Shortly after taking office, President Biden described a world at an “inflection point” and stressed the need for democracies to demonstrate they “can still deliver for our people.” Bitcoin is emerging on the world economy at just this moment of inflection and, if properly understood, presents the United States in particular with an opportunity to — again in Biden’s words — “build back better our economic foundations.” It can support national economic strength by fostering domestic energy innovation, help to counter China’s economic ambitions, and stimulate innovation and capital growth at home. Here’s how.
Bitcoin is a technology. Synthesizing decades of research in cryptography, distributed systems, and peer-to-peer networking (often funded by the U.S. government), this digital asset offers everyday Americans and institutional investors alike a vehicle for long-term savings and commerce. With no central authority required, it combines the scarce “hard” attributes of gold with the transactional benefits of fiat money (e.g., paper bank notes and ledger liabilities).
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