Main navigation

US Congressman Suggests That Crypto Should Be New Gold Standard

News
Fri, 10/01/2021 - 07:00
article image
Alex Dovbnya
Some of the top Republicans have started courting voters from cryptocurrency community
US Congressman Suggests That Crypto Should Be New Gold Standard
Cover image via stock.adobe.com
Read U.TODAY on
Google News

Congressman Madison Cawthorn has taken to Twitter to propose using cryptocurrencies as the new gold standard.

The North Carolina Republican has joined other conservatives who have recently come out in support of cryptocurrencies.

On Wednesday, Josh Mandel, one of the leading Senate candidates for the state of Ohio, claimed that America had to “double down” on Bitcoin. Blake Masters, another Senate hopeful from Arizona, proposed adding the largest cryptocurrency to America’s strategic reserves.

Related
Iran Lifts Bitcoin Mining Ban
Texas Senator Ted Cruz recently accused Democrats of trying to “destroy” cryptocurrencies without understanding them. As reported by U.Today, one of the most influential Republicans voiced his opposition to nominating crypto skeptic Saule Omarova as the next Comptroller of the Currency this week.                      

The gold standard was discontinued by Nixon in 1971, which marked the start of the age of fiat money.

As reported by U.Today, former Facebook executive Chamath Palihapitiya recently opined that Bitcoin had replaced gold.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.