Chairman SEC acknowledges that Bitcoin is a competitor of the Bank of China.

Bitcoin has proven to be a long-term game, which means that countries cannot neglect the impact of encrypted currency on the economy. One way of responding to this is through regulations. Although some countries have implemented a lawful law, other countries have already tried to prevent digital assets. The United States tends to latter.

The US Securities Exchange Commission has tried to try to monitor the encryption industry, and the US Securities and Exchange Board Boss Gary Joske has repeatedly made the regulatory assets. More and more people are worried about the role of BTC playing in the economy.

Bitcoin and the economy

The SEC Chairman Gary GenSler puts some worries in comparison with Burden and the US economy. According to the Securo, BTC is now a competitor of the Bank of America. GenSler on Wednesday in the 2021 Dacom Summit with the US Securities Exchange Commission, Jay Klelet, who encrypts currency, bitcoin and ETF in the economy of Jay Tie, in the economy.

GenSler said at this summit, Birthcoin birth is to

“In 2008, part of this paper is a reaction, a method of leaving the network. There are some competition you do not support, but this is trying to destroy the global consensus.”

This refers to the nature of BTC completely decentralized. The creator of Bitcoin has built an asset in a single entity that cannot be copied or controlled.

Sanctions and systems implemented worldwide. He called BTC as “a method of closing network type.”

Why BTC becomes mainstream

For investors who purchase this asset, the concession of Bitcoin has always been one of the most important things. Coupled with the impressive return on investment, the asset has become a perfect rush against inflation. Thereby become a more popular investment channel in the financial industry.

Another decentralization with encrypted currency. It makes the loop holder fully controls its assets, not subject to any entity or government agency. Basically help people become their own banks.

However, making Bitcoin have the same reason for investors’ attractive investment, which makes the government regarding digital assets as threats. Although not all the governments will consider encrypted currencies as a threat. One such example is Salvador, which has adopted Bitcoin as a statutory currency of the country.