'Bitcoin Could Alter the World,' Says Former US Senator

Former New Hampshire governor and three-term senator Judd Gregg has said he believes bitcoin could alter how the world views currency.

In an opinion piece published by The Hill yesterday, Gregg outlined why he thinks people believe in bitcoin, how bitcoin could be used and what it could mean for the global economy.

Briefly comparing bitcoin to gold, Gregg noted that the latter has value because it is rare and widely accepted by banks, while the former is supported primarily by the belief of its holders. The key difference is that bitcoin is not held by central banks at this time, he wrote.

Since bitcoin is not controlled by any nation, government or central bank, Gregg said, "it sounds so good that one is tempted to say, 'Throw in some pixie dust and it is off to never-never land.'"

He continued:

"However, that would be too traditional a view. Bitcoin could indeed alter the entire world of commercial transactions.”

Should people have sufficient belief that bitcoin or subsequent cryptocurrencies have real value, then it could usher in "a new era," he said, one that would have a "staggering" potential as a world currency.

However, Gregg also noted the importance of the dollar in the world economy today, saying it was "difficult to project a time when the dollar will not stand as a core element of world commerce."

The ex-senator's comments come at a time when U.S. politicians are awakening to the technological and fiscal possibilities of cryptocurrencies and blockchain technology.

In June 2017, Nevada Senator Ben Kieckhefer sponsored a new law paving the way for the state's broad bid to attract new blockchain startups. The bill prohibits the taxation of blockchain technology in Nevada, while at the same time recognizing the legality of blockchain signatures.

And in March last year, a legislative proposal submitted to Maine's Senate, and sponsored by sponsored by the state's senator, Eric Brakey, was aimed to create a commission dedicated to studying the use of blockchain alongside paper ballots in elections.

Image via Dartmouth YouTube