Bitcoin : Joe Biden chooses pro-crypto to ensure financial transition


Joe Biden chooses team to ensure financial transition

Like a wind of novelty? The Trump administration has not been particularly kind to the cryptocurrency industry for four years. But things could change with the arrival of Joe Biden, who won the US presidential elections after a turbulent ballot. As Yahoo Finance reported yesterday, Gary Gensler was indeed chosen to lead the financial transition team by Joe Biden.

The latter is supposed to allow an effective handover between the teams of Trump and those of Biden, in the field of finance. Gensler had played a role as a regulator under Obama, and he had also been in the treasury department when Bill Clinton was in power.

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A pro-crypto in Joe Biden’s team

What’s notable for the cryptocurrency industry is that Gary Gensler was rather open about blockchain.

In 2018, at a time when politicians of all stripes bared their teeth when it came to Bitcoin (BTC), he made a comparison with gold explaining:

“There’s nothing backing gold either, what sustains it is a cultural norm, we’ve just loved gold for thousands of years. […] We see it as a store of value, so Bitcoin is a modern form of digital gold. It is also a social construct. ”

The man also showed his knowledge of cryptocurrencies and the blockchain industry in an article posted on CoinDesk just under a year ago. He then explained that:

“Crypto and blockchain technology is acting as a catalyst for change. It may not meet the high expectations of maximalists, but it will surely be Nakamoto’s most enduring contribution. ”

For comparison, and for fun, we will recall Trump’s inflammatory tweet, who had pinned Bitcoin (BTC) the same year :

“I am not not a fan of Bitcoin and other cryptocurrencies, which are not currencies and whose value is highly volatile and based on wind. Unregulated crypto assets can facilitate illicit behavior, such as drug trafficking and other illegal activities. ”

The arrival of a politician who knows the words “Nakamoto” is “maximalist” can therefore be good news for the crypto industry in the USA. The flip side of the coin is that the industry could be scrutinized with a particularly keen eye. It remains to be seen in which direction the person responsible for the financial transition for Joe Biden will take, and whether he will be part of the final team that will settle in the White House.

👉 To read: A conspirator hacked Donald Trump’s site and demanded Monero (XMR)

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About the Author : Marine Debelloir

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Intrigued by Bitcoin for several years, I developed a passion for crypto-currencies and the innovative technologies that result from them. I like to unearth the most delicious information to share it with you and help democratize this fascinating universe. But I don’t stop there! I also like to analyze projects related to cryptos and blockchains, which fascinate me just as much.
All articles by Marine Debelloir.