At the Bitcoin Policy Summit in Washington, DC today, US Congressman Patrick McHenry (R-NC) emphasized the importance of the US taking a leadership role on Bitcoin and not being left behind during a friendly conversation with Club for Growth President David McIntosh.
JUST IN: 🇺🇸 Congressman Patrick McHenry says US needs to be a leader #Bitcoin 👏 pic.twitter.com/jC20GaurXe
— Bitcoin Magazine (@BitcoinMagazine) April 9, 2024
“This is the workplace, this is a bastion of freedom,” McHenry said when asked why he was speaking at the Bitcoin Policy Summit this morning. “The way I see Bitcoin is that what Satoshi brought into this world was unstoppable. Every system that tried to shut it down has failed, even the Chinese Communist Party that tried to shut down Bitcoin couldn't. And so it's an unstoppable piece of technology.” “
McHenry, known for his advocacy of financial innovation and technology, stressed the need for his colleagues in the office to learn how to use Bitcoin, acknowledging the challenges regulating the technology faces with uninformed policymakers.
“The stupidest way to try to hide your transactions is to do them publicly,” McHenry explained. “And the level of embarrassment when senators and House members ask questions about this about how these transactions are hidden. And when you have to explain to them that this is an open ledger that people can see the movement of value, and they don't 'I don't get it… still Cash is king in illicit finance.”
The congressman also highlighted how “it's a much easier conversation” with their political colleagues if they would read Satoshi Nakamoto's Bitcoin whitepaper before coming together to legislate. McHenry said a lack of understanding of Bitcoin among policymakers has led to them falling into the misinformation trap. This makes them speak the truth while legislating based on that information.
Overall, McHenry's message at the Bitcoin Policy Summit reflected a sense of urgency and opportunity, urging the United States to embrace its potential as a leader of the Bitcoin revolution and chart a course for a dynamic and innovative future in finance and technology.
“I'm trying to convince policymakers to embrace this idea and for the United States to be the leader instead of being left behind,” Congressman McHenry said. “And I want to make sure you all hear this message clearly.”
For more information about the annual Bitcoin Policy Summit, including the full agenda and list of speakers, visit the BPI website here. The official live stream of the Bitcoin Policy Summit can be found on YouTube and X (Twitter).
