During a recent congressional hearing, Democratic Senator Sherrod Brown accused Facebook of monopoly practices and data breach scandals.
“Like a toddler who has gotten his hands on a book of matches, Facebook has burned down the house over and over. Facebook has demonstrated through scandal after scandal that it doesn’t deserve our trust.”
He thinks that bitcoin has the potential to become a type of digital gold, a possible modern store of value. Bitcoin and digital assets are already a part of many investor portfolios, just not in traditional brokerage accounts, and it may play a bigger role with appropriately regulated, insured and liquid access vehicles, such as ETFs.
Gurbacs even goes on to suggest that the negative backlash against these technologies are unwarranted. The U.S. may benefit from embracing these innovative technologies. He thinks that the introduction of bitcoin ETFs could help make the US economy more robust in the upcoming decade.
“We are waiting finally for regulators to approve a bitcoin ETF, which would bring digital assets under the regulated American capital market. This could be, for the next decade, the driver of our economy.”
For the past year or so, the cryptocurrency community has been anxious about the decision by the SEC to approve ETFs in the industry. The approval of an ETF opens up the market for institutional investors to trade in Bitcoin as an underlying asset without adopting the risk of storing the coin.
This, in turn, would push America to the forefront of the digital economy.
“I think America realized that it needs a 10-year plan to make markets great again, and basically, a 10-year plan to rebuild the payments and financial infrastructure system that we’re lagging behind on. This may be a driver to innovate and rebuild America’s payments systems and capital markets.”
However, he goes ahead to say that it is important for people to distinguish between Bitcoin and Libra.
“Bitcoin, specifically bitcoin, not other digital assets — can rebuild the U.S. payments system. We can satisfy all the regulatory needs and the government needs to rebuild the capital markets. Again, bitcoin is not Libra. Stablecoins are not Libra.”
SEC Commissioner Hester Peirce, who is better known as the crypto mom said that the SEC should already be looking into approving the pending approval of ETFs. She thinks that the organization has a rusty position on bitcoin which is hindering momentum to capitalize being the top Bitcoin destination.