Dear Investors, Concerns regarding the reserve currency status of the US Dollar continue as businesses and governments display a lack of trust in American institutions. U.S. Congressman Brad Sherman Puts Foot in Mouth During a joint hearing of two committees in the U.S. House of Representatives aimed at streamlining legislation on digital assets, California Democrat and Congressman Brad Sherman led with the following zinger…
While I probably entirely disagree with Brad Sherman's entire political outlook and policies (do not know anything about him), it is an interesting point about Bitcoin redirecting capital investment away from productive industries. It is very true that a lot of resources and energy from very smart people are consumed by this asset. Attention that could be spent on other areas of an economy or production.
I'm also going to say the thing you're not supposed to say if you're in any way "cool" in this financial space--but I'm just not seeing Bitcoin or crypto suddenly replacing any currency anywhere. It's just administratively too difficult for the average person to utilize as a medium of exchange.
While I probably entirely disagree with Brad Sherman's entire political outlook and policies (do not know anything about him), it is an interesting point about Bitcoin redirecting capital investment away from productive industries. It is very true that a lot of resources and energy from very smart people are consumed by this asset. Attention that could be spent on other areas of an economy or production.
I'm also going to say the thing you're not supposed to say if you're in any way "cool" in this financial space--but I'm just not seeing Bitcoin or crypto suddenly replacing any currency anywhere. It's just administratively too difficult for the average person to utilize as a medium of exchange.