into words. I guess it's nice of him to go out and re-clarify their position after Trump's tweet though.

Where is a link to the news to read about it?

https://www.youtube.com/watch?v=jH5Em9Le9KM

I think it's the first time they will introduce crypto to the general public. This is the first time i heard from the USA government that many of the crypto project are good for investment.

Earlier too there isn't any ban over cryptocurrency or over bitcoin. There isn't pure adoption of bitcoin, what the government has done with cryptocurrency over the days is the way to eliminate the illegal activities. As the election campaigning has begun we can hear the word bitcoin quite often as it'll also be talked as a major thing in everyone's campaign agenda.

These are good news for bitcoin because after the last twits from trump about cryptos it was looking bad for bitcoin and libra, and now these words Steven Mnunchin are a signal that US gov is interested in it and want to adopt it. I want to remind people about how USA presidential elections start acepting bitcoins donations for gov campaigns, so, is a win-win game for them, thanks for share this news.

A little Google search would have revealed it to you,

https://www.bloomberg.com/news/articles/2019-07-15/mnuchin-plans-briefing-on-cryptocurrency-regulatory-issues

OP is really positive about the speech but I don't find anything interesting in the entire speech. It's a normal regulatory thing where they show that regulators are really concerned about public money and all! But when it comes to regulation, they all know it can't be banned, that's why they talk about regulation and filtration!

what you saw is the same thing that has happened before many many times not just in US but in all the other countries. everyone always warns people first about investing in cryptocurrencies because of their volatility which is understandable and i also do that. and then they express concerns about the fact that the unregulated and decentralized nature of bitcoin may attract the wrong crowd.
none of these mean the country is adopting bitcoin though! and more importantly it has nothing to do with the price.

After reading his press conference it’s clear that Trump and his administration are keen to destroy Libra, the only way to do it is to regulate bitcoin and other crypto’s. In my personal opinion I feel Trump is planning on making laws to regulate bitcoins which may not be a bad idea, and with reference being made to Sec I wonder is it a sign they’ll approve Bitcoin ETF?. The prices have indeed risen from last night $10250 to $10800, it seems like crypto market has reacted positively to this news.

Press Conference Link: https://www.coindesk.com/us-treasury-secretary-mnuchin-is-not-comfortable-with-facebooks-libra

Someone needs to look up the word 'adoption' in the dictionary.  It's the same for those folks who don't know how to use the word 'pump.'

"Introduce" is a bad word to use in this context, but if you mean mention, this isn't the first time the US Government mentioned it. Trump mentioned it a few days ago, the IRS even has a guide on how to pay taxes on Bitcoin, and there are many more examples.

They have never described crypto to be a good investment AFAIK. In this case specifically, they encouraged investors to practice due diligence.

Well, we need this kind of news so we see the pump on the price of bitcoin. The US government are very supportive on cryptocurrency before but recently coming from a tweet of US President I guess the game has change now and we are feeling it, the pressure are getting higher. If the mass adoption begin on USA for sure the pump will be the next trend again with cryptomarket, especially the price with bitcoin.

Regardless, it's a completely incorrect and misleading use of the word 'adoption.'   It's like saying, there are millions of hungry Africans.   That does not mean we are going to adopt millions of hungry Africans.   It merely means we "acknowledge" that they exist.   

No, i think to introduce for investing. Please watch the video above. To introduce crypto to the general public and tell them which crypto projects are good or bad for investment. There is a lot of good news if you can read between the lines.

I think the news from the titles (the newspapers) were missleading and put out of the context. If you watched the video you can hear many good things between the lines. The time will tell. If this was a bad thing, the price would fall like a rock. But instead it was even increasing.


First they gonna regulate crypto. That's obvious. After that i think it's a high probability they gonna allow the world to adopt crypto. If you watch the  entire interview you can get the big picture. I know that the main goal for the new world is a cashless society and it's gonna go to that direction. I knew this from the very begining. I see the first signs of a major legislation/regulation of crypto  and after that i assume it will slowly be adopted. That's just my thinking.

i don't think he was referring to crypto. he was talking generally about markets.


i could have told you that, don't need a press conference to prove it. :)

hopefully they aren't too heavy handed with regulation. it sounds bad though given the FATF rules that were recently published. so much talk about AML/KYC and these vague threats about shutting down businesses that don't comply.....

