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- Bitcoin in America has a promising future due to increasing federal acceptance and legislative management.
- The ‘Investment Accelerator’ program aims to support Bitcoin mining with private power plants and cheaper energy.
- Lutnick believes Bitcoin’s growth won’t harm decentralization, seeing it as key to U.S. economic innovation.
The US Secretary of Commerce, Howard Lutnick, also strongly supported Bitcoin in his latest interview, stating that Bitcoin has a bright future in America. As Lutnick pointed out in the interview with Bitcoin Magazine, the use of Bitcoin is gaining momentum in the federal sector. He stated that the Biden administration has brought a major turnaround from the previous skepticism on Bitcoin in America.
Lutnick has been a Bitcoin supporter since 2017, and he focused on its value due to its scarcity. He also outlined that the number of Bitcoins is limited to 21 million, which he deemed to be important for long-term investment. Lutnick got introduced to Bitcoin through the study of blockchain, and by the year 2020, he had embraced Bitcoin as an investment.
Trump’s Support for Bitcoin
The Secretary also acknowledged the steps of President Trump in funding cyptocurrency projects. Lutnick also assisted in creating the Bitcoin Strategic Reserve alongside David Sacks, which was a campaign promise that Trump fulfilled immediately. Lutnick attributed this to open discussions with the media as leading to rapid progression during Trump’s administration.
Lutnick’s major action is the new ‘Investment Accelerator’ program, which the Commerce Department has introduced. This program will enable free flow in the formulation and implementation of necessary regulations to guide such billion-dollar investments, thus the permitting process for such investments. Lutnick also said that the approach would also comprise concentrating on BTC mining as a primary capital investment, with the aim of supporting individual power stations adjacent to mining ventures.
This new policy will be in favor of miners to cut down on the dependence on the public electricity grid. Lutnick proposed that more efficient energy types that can be use by miners are hydroelectric power or flare gas capture. He says that these changes are likely to turbocharge BTC mining in America, thus unlocking the growth of this industry and increasing the efficiency of mining operations.
Preserving Bitcoin’s Decentralization
Lutnick remains confident that this will not compromise the decentralized property of BTC in the U.S. He said that the business environment of America is quite favorable with regard to innovation and growth. Lutnick also views BTC as a part of a larger vision of productive entrepreneurialism, which could help pull up more desperate parts of the economy.
Bitcoin’s value embraces it as an innovative sword for business in the United States economy. His statements represent BTC that it is not only virtual money but also represents an essential part of the American dream. Thus, with the further support of BTC, the possibilities that this digital currency has in reforming the financial industry and economic prospects in America seem likely to succeed.
