The popularity of digital currencies has been rising over the past few years, even as some authorities are yet to fully accept it.
Prominent individuals, both within the government and in the mainstream organizations, have been gradually embracing them, much to the annoyance of its antagonists.
California Democrat wants BTC banned
But going by the sentiments of the vocal California Democrat, Brad Sherman, the fight against cryptos may have reached yet another peak. Sherman, who seemingly believes that cryptocurrencies have the power to stop the country’s supremacy, says that the US “would become irrelevant.”
The Congressman is convinced that popularity that cryptocurrencies have been receiving over the recent past is sure to undermine America’s status as a global economic dynamo.
According to him, the advantage these digital assets have over the country’s foreign policy, tax system and the traditional law enforcement will contribute to disempowering the US.
Anthony Pompliano thinks otherwise
In the wake of the recent call for the federal government to “gag” on cryptos, Morgan Creek Digital Capital’s CEO feels that if the threat eventually becomes a reality, BTC will have won. Anthony Pompliano’s claims are a direct response to the Congressman’s calls to the US government to ban cryptocurrencies in America.
In his latest blog, the outspoken CEO said that any decision meant at ‘banning Bitcoin’ would automatically trigger more adoption. He says that much as many will throw shade at Brad Sherman’s calls by saying he doesn’t know a thing about crypto, his energy shows that he knows the power of digital currencies.
Pompliano, who is also Morgan Creek Digital Capital’s founder, sees the democrat’s sentiments as another testament to the belief that cryptos may soon be the de facto non-sovereign currencies. The BTC bull concludes that, by Sherman realizing that the US losing its supremacy, the Congressman probably doesn’t know the aftermath of banning decentralized digital currencies.
The post further looked at Sherman’s largest donors who unsurprisingly comprised of some of the largest well-known financial services companies. Among them was the popular credit cards and e-commerce entity, Allied Wallet.
From the Congressman’s top donors, Pompliano concluded that the pressure was likely to be emanating from the companies who will possibly be the first casualties of the change. He adds that Sherman is wary of the global giants not being able to adequately stop the cryptocurrencies’ decentralized, immutable and non-seizable merits.
No better Bitcoin ad than from a politician who, unknowingly, is confirming its validity
It is the first time that a top-ranking politician is openly admitting the power that cryptos have over fiat currencies. And as the Bitcoin bull underscores, if the Congressman’s wishes eventually come to pass, the number of Bitcoin adopters will tremendously grow.
Brad Sherman’s calls are coming at a time when Facebook is joining the now-vibrant crypto bandwagon. Several other blue-chip companies from all over the world have already embraced the digital currencies.
Pompliano is, however, confident that the dollar’s dominance will only last for the next 15-20 years, especially given the number of large firms experimenting on cryptos right now. Facebook and JP Morgan are already developing their own cryptocurrencies.