‘BTC can protect Americans since it cannot be created out of nothing’: President of the Heritage Foundation

Key Takeaways

  • The Heritage Foundation President Kevin Roberts described BTC as the single greatest destructive innovation in a positive sense
  • Heritage Foundation conducted panel discussion titled ‘Bitcoin and the American Experiment’
  • The panel saw participation from Michael Saylor, US Senator Ted Cruz, CEO of Custodia Bank Caitlin Long, Cynthia Lummis and Peter St. Onge.

Kevin Roberts, The President of the Heritage Foundation said ‘Bitcoin can protect Americans since it cannot be created out of nothing’. He was talking to a panel titled ‘Bitcoin and the American Experiment’ organized by the Heritage Foundation.

While opening his introductory speech, Roberts described “Bitcoin as the single greatest destructive innovation in a positive sense.” The panel discussion event saw participation from eminent personalities, including Michael Saylor, US Senator Ted Cruz, CEO of Custodia Bank Caitlin Long, Cynthia Lummis and Peter St. Onge. The panel discussed how Bitcoin fits into America’s past, present, and future. 

Cynthia Lummis talked about the pro-crypto regulatory framework that she believes will bring order to the ecosystem without curbing innovation. According to Lummins, the crypto space is “absolutely amazing.” She further described Bitcoin as a Phoenix that will rise. The bill will be a large piece of legislation detailing the different components of crypto assets and commodities.

Saylor, while commenting on the prospects of Bitcoin, said, “The American dream is all about property rights, sovereignty, freedom then you can move your life savings energy, economy, to the cyberspace.” The Keynote Speaker of the event Ted Cruz described BTC as a truly remarkable innovation. The Senator stated that with the introduction of Bitcoin, money didn’t have to be a government monopoly anymore. “Through blockchains and distributed ledgers, now everyone has access to money”, said US Senator Ted Cruz.

The panel discussion happened amidst the US Government’s increasingly hostile stance towards digital assets. Earlier this year, US President Joe Biden signed an executive order pushing federal agencies to come up with new restrictions on cryptocurrencies. Cryptocurrency is still in its relative infancy as an asset class in the United States. The Securities and Exchange Commission (SEC) has always been skeptical about cryptocurrencies.

The Heritage Foundation, in its blog, had stated that the SEC has all but declared war on crypto. “After years of numerous applications by responsible applicants, not a single Bitcoin exchange-traded fund has been approved, even as far riskier commodity derivatives were greenlighted with glee,” reads the blog. The blog, which had a concerning and rather frustrating tone, also pointed out that over 86 startup coins have been designed to specifically exclude American investors, making the US the country most likely to be excluded from crypto offerings.

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Saniya Raahath

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