Prominent Bitcoin enthusiast and US Congressman, Tom Emmer, has declared that Bitcoin will Recuperate rather than slope off as the cryptocurrency space and the World at large gets out of the economic crisis that erupted as a result of the COVID-19 pandemic, Emmer made these declarations while participating in a chat hosted by Anthony Pompliano, the Co-founder of Morgan Creek Digital.
Emmer further emphasized that the decentralized nature of Bitcoin has given the noble coin an upper hand when compared with fiat currencies.
The US congressman went on to explain that Bitcoin was introduced just about the time when the financial crisis is been experienced in the world in 2008 which is far incomparable with the present economic meltdown propelled by the COVID-19 pandemic.
However, according to Emmer, people are now being forced to look for an alternative store of value like Bitcoin as a result of the present world economic meltdown coupled with unprecedented relief measures which could ultimately devalue the US dollar been embarked upon by the US Government.
Speaking about the recent unceremonious Twitter hack, Emmer, pointed out that Bitcoin was not to be blamed but the Twitter management should be quizzed for putting an inadequate security in-place, he went on to elucidate that the Twitter hack was easily perpetrated by the bad guys due to the platforms centralized system of security.
His views resonate with Ripple CEO Brad Garlinghouse, who had also mentioned that the hack was a defect on the side of Twitter
Emmer further highlighted the disadvantages of centralized control, he cited the early days’ of the Coronavirus disease outbreak in Wuhan, where everybody was shut down by the local government who were in control of fiat currencies.
He reiterated that it is never a good thing that someone or some group of people have to decide the allocation of money in a centralized system.
The US Congressman also mentioned that the decentralized nature of BTC is likely going to make the king coin become the next phase of the contemporary monetary system, he noted that the world is gradually moving into the next phase of the monetary system and that people could police themselves living the Government with a minor role to play.
Behind the Twitter Hack
A 17 –year old teen has been accused of perpetrating the enormous Twitter hack. The teenager by the name Graham Clark is battling 17 counts charges for the massive hack.
The hack affected accounts of notable US politicians, entrepreneurs, and celebrities including Barack Obama, Joe Bidden Kanya West, and many others.
The teenager, who used the accounts to scam people of $150,000 worth of Bitcoin, could have his bail could set at $725,000.