I don't get it. How in the world did you interpret this op? Trump clearly specified how Bitcoin is not money recently which is why I don't understand how you thought this could happen anytime soon.

It is possible that USA will adopt crypto, but this can happen only if BTC adoption levels reach insane highs as an alternative currency. This would probably reverse their views that BTC is harmful for their economy.

No matter if the world slowly to adopt cryptocurrency, they will use it in the future as long as they can take the benefits of the cryptocurrency. And related to US government adopting crypto or not, we don't know for sure, and we could hope that they are secretly adopting and learning about cryptocurrency. I think they will make people panic by giving a false statement as we saw before, but I don't think that will stop cryptocurrency from being adopted in all countries.

Every people need to research by themselves if they want to invest in cryptocurrency so they will know the risk of the cryptocurrency. And now, I think people become smart to choose to invest or not because they learn from other people mistake while they still searching on the additional resources to adopt cryptocurrency.

The government will eventually adopt cryptocurrency, but they're concerned about daily issuance of digital currencies and seeing it either scamming investors or the project alterly  failing. And they are equally concerned how they are going to fair in the new technological system, if they are going to loss control over the people financial holdings. All these and many more are their fear.

regulation of the market has always been a goal and it is already partly in place, it is not like bitcoin and its market is 100% unregulated!!! so you can't say it is a new thing that they are suddenly looking into. additionally regulation doesn't mean adoption by the government not to mention that government does not adopt bitcoin, it is the regular people that do. even in Japan, government didn't adopt bitcoin they only regulated it and accepted bitcoin as a legal way of payment.

also I think it is too soon to be excited only after seeing an interview. "talks" don't matter as long as there is no action following them. lets get excited when more regulations were put in place and after we examined them to see if they are going to add restrictions and make things harder or are they going to make things easier. because it can easily go both ways.

It sounds like they are doing the same thing with bitcoin as the US debt issue  :D

Hoping that they will have a solution for bitcoin extracting fiat currency from everywhere while not being able to make a good argument against it as money.

The Fed said bitcoin is a speculative store of value like GOLD

https://www.youtube.com/watch?v=7k1ZaID6TOE

They do not want every company creating a currency to then offer their good and services. We dont need Amazon coin, AppleCoin, Microsoft Coin etc...

Crypto Currency is NOT hard or expensive to create. Bitcoin can't be faked or just created out of thin air, it has to be mined using mathematical algorithms that all miners verify which miner mined the bitcoin.

It is WAY undervalued with all of this action from the Fed and White House recently, during what looks like an economic down turn period.

1. First They Ignore You

2. Then They Laugh At You

3. Then They Fight You

4. And Then You Win

What a joke, this is good material for good laugh - there is no any adoption in anything Mnuchin is saying about bitcoin. He is starting with custom phrases about bitcoin : it is used for illegal activities "money laundering, terrorism" and after that he say that they (USA) want that US dollar stay world reserve currency and that they (you can read this as all our agencies, military, special departments) will do everything to stay that way.

There is nothing possitive in what USA is doing to any adoption of cryptocurrency, they are in war for US dollar dominance in the world. To do that they need to make weak Europe and weak China who are at this moment the greatest danger for them as the world's leading force.

