Former Treasury Secretary: “It’s okay to buy Bitcoin as a replacement for gold”

Steven Mnuchin, a former Secretary of the Treasury in the Donald Trump administration, changed his stance on Bitcoin.

Bitcoin (BTC) might be a “scam” for former US President Donald Trump, but the former Secretary of the Treasury appears to have given the world’s first and best-known cryptocurrency a 180-degree turn.

Speaking to CNBC on Wednesday, Steven Mnuchin confirmed that his outlook on Bitcoin had “evolved.”

Mnuchin: Bitcoin’s stance has ‘evolved a bit’

The Trump administration was known for its derogatory tone about Bitcoin in public, and those who expected Trump’s endorsement were ultimately disappointed.

Mnuchin himself was unwilling to offer support during his tenure at the Treasury, but his most recent comments reveal a clear softening of his position.

“I think my point of view has evolved a bit, but it is quite consistent,” he told the network.

“The first part is that I think the underlying blockchain technology is really amazing and has a lot of different things, particularly in fintech and finance. I think that when it comes to Bitcoin, if people want to buy Bitcoin as a substitute, it is no different from buying gold or some other asset, that’s fine. “

Mnuchin added that he “would not want to have” Bitcoin in his wallet, but emphasized that he was not against others adopting it.

Moving on, he expressed the wish for Bitcoin to have “full BSA and regulatory compliance.”

“In fact, under the OCC last year, we approved that banks could take custody of it, and the reason we did that is because we wanted to make sure this was becoming the regulated world.”

His words garnered praise from Bitcoin circles, and Saifedean Ammous, author of The Bitcoin Standard, called the changes “nice to watch.”

Bitcoin still has few political allies

Mnuchin’s perspective now sounds increasingly at odds with that of Trump, who last month roundly called Bitcoin a “scam” in an episode that ultimately failed to impact market sentiment.

Meanwhile, the image of current President Joe Biden has yet to offer much to Bitcoin advocates. Treasury Secretary Janet Yellen has voiced her concern about cryptocurrencies more broadly, and high-level politicians disagree on how to address it.

It’s not just a US predicament: El Salvador that passed a Bitcoin legal tender law in June sparked backlash from global financial bodies, including the World Bank and the International Monetary Fund.

The law, which will take effect in September, is so far unmatched anywhere in the world. Paraguay, which introduced a regulatory bill on Bitcoin this week, has not revealed plans to adopt a “Bitcoin standard.”

Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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