USA Government Adopting Crypto?

[SuperTA]

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.

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[jseverson]

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.

[Pipdips]

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

[SuperTA]

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

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

[SuperTA]

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.

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.

[Vaskiy]

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.

[seoincorporation]

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.

[avikz]

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

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!

[pooya87]

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.

[Juggy777]

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. 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.

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.

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

[Dapper]

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.'

[jseverson]

-snip-

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.

"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.

[samcrypto]

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.'

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.

[Dapper]

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.   

[SuperTA]

-snip-

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.

"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.

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.

[SuperTA]

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.  

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.

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.

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.

[figmentofmyass]

He also said that there's a lot of good things to invest (crypto).

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

It looks like it might be regulated and adopted in the future.

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.....

[Haunebu]

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.

[maydna]

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.

[omone1]

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.