Bitcoin is becoming the talk of the town. Its popularity is reaching every corner of the earth, especially some geographical areas plagued with economic instability. The trade war between the United States and China still continues, and the Chinese President recently reiterates his interest and that of the country in blockchain and digital monetary system.
In this regard, Anthony Pompliano, Morgan Creek Digital, co-founder has a special message for the United States’ President, Donald Trump, who has publicly displayed his disinterest in Bitcoin and cryptocurrency as a whole in the interest of his “country”.
Anthony Pompliano Calls Donald Trump to Action
In a tweet that sounded like meme but fairly factual, Anthony Pompliano, the Co-founder and Partner at Morgan Creek Digital called President Donald Trump and his members to action regarding their positions about Bitcoin and cryptocurrency as a whole.
In the tweet, he averred that Bitcoin is designed with limited supply, and cannot exceed 21 million in circulation. He then pointed out that China has decided to buy every available BTC, due to its recent stance and action, as the combat between the duos ranges.
He said, “Someone tell President @realDonaldTrump that there are only 21 million Bitcoin and China is planning to buy them all. This is going to be the real US – China competition. That should get him to pay attention. The guy hates losing and will try to buy them all”
Scrutiny of Bitcoin and Cryptocurrency in the United States
The Government of the United States has often shown its displeasure in the system of digital money. President Donald Trump had made a series of negative tweets about Bitcoin, claiming the digital currency encourages criminality across the nation.
He once said BTC has always been used in exchange for drugs and other contraband products due to its decentralized nature. This very point was then argued by some crypto pundits, saying more drugs have been bought over the years using US dollars.
However, others have attributed the stern scrutiny to the fear of Dollar losing its supposed formidable value to the decentralized monetary system, which could eventually cause dethroning of the US Dollar from being the world’s reserve currency.
Meanwhile, Facebook’s underway digital currency has received more backlashes from the congressmen than any other in-house cryptocurrency, including Bitcoin. The determined scrutiny is based on security breach attributed to the social media giant over the years, but it seems there is more to the issue than the supposed reason portrayed.
Obviously, the United States is known as a country that fights vehemently to defend its interest across the board. This same battle is what Facebook is facing before the members of the Congress that know little or nothing about the technology behind digitized currency. The social media giant records over 2.5 billion monthly active users, while the population of the whole world is estimated at around 7 billion.
Mathematically, Facebook is taking over the majority of the world’s financial transactions, leveraging its vast user-base. This seems to be the major side of the United States’ struggle against the existence of the innocent and the underway digital currency, Libra.
China Opens Door for Blockchain and Digital Monetary System
While the United States is busy fighting for its interest, China is embracing cryptocurrency and promised to lead the blockchain revolution. The trade war between the United States and China is still ongoing, and the latter is already taking steps to advance digitally.
Earlier in 2019, China, the most populous country in the world threatened to ban Bitcoin mining in its country. However, the reverse seems to be the case now, as the country recently revealed its interest in embracing the technology that governs its operation, blockchain.
Additionally, the country is also keen on its proposal of launching the digital form of its fiat currency, Yuan. This has been viewed as the strategic means to confront the US sovereignty as the trade war advances.
Please use the correct information… It’s not Yen (that’s Japan’s currency), it’s Yuan!