U.S. Treasury Secretary Mnuchin has taken his ‘no coiner’ status to a new level by saying he won’t be loading up on bitcoin for the next 10 years.
Mnuchin Says He Won’t Be Talking About Bitcoin in 10 Years
Speaking to CNBC on Wednesday (July 24, 2019), Secretary Mnuchin waved off suggestions that he would be a bitcoin “gazillionaire” in the next years. The U.S. Treasury Secretary retorting:
I won’t be talking about bitcoin in 10 years, I can assure you that. I would bet even in five or six years [that] I won’t be talking about bitcoin as Treasury Secretary, I’ll have other priorities. I can assure you I’ll personally not be loaded up on bitcoin.
— Squawk Box (@SquawkCNBC) July 24, 2019
Wednesday’s remarks from the ex-Goldman Sachs investment banker shouldn’t strike the average ‘crypto Joe’ as surprising. Over the past decade, bitcoin has gone against the stark predictions issued by the Wall Street establishment.
It is 2019 and the bitcoin conversation is even more saturated than ever. Meanwhile, many of the major institutional adoption cases are yet to take off fully.
If Mnuchin isn’t talking about BTC in 10 years, well that might be one fewer person spewing unsolicited FUD about the market.
Also, while the Treasury Secretary busies himself with “other priorities,” over the next decade, the expected generational wealth shift could see trillions of dollars flow into bitcoin.
BTC Bad, USD Good
Wednesday’s comments also cast a brighter light on the extent of Mnuchin’s bitcoin aversion if he is indeed being honest. Over the past few weeks, the U.S. Treasury secretary has had nothing complimentary to say about BTC or cryptos in general.
Secretary Mnuchin has even gone as far as to liken bitcoin with Swiss-numbered accounts. One wonders how money launderers got by before Satoshi Nakamoto created BTC.
The likes of Wells Fargo and the Commonwealth Bank of Australia (CBA) have helped launder billions of dollars via fiat.
It isn’t much of a stretch to imagine a person definitively saying on live TV as that fiat has never been used for illicit purposes declaring that he wouldn’t adopt a game-changer like BTC.
Finally, it hardly matters if Mnuchin isn’t loaded up on bitcoin in the next 10 years. By that time, it may even be possible to “buy bitcoin.”