Timothy Geithner, the Former Treasury Secretary, was asked by Fusion’s Jorge Ramos about bitcoin, and if he would invest in the nascent digital currency: “No, I wouldn’t,” he said, when Ramos asked him to acquire bitcoins. Ramos asked Geithner if bitcoin had value.
“It depends what your objective is,” he added. “As a way to save money, as an investment vehicle? No. It’s a very volatile thing. As a way to make payments? It’s got some risks because its value fluctuates hugely over time. So, it’s got a lot of challenges.” Geithner, always rigorous, admits: “I’m the wrong person to ask,” Geithner said. “I don’t think I really understand it.”
But Geithner could help Bitcoin. It’s just, he probably won’t. Some Bitcoin analysts claim that, with a majority of mining power located in China, a volatile amount of the Bitcoin network is dependent upon nodes behind The Great Firewall. That’s one uncertainty surrounding Bitcoin.
Yet, there are numerous experts, who have deep experience in Chinese and Asian affairs, who could help create an action plan should China decide to crack down on Bitcoin mining. This would create a crisis in Bitcoin production and undermine the network’s security. One of these experts might be plenty maligned by Bitcoin’s hardcore followers: Timothy Geithner.
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