June 19, 2024

Bitcoin will never be part of the investment portfolio of US Treasury Secretary Stephen Mnuchin

Bitcoin will never be part of the investment portfolio of US Treasury Secretary Stephen Mnuchin

The former head of a hedge fund expressed distrust of cryptocurrency in a new interview with CNBC, in which he assuredviewers that in 10 years will not even remember about Bitcoin.

He also said that he personally would never buy Bitcoin.

Mnuchin – not a Bitcoin fan

The video appeared more than a week afterafter Mnuchin called Bitcoin a national security threat during a White House briefing. He later warned that the federal government would seek strict enforcement of financial rules and regulations, arguing that criminals were using cryptocurrency to conduct billions of dollars in illicit transactions.

We will make sure Bitcoin doesn't becomethe equivalent of bank accounts with a Swiss number, which could cause damage to the financial system, – Mnuchin said, “There are billions of dollars of transactions in Bitcoin and other cryptocurrencies.

Meanwhile, when he was asked if he wouldignore the US dollar, a sovereign asset, a global tool for criminal purposes – the same excuse he uses for rejecting crypto – Mnuchin said that's not certain.

To protect the US financial system, we struggle daily with bad participants using US dollars.