BPI Tackle Treasury, Says Bitcoin Is A Strategic Asset
Following the request by the U.S. Treasury for public opinions about digital assets and their implications for national security, the Bitcoin Policy Institute (BPI) has given a strong response in a document.
Bitcoin as a Tool to Promote National Security
The Bitcoin institute has taken on the challenge thrown by the Treasury to forward a convincing debate about using Bitcoin in promoting national security. In addition, the document explains that the aim of developing Bitcoin is to serve as a financial tool for freedom.
According to the institute’s document:
“Peer-to-peer platforms like Bitcoin signify autonomy, cooperation, and liberal values the United States is built upon.” It is a tool to help advance freedom and reduce the pressure of authoritarian objectives to ensure national security”.
Meanwhile, one of the authors of the BPI document, David Zell, posted on his Twitter handle that the BPI has answered the Treasury’s call by drafting a document to convince the public. Zell added that it is now the turn of the U.S. Treasury Department to play its part.
Bitcoin and Tor Comparison
The Bitcoin institute gave a convincing argument by making a broad case for the leading digital assets. The document states that:
“Bitcoin, by design, allows everyone, wherever they are in the world, with an internet connection to send and receive value. Moreover, the transaction is done so that no centralized entity can reverse, freeze or seize it.
In addition, the transactions are open and permissionless. What sets Bitcoin apart from other crypto assets is that it is neutral and highly decentralized with no leadership, and it is optimized in such a way that it can never be censored.”
Furthermore, the BPI also compared Bitcoin to Tor as it seeks to drive home its points. The statement revealed that:
“Like Tor, which allows millions of individuals access to the freedom of open societies, Bitcoin also enables millions to escape the grip of authoritarian governments and access the western financial infrastructures.”
“Just like Tor uses digital platforms to spread the right of communication across the globe without fear, Bitcoin utilizes the digital ecosystem to export free virtual trade and the right to transact across borders.”
Associated Risks in Crypto Industry
However, despite its firm belief in using digital financial tools, the BPI appears to take a dig at some questionable altcoin projects. In addition, the body acknowledges the influence of some criminal elements in the crypto industry that have expanded the scale and sophistication of malicious activities.
Due to the recent rise in hacking incidents, the BPI noted that revenue from malicious operations is steadily increasing. As a result, the decentralized finance (DeFi) space has suffered untold losses, with millions of dollars wiped out by attackers.
And the BPI admitted that the open-source code is the main target of hackers looking to exploit it and earn massive bounties.
The Bitcoin Institute noted a huge risk associated with the digital asset industry. However, it added that ensuring minimal risks to investors’ funds should be the industry players’ and regulators’ aim.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
