Crypto community still reacts to US Treasury Secretary Steve Mnuchin's latest comment on bitcoin and its brothers. The activity itself reacted strongly with a 6% pump in the day, and many have taken positive note, some claiming it is "very bullish".
Mnuchin: Bitcoin as a Value Creation
The rhetoric was Expected, politicians and bankers still see bitcoin as a tool to do bad things. In reality, it is no different from cash or other goods that can be transferred beyond the eyes of prying eyes. The vast majority of crypto users are not criminals, drug traffickers or whitewashers, but the whole place gets this bad label because bureaucrats don't understand it and therefore fear it.
A number of industrial observers have taken positive results from Mnuchin's comment as echoing the words of President Trump's latest crypto tweet. Ikigai Asset Chief Investment Officer, Travis Kling, noted that both the state secretary and the permanent chairman agree on the status of bitcoin as a value trading company.
Fed's and Treasury Security's board agrees that Bitcoin is a speculative store of value. Both, along with the president, agree that Libra and Bitcoin are two very different things. Very bullish.
The Chairman of the Fed and Treasury Security both agree that Bitcoin is a speculative store of value.
Both, along with the president, agree that Libra and Bitcoin are two very different things.  Wildly bullish.
– Travis Kling (@Travis_Kling) July 15, 2019
Co-founder and partner of Morgan Creek Digital, Anthony Pompliano, looked at it from another angle that US regulators are fully open to bitcoin and crypto provides operations are performed legally and transparently.
Treasury Secretary Steve Mnuchin basically told everyone to follow the rules and not do illegal things with Bitcoin or Crypto. Sounds like a green light for those who want to do things the right way.
Treasury Secretary Steve Mnuchin initially told everyone to follow the rules and not do illegal things with Bitcoin or Crypto.
Sounds like a green light for those who want to do things the right way 🙏🏽
– Pomp (@APompliano) July 15, 2019
This feeling echoed elsewhere on cryptoclitter with comments like these from other industry observers:
wow. @ stevenmnuchin1 says just saying "I'm not talking about bitcoin investment values and is using it for speculation. I'm talking about stopping illegal financial business.
This is a non-political situation.
My jaw is on the floor!  Libra is a bigger threat than BTC
It looks like the US Treasury is more concerned about Facebook's ambition to dominate the digital economy as it has done with data. Mnuchin stated:
"Regarding Facebook & # 39 ; s Libra and other developments in crypto baskets, our primary goal is to maintain the integrity of our financial system and protect it from abuse. "
A mammoth database and internet monopoly with over 2 billion users effectively starting their own bank have to shake Some feathers, if anything, Facebook's degree of incompatibility has hidden a better light on bitcoin, since no one owns or controls it, making it the total antithesis of Libra.
Be d one last speech bullish for bitcoin? Add your thoughts below.
Pictures with law by Twitter @Travis_Kling, @APompliano, Politico