Barry Silbert: Mnuchin's crypto speech was a "total validation of Bitcoin"

16 Jul, 2019 | Updated: 16 Jul, 2019
by Richard Allen
Bitcoin
Barry Silbert: Mnuchin's crypto speech was a total validation of Bitcoin

Steven Mnuchin, US Treasury Secretary recently held a press conference on Libra and cryptocurrencies where he expressed concern over the speculative nature of crypto and vowed to protect the US from fraud. Now, Barry Silbert, CEO and founder of Digital Currency Group has shared his thoughts on the conference.

Mnuchin’s comments were primarily focused on the risks cryptocurrencies are typically associated with, like terrorist financing and money laundering. He also stated that Libra must play by the rules and pointed out a difference between Facebook’s cryptocurrency Libra and decentralized projects like Bitcoin.

Following the press conference, Bitcoin spiked almost $400, which several traders suggested was a result of the press conference. Plausible, considering the amount of attention that was brought to the king cryptocurrency.

Responding, Silbert said Mnuchin’s conference was a “complete and total validation of Bitcoin.”

Others took a different approach, poking fun at Washington’s numerous attempts to get their heads around cryptocurrencies and their apparent inability to grab a hold of the phenomenon.

However, others sided with Silbert in seeing the positives of the press conference. Morgan Creek Digital co-founder, Anthony Pompliano, for example, who tweeted:

At the time of writing, Bitcoin is down 10.25% over the last 24 hours to $9,670.60.

BTC/USD chart provided by Tradingview

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