Bitcoin to become stronger post-crisis: U.S. congressman

04 Aug 2020

Bitcoin is going to emerge from the current financial crisis in a better position than before it started, according to U.S Congressman Tom Emmer.

Mr Emmer says that the world’s largest cryptocurrency will become stronger after the world eventually emerges from the economic downturn prompted by Covid-19.

“As we come out of the crisis, Bitcoin ain’t going away, it’s gonna get stronger,” the Congressman said during an August 3 interview with co-founder of Morgan Creek Digital Anthony Pompliano.

Mr Emmer believes both Bitcoin and blockchain, the technology on which it runs, will “continue to become more and more important” and see further advancements due to its unprecedented value. 

“You just watch, it has value, when something has value, people are going to take risks and it’s going to advance,” he noted.

U.S. banks are now permitted to custody Bitcoin.

Well-known for highlighting cryptocurrency projects, earlier this year he expressed concerns about regulation impeding innovation. He said: “The opportunities that they provide to both build a financial future for individuals, but also to empower individuals to control the value of their own assets, separate from government control.”

Emmer went on to list numerous crypto assets, including Bitcoin, Ethereum, XRP, EOS, Monero and Zcash, pointing out different uses for each.

Mr Emmer is not alone in thinking that Bitcoin will become even more robust a proposition once economies recover.

Billionaire investor Tim Draper predicted in March: “When the world comes back, it will be Bitcoin, not banks and governments that save the day.”

Similarly, Nigel Green, the deVere Group CEO also recently told the media that “Bitcoin has the ability to replace gold as a safe haven for investors as the world turns digital.”