Bitcoin tries to take away monetary monopoly from govt says former director of U.S. mint

  • 22 July 2019, Monday, 08:10

The 38th director of the U.S. Mint, Ed Moy spoke about Bitcoin with Naomi Brockwell, the inherent decentralization that it brings to the table, along with other advantages.

Ed Moy, well-known supporter crypto, said that Bitcoin and other cryptocurrencies will take away the monopoly government has over money, which has caused them to be reluctant about this technology.

Moy stated:

“Bitcoin is the private sectors alternative to the government’s monopoly on money.”

He added that the general public lost trust in the government after the financial crisis; surprisingly the development of cryptocurrencies also started during the same time, which was more than just coincidence. Moy further explained how the government was ignoring the fact that Bitcoin and cryptos were in the best interest of the public.

The economic crisis witnessed in 2008 led to the loss of trust in the government’s ability to maintain and run a banking system. Coupling that with the bailouts of banks by the government catalyzed the need to come up with an alternative form of money- one, where the government isn’t needed, one where the exchange of money happens peer-to-peer.

Moy’s idea of cryptocurrencies without the government’s interference makes sense, but it definitely isn’t perfect. Facebook’s Libra is one such cryptocurrency that will be concentrated with the corporates of the world. Moy said:

“In addition to general cryptocurrencies for broad use like Bitcoin, you’re going to get these corporate branded currencies that will grab on to consumers much faster than Bitcoin.”

However, like a lot of people, Moy also addressed the elephant in the room, Facebook’s integrity when it comes to data. The Senate hearing with David Marcus stressed on the above-mentioned point along with the consortium of companies which forms the Libra Association.