Bitcoin becomes "currency". Is it possible for the United States to cut the "leeks" of the world by this?
China-Singapore Jingwei Client, July 29 (Song Yafen intern Long Yuqian) On July 25, the US Federal Court stated that the virtual currency Bitcoin is a "currency" covered by the "Money Transmitter Act" in Washington, DC. Affected by this news, the price of Bitcoin broke through $10,000 on Monday and broke through $12,000 on Tuesday.
In response to the US Federal Court's definition of Bitcoin as "currency", some analysts believe that the US financial system can use Bitcoin's legal status to play currency games and further cut the global "leeks". So, is there such a possibility? What impact will this behavior have?
Technically, the United States may be able to use Bitcoin to gather global capital
Pan Helin, executive dean of the Institute of Digital Economy at Zhongnan University of Economics and Law, said in an interview with the Sino-Singapore Jingwei Client: “From the perspective of the resources it possesses, the United States has the conditions to use Bitcoin for global asset allocation.”
According to Pan Helin, Bitcoin's earliest trading market was in the United States, and the identity of its inventor "Satoshi Nakamoto" has been very mysterious. There is a view that Bitcoin was invented and popularized by the United States. According to reports in the US media, relevant functional departments in the US may have hoarded billions of dollars in Bitcoin. According to the current estimate of the final number of bitcoins, there may be only 21 million bitcoins in the world. It can be seen that the bitcoin resources owned by the United States are very important from a global perspective.
Huang Zhen, dean of the China Internet Finance Innovation Research Institute of the Central University of Finance and Economics, also believes that using Bitcoin to absorb global capital is technically achievable in the United States.
Huang Zhen also pointed out that the United States' declaration of Bitcoin's "currency" status may represent that the United States has the conditions to control Bitcoin. "The United States may have controlled a certain amount of Bitcoin computing power, and based on this, it was announced that it can be used as a'currency'. If so, then the US government may complete the accumulation of global capital through Bitcoin."
In fact, the United States is unlikely to harvest the world’s "leeks"
However, from a practical point of view, Pan Helin believes that the United States is unlikely to cut the "leeks" of the world.
Pan Helin analyzed that if the U.S. wants to achieve the final "purpose", this chain still needs a key link, that is, the U.S. must come forward to force other countries to recognize Bitcoin settlement, especially when it comes to key resources (such as oil, etc.). hook up. At that time, the United States could take the absolute initiative in the currency system established by Bitcoin. From an objective point of view, although this possibility exists, and the United States is also the country with the most conditions, the possibility is not particularly great. The reason is that many countries are currently trying to get rid of the shackles of the US dollar, including Iran and other countries are exploring their own digital currency or resource currency linked to resources, and may not be forced to recognize the value of Bitcoin. And without circulation value, how much value can Bitcoin have?
Huang Zhen emphasized that because Bitcoin has anonymity and is a closed system, global computing power can also be gradually transferred to some regions and countries, not necessarily always concentrated in the hands of the United States. We should pay attention to where the bitcoins that have been mined before are distributed and whether they are circulating in the market.
In addition, Huang Zhen also stated that the definition of Bitcoin as "currency" may be due to the United States' consideration of its own situation. Bitcoin is now more and more widely used in the United States, and the legal protection of Bitcoin holders is also a global issue. Therefore, the United States’ declaration of Bitcoin as a “currency” has a global demonstration significance to a certain extent. . (Zhongxin Jingwei APP)
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