Bitcoin has been buzzing in mainstream media this past week, and it's been positive for the most part.
On March 21st, Twitter and Square CEO, Jack Dorsey stated that "bitcoin will become the world's single currency in 10 years or fewer" in correspondence with The Times. On March 22nd, it was reported that the newly appointed head of the People's Bank of China (PBoC) stated that "Bitcoin provides freedom" to users in an interview with local media. Finally, the G20 meeting in Argentina that took place on March 19th - 22nd concluded that cryptocurrencies do not warrant the regulation that some countries are calling for.
Jack Dorsey super bullish
Dorsey and the companies he heads have reflected positive sentiments on Bitcoin in the past - with the previous major news piece being the full roll-out of bitcoin purchases on the Square Cash app - of which Dorsey is a co-founder. At the beginning of 2018 allowed all its users to purchase up to $10,000 worth of bitcoin weekly, in addition to its normal fiat services.
Following from that, Dorsey has made his super bullish views on Bitcoin even clearer in correspondence with The Times this week. He stated Bitcoin will be the internet's single currency within 10 years:
The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin... [This would happen] probably over ten years, but it could go faster.
Regardless of how plausible that statement is, and it would certainly be questionable for even the more ardent Bitcoin maximalists, the fact that a mainstream figurehead such as Jack Dorsey is going to those lengths to endorse Bitcoin is worth noting. Dorsey is one of the few figureheads that has a platform both in emerging technologies, as well as the mainstream media.
He concludes by recognizing the role of Bitcoin's scaling solutions (i.e the Lightning Network) in this evolution, stating that while it's still "slow and costly" (relative to how it could be), the technology to solve these issues are in development.
New PBoC head positive on Bitcoin
According to a CCN article, the new head of China's central bank (PBoC), Yi Gang, has stated that "bitcoin is a currency that provides freedom to anyone that uses it". Having the PBoC operating under Yi Gang's leadership could spell a change in policy for China's fairly strict approach to cryptocurrency up until now.
Further investigation into the matter clarifies that these statements were issued in 2013 when Yi Gang was the Head of State Administration of Foreign Exchange. However, the point of significance is that Yi Gang is now in a much more influential role with his new position at the PBoC. China has been vehemently against developing legislative infrastructure to support cryptocurrencies in the past - if new head honcho Yi Gang continues to display positive sentiments for bitcoin and crypto, this may start to change.
G20 meeting in Argentina concludes positively for cryptocurrencies
G20 Argentina concluded that calls for a "clampdown on Bitcoin" from the Bank for International Settlements (BIS) and finance ministers from France and Germany are currently unwarranted. France and Germany as well as the BIS are represented in and fall under the G20's jurisdiction, and they have been effectively overruled with the conclusion.
The committee noted that crypto-assets have the potential to "improve the efficiency and inclusiveness of the financial system and the economy more broadly". However, they also stated that these crypto-assets could "at some point they could have financial stability implications".
We commit to implement the FATF standards as they apply to crypto-assets, look forward to the FATF review of those standards, and call on the FATF to advance global implementation. We call on international standard-setting bodies (SSBs) to continue their monitoring of crypto-assets and their risks, according to their mandates, and assess multilateral responses as needed.
Finance Ministers & Central Bank Governors, G20 Argentina
The G20 are falling back on the FATF (Financial Action Task Force on Money Laundering) to produce a well-researched report on the full risk implications of crypto-assets in July, at which point the call for regulation will be reviewed again. The fact that world leaders recognize the technological innovation that Bitcoin and the cryptocurrency space offers, and are deciding to take a measured approach to regulation as a result is a huge win in itself.
Featured image from Shutterstock
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Editor at Crypto Insider. Likes decentralization, fungibility and BIPs. Dislikes red tape, corporate stuffiness and oxidation