This is a great new on bitcoin as it will lead to massive adoption of bitcoin worldwide. Bitcoin has shown its value in the world today due to its high resistance to inflation and its benefits to investors due to its volatile nature. The US government have come to realize that their fiat currency is no longer worthy to fit in place for bitcoin. This is what will be the fate of bitcoin in future, most countries will adopt bitcoin after they have seen the importance of bitcoin to individuals and stakeholders. Nobody can stop bitcoin from dominating in the nearest future. I guess this news will also help to pump bitcoin price.
That conclusion is too fast for the US to recognize bitcoin and adopt bitcoin openly like that, we know that the dollar they use is on the verge of inflation and they are still trying to suppress inflation and keep the dollar as its function in the global eye. If the US government adopts bitcoin and says that their dollar is no longer worth it then their economy will be on the verge of further instability, we all know that the US is strong because of its dollar hegemony if they change course they will no longer benefit from the hegemony they have run for a hundred plus years, that is the thing that made me doubt. I think what they did was their study of bitcoin which was intended to look for gaps in the advantages and disadvantages contained in bitcoin, and to be honest we don't know the results of that congress.
I really do not have high hopes for such meetings to be honest. SEC is going to influence them all and bring in whatever policies they think will act best against the interest of Bitcoin. At least their recent actions show that they are no anymore interested in crypto businesses to be flourished on US soil. Politicians, Industry leaders, Senate members, and regulatory bodies can have multiple meetings but unless we see it in action, there's no reason to believe such things.
While people are saying it's a great thing, I do not see it as a positive. Especially due to the recent actions from SEC which is again another government body.
I agree with you, from what we have seen, the SEC as a policy maker regarding the enforcement of cryptocurrency regulations cannot possibly remain silent, they will definitely lobby those who try to oppose what is the SEC's decision. And again, it's a normal thing that everyone can do, getting together and talking without any real action about adoption will only be a waste of time.
