U.South. Representatives Patrick McHenry (R-NC) and Warren Davidson (R-OH), accept encouraged Bitcoin (BTC)-powered innovation on the Bitcoin white paper's 11th birthday.

U.S. policymakers should not effort to deter Bitcoin's tech

U.South. congressman McHenry, who represents Due north Carolina's 10th Commune, urged that American authorities should not stifle the new engineering science in a tweet on Oct. 31.

According to the official, policymakers should facilitate the development of new technologies. McHenry reiterated his previous bullish sentiments about Bitcoin, stating:

"The world that Satoshi Nakamoto envisioned, and others are building, is an unstoppable force. As policymakers, we should not attempt to deter this engineering science, just instead enquire ourselves: what are we doing to meet the challenges & opportunities of this new globe of innovation?"

Bitcoin has large potential in protecting privacy

Rep. Davidson outlined Bitcoin'southward potential to protect online privacy, retweeting Cointelegraph'due south article on Bitcoin'south whitepaper turning 11 years quondam. The congressman stated:

"Eleven years ago, this anonymous white paper opened up space possibilities for technological innovation and #privacy protections. It's time the US harnesses this potential and establishes a framework for American #blockchain innovators."

Earlier in October, Davidson suggested that Facebook calculation Bitcoin to its native crypto wallet Calibra would be a "way amend thought" than launching their own cryptocurrency Libra.

Unprecedented growth

In a blog post on Oct. 31, major U.S. crypto exchange and wallet service Coinbase pointed out that Bitcoin's adoption has been developing much faster than other transformative technologies such as electronic mail and television. The exchange wrote:

"The tv gear up was invented in 1927 only by the finish of the 1940s but two% of American families owned one. Bitcoin, on the other mitt, went from an idea in 2008, and a first transaction in 2009, to over 27 1000000 users in the US alone in 2019, or nine% of Americans."

According to a survey last leap, as much every bit eleven% of the American population owned Bitcoin as of Apr 2019.