Crypto Advocate Says Bitcoin Is ‘Too Big to Fail’ As Treasury Secretary Warns US May Run Out of Cash by September
According to US Treasury Secretary Steven Mnuchin, the country is on track for more financial trouble.
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.
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.
“You can’t change the monetary policy. You can’t change the algorithm that governs the asset unless you have over 51% of people agree to change it. That’s just not going to happen. So I think that what we’re seeing is Bitcoin itself has grown in such a decentralized fashion that it’s just too big to fail at this point.”
— Squawk Box (@SquawkCNBC) July 12, 2019