Topic: US Congress Meeting On Bitcoin Adoption (Read 173 times)

Indonesia setting up for more on bitcoin mining, could this be a step closer to bitcoin adoption as legal tender, this was a chat they had together with Samson Mow on discussion concerning the bitcoin conference in Miami, many other official representative shows interest as well for bitcoin adoption. https://twitter.com/TheBitcoinConf/status/1656024718053449769?t=dVlg_kKVj76T60NW_ktcoA&s=19 we hope to see more countries before the end of this year taking more drastic steps in making bitcoin their official currency as a legal tender in pursuit after El-Savador and Central African Republic.

This line of thought would make a lot of sense, but when I think about it I wonder whether a country that is already fighting hyper inflation is even in the position to pull off a currency transition. I think a shift or an additional introduction of a cryptocurrency on a nation-wide basis isn't a trivial thing to do if a government is really serious about it. You don't want the country to run into chaos even beyond the hyper inflation itself. They would need reliable, useable infrastructure for it and a least level of technical literary such that people would be supporting the transition/introduction. They often buy dollars and that makes sense because they still relate the dollar to a strong economy (and I am not saying that is the case, but for a lot of people not familiar with some of the hard facts it probably is).

I might be wrong but I believe that we are still a few iterations of software/infrastructure away from getting Bitcoin into the hands of the many. It is not that easy as countries that have the infrastructure may think (or get lobbied enough by the banks) it is better to not use Bitcoin whereas those who think they could need Bitcoin probably lack some of the infrastructure. One problem I see would be in-store price adjustments during times of high Bitcoin volatility. It would be problematic if it isn't somehow automated and people would perhaps slow down or accelerate spending depending on the information they have available and the ability to process that information individually.

SEC was mandated to reply to coinbase about the regulation in 10 days and I think they will really have to come up with a final decision about coins being security or not. Bitcoin adoption is here. We are on the edge.

The fud about Bitcoin mining affecting the environment is really insane. How come the researcher is just so dumb to publish all those for the readers who are paying for the subscription to read such erroneous information.

They are now seeing that they can't ignore anymore the existence of crypto market.
They have seen that banning in China didn't make any major influence or catastrophe in this market, meaning, crypto and btc still exist up until today.
Given the economic status of China, it didn't end the life of crypto. So it goes to show that no government can stop this technology.
So instead of going against, why not try to accept this in their financial system and see how it will fit in?
They need to educate themselves to understand the benefits of this market, hence, the interest.
And to know where the government will stand on this new market. How are they going to accept this in the current financial system?

Personally don't think Mexico will be next in line to adopt Bitcoin in a manner like El Salvador or Central African Republic, only because in the past few years their currency has been relatively strong. I could be wrong, as it might be to do with reducing dependency on the US dollar (that I assume they have), but otherwise I'd expect nation-based adoption to come from countries with higher or even hyper inflation.

You cannot say that, you have to understand this fact about bitcoin that since it's a decentralized digital currency, anyone can posses it without others knowing and such is the kind that prompt those interested in seeing others benefiting from same opportunity in bitcoin to hold a meeting and discuss the way forward, maybe if their attempts towards seing bitcoin adopted massively such that could lead to legal tender on US or beyond, nothing is impossible when ot comes to bitcoin because everyone wants this financial freedom, there are many things attached to why such meeting holds than you could perceived, but if this new era of political leaders could give hands together in support of bitcoin, then we can expect more legal tender adoption sooner as long as they emerge office just like Nayib Bukele with El-Savador.

It's exciting to see the increased interest in Bitcoin adoption by various countries and government officials. The recent summit in the US and the session led by the Mexican Senator and Samson Mow highlight the importance of educating and engaging stakeholders and individuals on the benefits of Bitcoin for the economy. It's clear that Bitcoin is no longer a niche asset but is gaining mainstream acceptance and adoption. This shift towards Bitcoin adoption is likely to have a positive impact on its price and further reinforce its position as a valuable digital asset.

The US Congress meeting on Bitcoin adoption is a crucial step towards greater acceptance and adoption of cryptocurrencies. With industry officials, senate members, and other official delegates coming together, the summit will focus on how to engage various stakeholders and individuals to understand what Bitcoin offers to the economy. This will lead to further actions and necessary steps for Bitcoin adoption.

It's not just the US; even Mexican Senator Indira and Samson Mow are taking a session to discuss the need for Bitcoin adoption, not just in Mexico but worldwide. With El Salvador and the Central African Republic already adopting Bitcoin, this meeting could lead to more countries and nations joining the movement.

It's a positive development for the crypto industry, and it's great to see policymakers taking a more active interest in Bitcoin and its benefits. As more countries and businesses embrace cryptocurrencies, we may see a significant shift in how we think about money and the global economy.

You are right sir, but so far the strength of the SEC is getting weaker, it have shown that many SEC agents lacks the knowledge about what they are up against, it has been proven that they are fighting crypto and lack the understanding about it, meaning they have wrongfully accused many projects of something they are not. It's the same reason that Coinbase dev want to leave the US is they don't set things straight within the organization, all I see now is straight calm down. They need to go and do some research and plan something meaningful that will help crypto on the long run.

The negative buzz is real actually considering SEC and FEDs have taken some serious actions against the exchanger. Yes, they are doing their job but they did not do it properly, neither the regulations were in place to have a desirable workflow within those banks, exchangers, or whatever financial institutes that were involved with the crypto directly.

These kinds of meet-ups are surely welcoming for the Bitcoin maximalist. They must happen in a country like the US because they are the one who starts any reaction to the world. As we have already known the fact that, "if America sneezes hen entire world gets the cold". It's an old saying and it applies in the case of Bitcoin adoption as well.

