By Jared Whitley – March 5, 2021. (Seeking Alpha)
Bitcoin’s market value recently topped $1 trillion. Tesla recently bought $1.5 billion in the digital asset to set up liquidity for accepting it as a form of payment for its cars. Microstrategy, which is publicly listed like Tesla, issued convertible bonds to help amass $4 billion in bitcoin on its balance sheets. China has rolled out a digital yuan – the eCNY– now being used in retail transactions in major Chinese cities.
Digital money is here. America had better accept reality and embrace this new innovation. If we do, the U.S. has all it takes to dominate the new frontier of cryptocurrencies and blockchain technology and lead the fintech revolution. But if the Biden Administration’s America-last policy chooses overregulation instead of innovation, the U.S. will hand the 21st Century economy to the Chinese Communist Party.