FX.co ★ Samson Mow criticizes political support for crypto

The first cryptocurrency does not need political support. This is the point of view expressed by former Chief Strategy Officer at Blockstream Corp. Samson Mow. He believes that it is an independent digital asset.

Earlier, Samson Mow expressed concerns about the active political support for Bitcoin in the United States. According to the analyst, this would jeopardize the decentralized nature of the crypto asset and weaken its founding principles.

The former Blockstream director does not share the enthusiasm for politicians becoming supporters of the first cryptocurrency. He supposes that this is bad for Bitcoin in the long run. “Without a strong Bitcoin ethos, this shift only paves the way for the next FTX/Luna/Genesis, and once again, we will pay for it,” Mow said.

The analyst is concerned about the rapid politicization of the digital asset industry in the United States. Over the past two weeks, US lawmakers have supported three high-profile cryptocurrency bills. They voted to repeal the SEC rule banning Bitcoin ETFs and supported the Financial Innovation and Technology for the 21st Century Act. Earlier, the Joe Biden administration softened its stance on cryptocurrencies but expressed concerns about investor protection.