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Bitcoin’s significant stance in the financial landscape continues to receive commendations as United States Senator and crypto advocate, Bill Hagerty, has voiced out his support for BTC, stressing the necessity for the largest cryptocurrency asset to evolve and flourish in the country.
Bitcoin Innovation Needs To Happen In The US
The senator disclosed his firm support for BTC in a recent interview on Bloomberg Surveillance shared by Bitcoin Magazine on the X (formerly Twitter) platform. He highlighted the capability of BTC to propel economic growth, calling on legislators to enact laws that promote the advancement and acceptance of digital assets.
According to the US senator, Bitcoin is an asset that has evolved over time, drawing attention to the first time he came across cryptocurrencies in the previous 2018 administration. Initially, Hagerty was skeptical about cryptocurrency assets but later transitioned to a pro-Bitcoin champion after gaining knowledge about the underlying asset and its potential for notable productivity.
Considering these qualities of Bitcoin, the he stated that this innovation needs to happen in the US and those in power must ensure that it takes place in the country. “The last thing we want is to see what happens to the industry, where it got pushed offshore and we conduct from a geopolitical standpoint,” he added.
Hagerty noted that after engaging in several meetings with former US President Donald Trump, he realized that Trump’s vision aligns with this sentiment. He further underscored Trump’s confidence in Bitcoin’s ability to transform the nation’s economy and drive significant innovations.
While the senator pushes for Bitcoin’s evolution and success in the US, he underlined that the current administration has actively attacked the crypto industry, as evidenced by the regulation by enforcement policy of the US Securities and Exchange Commission’s (SEC) and the Commodity Futures Trading Commission (CFTC).
Hagerty cited that these agencies particularly the SEC under its head Gary Gensler will continuously stifle digital assets innovation in the country, therefore he hopes Trump fulfills his promise at the Bitcoin 2024 conference to fire Gensler when he takes over the presidential seat.
The senator advocates cryptocurrencies’ success in the US under Trump as he pledges to put an end to the current anti-crypto movement. “He is going to create the environment here where the industry can thrive, and we will see the next wave of innovation happening right here in America,” he stated.
Major Political Interest Toward Cryptocurrency
Bill Hagerty’s endorsement of Bitcoin comes amidst a broader political shift toward embracing the digital asset. Lately, major political figures such as Donald Trump, presidential candidate Robert F. Kennedy Jr, and US Senator Cynthia Lummis have demonstrated support for BTC.
So far, each political figure has been actively pushing forward to make Bitcoin a strategic reserve asset in the US, because of its potential to serve as a hedge against inflation, thereby propelling the country’s economy and strengthening the US dollar.
Featured image from YouTube, chart from Tradingview.com
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