Former Coinbase chief technology officer (CTO) and angel investor Balaji Srinivasan speculated the U.S. government would be forced to take action against bitcoin if the asset continues to gain against the dollar.
Speaking in a new interview with Real Vision Finance, Srinivasan claimed the U.S. would become wary of bitcoin and is already taking notice of the cryptoasset.
He said:
I actually think the US government has now a bunch of folks in it who understand cryptocurrencies and have been fairly friendly to it, which is not something you would have thought in 2013, but it’s certainly something today.
Srinivasan pointed to the relatively crypto-friendly SEC commissioner Hester Pierce and other Congressional leaders who understand bitcoin can’t be banned.
However, the former CTO also pointed out the general incompetence of the government in the wake of the coronavirus pandemic and said it would extend to regulating bitcoin.
Srinivasan noted that bitcoin gaining against the dollar would eventually force government backlash.
He said:
I do think that it’s possible that if Bitcoin goes to $100,000 or $1,000,000 – once it actually starts constraining governmental monetary policy and fiscal policy – yes you will get a different level of reaction.
Srinivasan predicted that mass adoption would guarantee bitcoin’s survival and that a “fair number of governments” would eventually embrace the crypto-asset for their own reserves.
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