Blake Masters, COO of the venture capital firm Thiel Capital and a candidate for the US Senate, calls on the country to do the opposite of China and to establish “Fort Nakamoto” – a “strategic reserve of Bitcoin”. the US Army) and gold.
The move was inspired by China’s crackdown on cryptocurrencies over the past week, which caused the market to decline.
Masters wants Fort Nakamoto to be a drastic response, in stark contrast to Beijing’s anti-crypto stance.
China banned cryptocurrencies last week.
Let’s do the opposite. The US government should buy a strategic reserve of Bitcoin – Fort Nakamoto, the new Fort Knox.
Related: My US Senate Campaign Now Accepts BTC Donations. DM me or write to [email protected] for info & to donate.
– Blake Masters (@bgmasters) September 27, 2021
“China banned cryptocurrencies last week.
Let’s do the opposite. The US government should buy a strategic reserve for Bitcoin – Fort Nakamoto, the new Fort Knox. “
However, while the US is not open to cryptocurrencies, the proposal does not seem viable as regulators continue to shy away from the problem and usually refuse to provide regulatory clarity for the industry.
Therefore, in order to realize his plan, Masters will have to fight more.
Beijing continues to crack down on cryptocurrencies
Last Friday, many Chinese authorities stepped up their campaign against Bitcoin and cryptocurrencies by calling for the authorities to cooperate.
Reuters called This is the first time that all 10 agencies have worked together on this issue.
“Ten government agencies, including the central bank, finance, securities and foreign exchange regulators, have pledged to work together to eradicate illegal crypto activity.”
In addition, a items posted by Sohu.com on Monday (September 27th) shows zero tolerance. They reported the seizure of over 10,000 cryptocurrency miners in Inner Mongolia.
This shows that power consumption is being closely monitored to identify those suspected of opposing the mining ban, which they deem necessary to reduce the environmental damage caused by mining cryptocurrencies.
So far, Inner Mongolia authorities have closed 45 crypto mining operations. They say it saved 6.58 billion kilowatt hours of electricity per year, the equivalent of burning 2 million tons of coal.
Masters wants a US Bitcoin standard
In response, Masters said the U.S. would have to do the opposite and encourage the adoption of cryptocurrencies, starting with the federal bitcoin reserve.
US Senator Pat Toomey also agrees. After the Beijing ban, he said this was a great opportunity for the United States.
In one tweetsToomey pointed out that Beijing is hostile to crypto because it doesn’t want the Chinese people to have economic freedom.
“Beijing is so hostile to economic freedom that it cannot even tolerate its own people who are engaging in what is arguably the most exciting innovation in the financial sector in decades. Economic freedom leads to faster growth and ultimately to a higher standard of living for everyone. “
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According to Cryptoslate