Crypto Advocate Says Bitcoin Is ‘Too Big to Fail’ As Treasury Secretary Warns US May Run Out of Cash by September

Mnuchin warned House Speaker Nancy Pelosi that the clock is ticking and that the government may run out of cash to pay its bills in early September if Congress doesn’t take action and lift the debt ceiling.

In a letter to Pelosi on Friday, the Treasury Secretary writes,

“Based on updated projections, there is a scenario in which we run out of cash in early September, before Congress reconvenes. As such, I request that Congress increase the debt ceiling before Congress leaves for summer recess.”

According to the congressional calendar, the House is set to break in two weeks with the Senate following one week later.

Bitcoin

Meanwhile, in an appearance on CNBC’s Squawk Box, Morgan Creek Digital CEO Anthony “Pomp” Pompliano tells host Joe Kernen that Bitcoin is too big to fail.

Responding to a tweet by Tyler Winklevoss stating that he and other crypto investors have elected to put money and faith in “a mathematical framework that is free of politics and human error,” Pomp highlights Bitcoin’s decentralized nature and censorship-resistant features – and why governments can’t take it down.