U.S. Markets open in 9 hrs 25 mins

Trump Hates Bitcoin but Nations May Hold Crypto Reserves in 10 Years

Joseph Young
The sitting US president is tweeting about bitcoin.| Source: REUTERS/Leah Millis/Shutterstock; Edited by CCN

Balaji Srinivasan, a former partner at a16z and former CTO at Coinbase, has said that in the future, every nation state may have to hold crypto.

Srinivasan, who now operates as an angel investor, said:

“Ten years after the launch of Bitcoin, the President of the United States and the Chair of the Federal Reserve are both discussing it on the same day. The tone almost doesn’t matter. Ten years hence, this will be routine. Every nation state may have to hold crypto,”

The statement of Srinivasan comes after U.S. President Donald Trump and U.S. Federal Reserve Chairman Jerome Powell discussed bitcoin on the same day.

President Trump not a fan of bitcoin, Powell says BTC used as an alternative to gold

At the Senate Testimony earlier this week, Federal Reserve Chairman Jerome Powell said that given the current level of adoption of crypto assets like bitcoin, the asset class does not pose a serious existential threat towards reserve currencies such as the U.S. dollar.

“Things like that are possible but we really haven’t seen widespread adoption. Bitcoin is a good example. Really, almost no one uses it for payments. They use it more as an alternative to gold, it is a store of value, it is a speculative store of value like gold,” he said.

However, Powell emphasized that it does not mean crypto assets would not succeed and if they begin to receive widespread adoption, the U.S. could see a return to the era of having many different currencies.

Read the full story on CCN.com.