Bitcoin News Today – Headlines for July 7

  • Bitcoin is becoming a national security concern
  • Meltem Demirors and Andy Bromberg talks about the future evolution of Bitcoin
  • Bitcoin will play a key role in the fight for tech dominance

Bitcoin News Today – Andy Bromberg and Meltem Demirors recently talked about how geopolitics is entering the Bitcoin space and the future evolution of the digital currency at a Unitize panel. Just after ten years of emerging in the digital space, the digital currency has developed from a small cypherpunk community to a matter of national security with immense implications for geopolitics.

Bitcoin Is Growing Into a National Security Concern and Resistance Money

The Unitize panel was titled “From Bitcoin to Fedcoin: The Next Decade of Digital Money.” At the panel, the president of CoinList (which is also the moderator) – Andy Bromberg – and the CSO of CoinShares – Meltem Demirors – spent very little time talking about Fedcoin and central bank currencies.

Rather, they spent more time talking about the consequences of a changing geopolitical space, where the benchmark digital currency is set to play a key role in the impending war for tech dominance. At the same time, the digital currency will act as the key to digitally “exit” from the control of the government.

Bitcoin (BTC) Price Today – BTC / USD

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bitcoin
Bitcoin(BTC)
$11,810.71
0.551%

The CSO of CoinShares said that a philosophical change in the dynamics of global power started happening in recent years. She referred to it as an emerging narrative that pays more attention to the importance of “computing and connectivity in the context of cybersecurity and national defense.” Demirors also pointed to some landmarks of this phenomenon, such as how Huawei was charged for purportedly endangering the national security of the US or Amazon Web Services becoming the largest defense contractor.

Bitcoin Mining Set to Increase in the United States

Semiconductor firms such as TSMC and Intel have started efforts to “onshore” production back in the US or their respective countries. The Bitcoin mining space might experience the same moves:

“So I think five years from now, it would be very likely that 40% of Bitcoin mining, if not more, is on onshore in the United States. It’s very likely that governments will view big cryptocurrency networks as part of a national security strategy.”

Demirors also believes that government-issued cryptos and stablecoins are in a completely different class from Bitcoin (BTC). She said:

“I think right now what you’re seeing is people are co-opting the idea and trying to implement it in different ways. Central bank digital currencies have absolutely nothing to do with Bitcoin. They’re antithetical.”

However, they (Demirors and Bromberg) said that central bank digital currencies could be an improvement over the current fiat structure. Demirors said:

“I think that different needs require different tools. At the end of the day, Bitcoin and all of these other cryptocurrencies, digital fiat, and these other projects, they’re just tools that we’re trying to use to solve our problems.”

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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