Trump’s New Budget Director Is a Bitcoin Advocate

Many bitcoiners believe the Trump administration’s anti-regulatory stance may help bitcoin succeed in the U.S. Now the senate has appointed another bitcoin supporter, South Carolina Republican Mick Mulvaney as the president’s new budget director. Mulvaney has shown the public his interest in Bitcoin and blockchain technology for quite some time.

Also read: An Alliance Forms Under China’s New Bitcoin Regulations

Bitcoin Supporter Mick Mulvaney Appointed as Trump’s New Budget Director

Trump's New Budget Director is a Bitcoin AdvocateThe Trump administration seems to be filling up with bureaucrats who are well-known bitcoin advocates. This includes household names like Travis Kalanick, Peter Thiel, and Balaji Srinivasan as a potential FDA director nominee, and now Mick Mulvaney as the director of the U.S. Office of Budget. The senate approved Mulvaney in a tight vote which resulted in a 51-to-49 vote in favor of Mulvaney being appointed as the new budget director.

“With Mick at the head of OMB, my administration is going to make smart choices about America’s budget, bring new accountability to our federal government, and renew the American taxpayer’s trust in how their money is spent,” explained Trump during Mulvaney’s nomination.

Mulvaney’s Relationship With Bitcoin and Blockchain

Trump's New Budget Director is a Bitcoin Advocate
South Carolina Republican Mick Mulvaney is a bitcoin fan.

Mulvaney has participated in government committees concerning virtual currency regulation alongside helping Rep. Jared Polis (D-Colo.) and David Schweikert (R-Ariz.) with the launch of the bipartisan Congressional Blockchain Caucus. Additionally, Mulvaney has solicited bitcoin donations for his campaigns.

According to a speech obtained by the publication, Mother Jones Mulvaney told the John Birch Society that the Federal Reserve had “effectively devalued the dollar” and “choked off economic growth.” Mulvaney also explained to attendees that he was a fan of bitcoin and government manipulation would be nonexistent with cryptocurrency. At the Small Business Committee hearing on Bitcoin Mulvaney stated:     

Just wrapped up a Small Business Committee hearing on Bitcoin. I know it isn’t a mainstream issue yet — and may not become one — but it is extraordinarily interesting and something that could eventually influence the dollar and our monetary policy. In fact, one of the witnesses drew favorable comparisons between Bitcoin and Milton Friedman.

Hope Trump Administration Is Favorable Towards Cryptocurrency

Bitcoin supporters hope the latest appointments made by the Trump administration will be favorable towards the cryptocurrency economy without stifling innovation. Mulvaney definitely takes keen interest in digital currencies and the underlying blockchain technology. When Coin Center revealed the initiation of the Congressional Blockchain Caucus with Representative Jared Polis, the South Carolina Republican had good things to say about this emerging technology.

Blockchain technology has the potential to revolutionize the financial services industry, the U.S. economy and the delivery of government services, and I’m proud to be involved with this initiative on the ground floor.

What do you think about Mick Mulvaney being added to the Trump administration? Do you think it is good for bitcoin? Let us know in the comments below.

Images via Shutterstock, Getty Images, and Pixabay. 

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  • Steve Van Blerk

    Lets hope that all goes well here.

  • Patrick Miller

    Mick Mulvaney was handed an economy on the precipice. It’s very likely the U.S. will never see another budget “surplus” again. It’s good to have deficit hawks, but it probably doesn’t mean much for Bitcoin. At least this time around, people around the world can rotate into Bitcoin instead of U.S. dollars to escape their own failing governments. It’s good to have people in government that embrace fintech, rather than fear it.

  • Harry Cushing

    Whats the difference between the .gov and the mafia ? One of them’s organized !

  • sukramko

    Most likely the whole senate secretly hates Federal Reserve System. But none of them have better solution to dismantle the bittersweet. These would take China, Japan, US and Russia to agree to new terms on how to drain the power of the US reserve system. China has already started their own IMF for Asia and the program is well supported among asian countries. It is a good start but not a solution. It be interesting to see where/when the decentralized system can be used to undermine the IMF system.