Will Donald Trump Encourage Bitcoin with Peter Thiel?
Bitcoin Proponent Peter Thiel Appointed to Presidential Transition Team by Trump
Donald J. Trump shocked the world as he assumed the role of leader of the free world in last Tuesday’s election. This happens amongst growing unrest about government abuse, primarily that Donald Trump will be President of the USA. Heightened levels of scrutiny have been put on his statements during the transition between President Obama and Donald Trump. To abate concerns, Trump switched Governor Chris Christie as leader of Trump’s transition staff to Vice President-elect Mike Pence. As Trump moves quickly to assemble a government staff in post-election haste, the media goes crazy over the choices. Can his cabinet encourage the proliferation of cryptocurencies such as Bitcoin?
Transitional Advisory Committee
The 16-member advisory committee is made up of 4 women and 12 men. It’s made up of several members of Congress; Rebekah Mercer, a top Republican donor; Reince Priebus, chairman of the Republican National Committee; Peter Thiel, a founder of PayPal; Attorney General Pam Bondi of Florida; Steven Mnuchin, a former Goldman Sachs executive; and Anthony Scaramucci, a hedge-fund manager. The most surprising choice, by our standards, is Peter Thiel. A business visionary and entrepreneur, it seems he is most fit to inform Trump of the potential of Bitcoin, or lack thereof!
Peter Thiel Joins Trump Team
We believe Trump’s choice of billionaire technologist Peter Thiel joining the Presidential Transition Team Executive Committee could be a great development for Bitcoin’s future and regulations pertaining to it. Peter Thiel, an early investor in Facebook and PayPal, has an impeccable track record of awe-inspiring proportions. Thiel was able to turn his $500,000 as the first outside investor in Facebook, a 10.2% stake acquired in 2004 into a fortune of over a billion dollars today of net worth today. Does his track record and knowledge of Bitcoin make him an opponent or prophet?
Thiel Involvement in Online Payment Space
Thiel’s most relevant cryptocurrency experience lies in his funding of $2 million into BitPay in 2013. Bitpay is one of the largest merchant processing systems for Bitcoin. In 2014, BitPay started broke records processing $1 million USD daily. Thiel spoke at the Thiel Foundation Under 20 Summit in 2013, he said that he’s noted modern monetary system was coming to an end and encrypted money “would change the world.”
“I do think bitcoin is the first one of these that has the potential to do something like that”…“It is worth thinking about money as the bubble that never ends. There is this sort of potential that bitcoin could become this new phenomenon.”
As a co-founder of PayPal, Thiel is obviously no stranger to internet monetary processing programs. Having someone who has understands the potential of technological innovation in some form of the current presidential administration could be beneficial in steering Bitcoin in the correct path toward legitimacy and continued widespread adoption of the use of cryptocurrency in the future. We might not agree with everything Trump stands for, but if his cabinet can reduce regulations like promised, we’re for it!