El-Salvador has done a good job keeping its Bitcoin infrastructure at the highest peak. They are definitely making a remarkable journey with Bitcoin already. It may happen that peeps are taking little time to understand or adopt it in the main circulation but it will happen slowly.

If US congress meet-ups regarding Bitcoin are about "how to control it for their own goods" then we can safely say we are done. Most countries are already levying high-value taxes on Bitcoin transactions.

Let us just hope that it's not about that!

Indeed, it is very interesting development regarding Bitcoin adoption. Crypto enthusiasts will certainly feel delighted to see that various industry officials, stake holder, senate members and congress men meeting together to discuss policy about Bitcoin and its adoption. It is crucial to have conversations and involve all concerned parties to understand,  what benefits Bitcoin offers to the economy, steps needed to adopt it fully and advantages of its adoption. The discussion on such a high level reflects growing interest and recognition of the benefits of crypto currencies.

this meeting means nothing, because we know that these congress people don't really believe in Bitcoin and they only have their own interests in mind. even I doubt that these congressmen understand what Bitcoin is. so there is no need to focus too much on meetings like this.

The US are going to make drastic changes to their Crypto currency policies, because there are already a lot of things being done to replace the US Dollar as a global reserve currency. The BRICS countries are trying to create their own Crypto alternative and this is not going down well with the US government. 

Also, it is worth mentioning that Crypto currencies are being used by sanctioned countries to bypass these sanctions and that is another reason why the US government are not happy with Crypto currencies. 

US presidential candidate Vivek Ramaswamy is also a bitcoin pro as he made his way to the bitcoin conference held at Miami when he anchor an awesome moment speaking on bitcoin https://twitter.com/TheBitcoinConf/status/1654481703463800834?t=oFvFMwVe9W1qo0aZ-5g-0g&s=19 i want to believe that US is going far better in producing candidates that are bitcoin oriented in the strive for the next presidential race after knowing that the most attractive elements to push crowd for them is in showing interest in bitcoin as the whole world is going on same axis for adoption and the network keep increasing like never before, such political race could come more easier with the influence of bitcoin considering the numbers of those that are in the network that want financial change in the economy under a decentralized network.

The involvement of individuals like Senator Indira and Samson Mow in the conversation also highlights the potential for Bitcoin to be adopted beyond just the United States and Mexico. It's exciting to think about the possibility of more countries joining El Salvador and the Central African Republic in adopting Bitcoin as a legal currency.

However, it's important that these discussions also take into consideration the potential risks and challenges associated with Bitcoin adoption, including issues related to regulation, security, and volatility. By working together to address these challenges, we can create a more stable and secure environment for Bitcoin adoption to thrive.

Crypto-currency stands in the United state of America is of divided opinion, some people feel it’s should be and it would help the country while others feel the negativity that accompanies bitcoin is great.

There were news that Charlie munger Berkshire herthaway vice chairman had once advise the US to put a ban on crypto-currency, also some members of the US senate had also felt in such way to.

Nevertheless we have seen some positive actions by citizens of US toward crypto-currency, one which I find very interesting is that of Mayor Adams who choose to collect some of his salaries in bitcoin.

This isn’t only peculiar to the US, this is the case all over the world we have those in support of crypto-currency and we have those antagonizing it.

In my opinion due to the nature of the politics on the United States a ban on Bitcoin and other crypto assets can be contested and fought by people like us and other bigger actors and investors who have more influence and interest pro Bitcoin in the USA.
This not like China or Russia, where the authoritarian and centralized government can agree on banning an asset, despite of being relatively popular among the people they allegedly represent.

In the long term, the adoption of Bitcoin is tied to values like freedom and democracy. The freedom of one's being the sole manager of the wealth generated and belonging to oneself. The banning of Bitcoin would be a very clear signal of the United States diving into the authoritarian system they critic so much on other nations, in my humble opinion.

That conclusion is too fast for the US to recognize bitcoin and adopt bitcoin openly like that, we know that the dollar they use is on the verge of inflation and they are still trying to suppress inflation and keep the dollar as its function in the global eye. If the US government adopts bitcoin and says that their dollar is no longer worth it then their economy will be on the verge of further instability, we all know that the US is strong because of its dollar hegemony if they change course they will no longer benefit from the hegemony they have run for a hundred plus years, that is the thing that made me doubt. I think what they did was their study of bitcoin which was intended to look for gaps in the advantages and disadvantages contained in bitcoin, and to be honest we don't know the results of that congress.

I agree with you, from what we have seen, the SEC as a policy maker regarding the enforcement of cryptocurrency regulations cannot possibly remain silent, they will definitely lobby those who try to oppose what is the SEC's decision. And again, it's a normal thing that everyone can do, getting together and talking without any real action about adoption will only be a waste of time.

There were many meetings on bitcoin in various US institutions already, but they never lead to something as others have already pointed out. What will always stay the issue is that it will more or less never be in the interest of the government to adopt bitcoin in any way. Remember that bitcoin was specifically designed to take away the power of the governments.
What will be still interesting if there are new regulations or deregulations. Everything else will just stay the same I’m very shure.

I really do not have high hopes for such meetings to be honest. SEC is going to influence them all and bring in whatever policies they think will act best against the interest of Bitcoin. At least their recent actions show that they are no anymore interested in crypto businesses to be flourished on US soil. Politicians, Industry leaders, Senate members, and regulatory bodies can have multiple meetings but unless we see it in action, there's no reason to believe such things.

While people are saying it's a great thing, I do not see it as a positive. Especially due to the recent actions from SEC which is again another government body.