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CEO at Thiel Capital Says U.S. Government Should Purchase Bitcoin

Blake Masters, an American venture capitalist, and CEO at Thiel Capital, called upon the U.S. government to purchase Bitcoin. He noted they do so as a reverse strategic asset after China moved to ban it once more. Thirty-five years old Blake, who is also an author, is currently running for a U.S. Senate seat.

He wants to represent the state of Arizona. Blake informed the public that his campaign now accepts donations in the most prominent cryptocurrency. He asked the community to D.M. him for more details.

China’s regulatory agencies cracked down on all cryptocurrency-related activity last week. The central bank banned transactions and overseas crypto exchanges. The agencies announced advanced systems to the country’s threats. They noted that they would slowly begin to shut down all of the country’s crypto-mining facilities.

Cryptocurrencies After China’s Tough Stance

The previous announcements from China led to an initial drop in the market. However, experts believe that U.S. investors should worry less. The experts advise that more worry should be on the potential fallout from U.S. regulation of cryptocurrency.

The announcement was the most intense among a series of strict regulatory measures. Since 2013 China has seemingly been against the crypto trade. However, the crypto trade has continued online through foreign exchanges until recently.

Bitcoin Price

The price of Bitcoin tumbled by over $2,000 (£1,460) after the Chinese announcement. Bitcoin was trading around $41,926.41 as of this writing. Chris Bendiksen, head of research at CoinShares, says that China’s dislike for bitcoin should not surprise anyone. It is in contrast to their regime of top-down, centralized currency control.

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China’s announcement comes when U.S. regulators are signaling a fascination to rein in the crypto industry. Not long ago, Treasury Secretary Janet Yellen said a need for stablecoins like crypto tokens pegged to the dollar’s value is necessary. Last week, SEC chair Gary Gensler said that he thinks the public can get a better deal. Gensler called digital currencies the “Wild West.”He added that platforms should register with the appropriate authorities if their crypto is within the regulatory perimeter.

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