• The United States government’s economic report released by President Joe Biden on Monday mentions Bitcoin a total of 75 times.
• The report attempts to denigrate Bitcoin and promote a Central Bank Digital Currency (CBDC) of the U.S. as the better solution.
• The White House denies Bitcoin the function of money by definition, claiming it fails to fulfill two out of three characteristics of money.
Bitcoin Mentioned 75 Times in US Economic Report
On Monday, US President Joe Biden released the government’s economic report in which Bitcoin plays a major role. BTC is mentioned as many as 75 times throughout the document, which attempts to denigrate Bitcoin and promote a Central Bank Digital Currency (CBDC) of the United States as the better solution.
White House Denies Bitcoin Money Status
In the section titled “The Perceived Appeal of Crypto Assets,” White House spends several pages describing how Bitcoin works before denying it’s status as money by definition. Notably, BTC allegedly fails to fulfill two out of three characteristics of money: unit of account and medium of exchange. The report also denies BTC the characteristic of a store value due to its “significant volatility”.
Response From Crypto Community
For crypto enthusiasts, these accusations should not be taken lightly given recent events such as massive devaluation of USD against BTC, record high inflation, US banking crisis, bailouts for banks and more. In response to this report Troy Cross wrote: “What the White House cannot say, of course, is that the value of Bitcoin is in protecting you from their abuses of authority, monetary or otherwise”.
Bitcoin Mining Attacked
As expected from such a document, White House also attacks bitcoin mining as an energy-guzzling monster without taking into consideration all benefits that come with it such as decentralization and censorship resistance capabilities that are not available with any other form currency or asset class currently known to mankind.
Despite its attempts at discrediting cryptocurrency assets like Bitcoin in general and its mining practices specifically, US government’s latest economic report confirms that cryptocurrency has become too big to ignore nowadays and will continue influencing world economy for years to come even if CBDC does find favour with politicians in Washington Dc eventually or not .