Opinion: US should place reserves in bitcoin amid PRC crackdown
The United States should take the opposite stance to China and acquire bitcoin, said Thiel Capital COO Blake Masters.
China banned cryptocurrency last week. Let’s do the opposite. The US government should buy a strategic reserve of Bitcoin — Fort Nakamoto, the new Fort Knox. Related: my U.S. Senate campaign now accepts BTC donations. DM me or write [email protected] for info & to donate.
Masters is a Republican Party representative and Arizona Senate candidate. He said those wishing to support the campaign could send donations in digital gold.
Earlier, his running mate, Senator Pat Toomey, called China's crackdown on the cryptocurrency industry "a big opportunity for the US".
Circle CEO Jeremy Allaire urged Washington not to emulate Beijing and confront it by adhering to "open internet" values.
On September 24, China's State Development and Reform Committee pointed to the negative environmental impact of mining and its "negligible" contribution to the country's economy.
The People's Bank of China described as illegal the activities of platforms that exchange digital assets among themselves or for fiat.
Prior to this, Wen Xinxiang, a spokesman for the regulator, called cryptocurrencies and staplecoins a threat to the traditional financial system.
Against this backdrop, exchanges Binance and Huobi stopped registering new users in mainland China, and Alibaba announced a ban on the sale of bitcoin miners on its platform.
The largest Ethereum mining pool, SparkPool, announced that it would stop serving Chinese users and then halt operations outside of the country.
As a reminder, at the end of September, the media reported the blocking of CoinGecko and CoinMarketCap analytics services in mainland China.