Steve Mnuchin, the former US Treasury Secretary, has recently shared his belief that the decision to invest or store value in Bitcoin is a personal choice. However, accepting of the use of Bitcoin, the asset must be regulated by regulatory oversight to prevent its utilization for illegal activities.
Steve Mnuchin Says Investing in Bitcoin Is Alright
Comparing Bitcoin to gold on Squawk Box, Mnuchin said that it is completely fine to use Bitcoin as a substitute for gold:
“If people want to buy bitcoin as a substitute, no different than buying gold or some other asset, it’s fine. I don’t personally want to have it in my portfolio but if people want to that’s perfectly fine”.
In addition to this, it should be noted that Mnuchin does not have any intentions to use Bitcoin as a personal investment option, but he believes in the technology behind Bitcoin, Blockchain as being specifically useful in Fintech and Finance.
With that revealed, Mnuchin also desires to witness bitcoin put under full regulations and BSA compliance. He added:
“The reason we did that is that we wanted to make sure that this was becoming in the regulated world”.
Concerns Surrounding the Illegal use of Bitcoin
Along with this, he mentioned the fact that Bitcoin has not changed much over time. Also, in the year 2019, he made sure that Bitcoin would be guarded with really strong regulations in order to prevent the network from being recognized as something that offers the clients additional secrecy.
Well, it has already been revealed through Blockchain intelligence that the transactions done through Bitcoin have been used for illegal activities. However, if the numerics has to be seen, they were as low as 0.34% in the year 2020.