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US Rep. Kevin McCarthy Liked Bitcoin While Frowning Upon Facebook Libra

By Chris Torres | July 18, 2019
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US Rep. Kevin McCarthy Liked Bitcoin While Frowning Upon Facebook Libra

Kevin McCarthy – a Republican US rep and current House Minority Leader – recently claimed that he is fond of Bitcoin, while at the same time having negative attitude towards Facebook Libra.

McCarthy has shared his perspective during a CNBC-hosted interview on July 16. Specifically, the US rep has said: 

“I like Bitcoin. Is it where it needs to be? No, but the real thing I like when it comes to Bitcoin is blockchain, ‘cause I like the security. I want government to actually start using blockchain.”

He further revealed that his primary worry upon tech firms getting into finance, is that it could raise the anti-competitiveness level. McCarthy believed that these corporations specifically aim to form a centralized system, by falsely persuading the clients that such a system is decentralized, in an attempt to minimize the number of player entering the market.

“If you’re already a big, powerful company, that you can pay $10 million, you can enter this and you’re gonna take away all competition. So you can only use Uber, so you can only go to one certain bank, so you can only use Facebook.” McCarthy explained.

McCarthy’s view appeared to be completely different from the declarations, made by senator Pat Toomey, who had faith in Libra’s ability to bring solutions to its surrounding issues, following the project’s introduction.

“I’ve got a gut feeling it probably will. I think there are legitimate concerns that can be addressed. […] I assume that all of the regulations that apply to any financial institution would apply there as well.” Toomey claimed.

However, Toomey still warned regulators may, in the long run, do great harm to the monopoly on currencies the countries are based on. Nevertheless, he added assuringly “who knows, adoption rates could be quite quick if there’s a real, major, breakthrough.”

As The Crypto Sight reported recently, the former congressman of the Republican party and candidate for the US presidency, Ron Paul expressed his positive attitude towards cryptocurrencies and competitiveness with fiat money. 

 

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