Yes, not yet. There is no any adoption yet.  But if you watch the video and his answers, statements, body language...If you read between the lines, you know....you just know there is something happening. They can't just come and say - Hello people, from now on we're gonna use crypto and become cashless society. You just can't do that. You need first to prepare general public, slowly without any shock. To test them and see how they react. Slowly making regulations, making crypto legit and cut off everything that is bad, drug dealers, trafficing so you clean crypto and bitcoin and make it more legit. He didn't say anything bad. They will clean crypto from bad actors. Regulate. Dolar is dying. They know that. It can't be sustainable for a very long time. Btc is like digital gold. You can laugh at me, but i'm not ashamed to tell what i think and i still stand behind my words. This is my thinking. Maybe i'm wrong but at this moment i feel this way. I'm just telling my opinion. It costs nothing. I will listen to all other opinions as well. We are here to talk and express different opinions. At least i made you laugh  :D

I think US is feel threatened by Libra and they react like this just because of that, and this is just fight for their piece of cake. Bitcoin is something they still can control in different ways (Snowden show us for what they were capable of back in 2013), and fact that bitcoin market cap is less then $200 billion at this time telling us he does not represent a serious threat to the current financial system.

You see what they want to be seen, and you should know that Americans are maybe best actors in the world, so his statements or body language not necessarily mean that he really mean what he say.

You know what is really absurd in this story? It is like bitcoin is become dependent of what is some Donald or Mnuchin think about it, or what will SEC or IRS say. Bitcoin is first decentralized cryptocurrency, and by taking such things seriously we are moving from that.

I hope you are right.

Todays news: "US is About to Crackdown on Entire Bitcoin Industry: Mati Greenspan"
https://www.newsbtc.com/2019/07/16/us-is-about-to-crackdown-on-entire-bitcoin-industry-mati-greenspan/

1. This is just one guy.
2. There is completely no point of trying to tie news to btc movement in price, additionally this is very little piece of news.
3. Never say never, but - never gonna happen, USA will not adopt cryptos.

Being so optimistic about positive news is not the way you should think about certain things and especially crypto. Crypto has been in the spotlight for years now and such news has already been widespread in many countries.  Many people these days know what crypto is and the risks it involves. Though there are still many who don't have any idea about crytpo, the rest are still interested in the new technology.
So if the governments are still just concerned about the risks it involves then they are just lacking behind. The other countries have already started accepting crypto.
I must say, Japan is way beyond in this game and I am proud that Japan is leading the tech world.

From what I can tell, the US Government's only concern when it comes to crypto currencies is that people don't use it for illegal activities like money laundering and terrorism financing,  as long as it's legit, it's okay with Uncle Sam.

I think that despite the negative statements made by some politicians about cryptocurrency, now the ground is gradually being prepared for the large-scale introduction of digital money into human life on a national scale. It seems to me that this will happen in the next couple of years.

It's not so much about being dependent as being vulnerable to actions they might take. Bitcoin itself will continue running like it always has thanks to its decentralized nature, but the way its users do their business (and the users themselves, even) could be drastically affected.

As much as it sucks, people in power will always have some amount of influence over the cryptospace because their decisions could ultimately drive users and businesses in, or away. They're not a roadblock to adoption as individuals can get away with dodging regulations, but mass adoption is a different case as not many people are comfortable with risking legal trouble. It's hard to blame people for being invested in issues like this.

There was a libra hearing at US house of representatives. Surprisingly for most of people it's positive for bitcoin and negative for libra. Anyone still laughing at me?  :D

This is going through complete validation process of bitcoin and crypto!

Same here. I thought Trump doesn't like cryptocurrencies because there are threads about him tweeting negatively about it. So why would their government adopt crypto right now? I'm just confused, you know. Maybe it's more of acknowledgement of crypto's existence. But adoption? Hmmm. I don't know.

Imo the government won't adopt crypto in the nearest future. This is too complicated. I know that for cryptocurrency geeks this is some kind of obstacle, but to me - they are right that this isn't a proper time to adopt cryptocurrencies officially

The USA government is creating a safe and scam-free environment for crypto by cutting down the fraught possibilities. USA government is creating a safer gateway for the crypto around them which will definitely give a boost to BTC accepting power.

Who said in the near future?  ;)

I think that crypto adoption will be faster than the internet.  when that happens, adoption will require regulations to regulate each cycle of low and high transactions.  everyone will realize that crypto will affect every human economy.  in the end, the mainstream of BTC and crypto will be easily accepted by the public with easy access.

What about the president of the United States that is looking very highly in US dollars? What can you say about his opinion with regards to cryptocurrency?