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China winning the race: U.S Must Embrace Blockchain Development, Says Pompliano

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On October 25, 2019, Morgan Creek Digital co-founder Anthony Pompliano reacted on twitter to Chinese President Xi Jinping’s statement on Thursday that the time had come for the country to harness the true potential of blockchain technology.

Pompliano claimed that it was time for the U.S to embrace blockchain tech and cryptocurrencies or risk being left behind. He even suggested that the quest for supremacy in blockchain tech marks the beginning of a new space race, albeit on the digital frontiers.

China’s President Xi Jinping had urged his country to accelerate the development of blockchain technology due to its importance “in the new round of technological innovation and industrial transformation” of China.

He made those comments yesterday during his speech at a Politburo meeting of the Communist Party of China’s (CCP’s) Central Committee.

Xi’s remarks seem to have touched a nerve with Pompliano who tweeted:

“This will be the space race of our generation. America has to embrace technology, including Bitcoin, or we risk being left behind.”

Mati Greenspan, Senior Market Analyst at eToro, reiterated Pompliano remarks by noting that seeing China fully embrace blockchain technology in such a public way was great for the entire crypto industry, which in turn is great for Bitcoin.

Will the U.S Follow Suit?

Members of the United States House of Representatives Financial Services Committee recently asked the Federal Reserve whether there are any plans of launching a U.S digital currency.

This followed news that China was edging ever closer to launching its coin, indicating that the lawmakers were concerned about being left behind in the quest for supremacy in blockchain tech.

More pressure for the U.S to embrace crypto came from a blog post published in May by the Poloniex exchange owners Circle, who pleaded with regulators to show sanity.

The company warned of conflicting SEC policy that is slowing innovation in the U.S. and pushing crypto projects toward jurisdictions with greater regulatory clarity, neither of which is good for U.S. business.

Moreover, in an attempt to defend their Libra project, Facebook’s CEO Mark Zuckerberg warned U.S. lawmakers that China is moving quickly to launch similar ideas in the coming months. If America doesn’t innovate, its financial leadership is not guaranteed.

U.S Senator Stands Up for Libra

In related news that would seem to point to improving fortunes for crypto in the U.S, the Facebook Libra project has gained its first supporters in Congress, Sen. Mike Rounds.

Rounds penned a letter of support for the project to Nathan McCauley, the president of Anchorage Trust Company. He argued that endorsing the project was an example of a technological advancement needed by U.S consumers.

This comes as a relief for crypto enthusiasts after two Senators previously tried to scare off heads of the remaining major payment companies, following the exit of Paypal from the Libra project. 

Anna Larsen
Anna Larsen has been a Crypto enthusiast since 2016. Fascinated by the technology and its usecases she decided to pursue a career in content creation related to this space. The journey has been exciting ever since.

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