Bitcoin In The Crosshairs: US Treasury Secretary Reveals What Senate Democrats Could Learn From BTC
17 years after the Bitcoin (BTC) whitepaper was launched, the world’s first decentralized forex continues to dominate international headlines. On the anniversary of its whitepaper publication, US Treasury Secretary Scott Bessent used the event to spotlight Bitcoin’s consistency and prosperity, suggesting that Senate Democrats might study one thing from its reliability and historical past. His remarks linked BTC’s almost uninterrupted file of community exercise to the challenges seemingly confronted by the Democrats.
What Senate Democrats Could Learn From Bitcoin
In an X social media put up on October 31, Bessent criticized Senate Democrats, suggesting that Bitcoin’s means to stay useful by way of global crises and economic changes over the previous 16 years exhibits a degree of resilience that they might study from. As a US republican, his feedback got here as the 2 main political events proceed to conflict over federal funds points, which have resulted within the ongoing government shutdown.
Notably, October 31 additionally marks the anniversary of the publication of Bitcoin’s whitepaper. The whitepaper, authored by Satoshi Nakamoto, the creator of BTC, described a totally digital financial system designed to run with out central authorities or intermediaries. When the primary Bitcoin block was mined in 2009, it formally launched the community, introducing a framework that has now grow to be globally acknowledged, extending its attain throughout a number of sectors and nations.
Bitcoin’s adoption since its launch has been nothing in need of outstanding, with distinguished business leaders calling it a “store of value” and “digital gold.” Even Bessent has been a vocal advocate of the fast development of the digital asset sector and the expansion of BTC. In July, after US President Donald Trump signed the GENIUS Act, Bessent stated that stablecoins may very well be the important thing to propping up the US greenback.
A month later, he stated on X that Bitcoin forfeited to the Federal Government can be the inspiration of a Strategic Bitcoin Reserve established by the President’s March Executive Order. He additionally acknowledged that the US Treasury has since dedicated to figuring out budget-neutral methods to accumulate extra Bitcoin to develop the reserve and strengthen the nation’s place within the digital asset financial system.
BTC Records 99.9% Uptime Since Launch
Recent information have underscored Bitcoin’s community efficiency over the previous 16 years. Crypto Developer Abhinav reported that the blockchain has achieved a 99.9% uptime since its launch in 2009, with solely two temporary outages recorded over the previous 16 years.
Related Reading: Here’s What Happened The Last Time The Bitcoin Price Closed October In The Red
Supporters have additionally highlighted this outstanding technical efficiency as proof of BTC’s reliability and its position because the cornerstone of decentralized expertise. Additionally, on-chain information exhibits that Bitcoin’s network hash rate, a measure of computational energy, just lately reached an all-time high of round 1.204 ZH/s.
Its present degree of 1.202 ZH/s marks a 12.3% improve from the day past and a 79% rise in contrast with one yr in the past. Over its 16-year historical past, BTC has additionally undergone 4 halving occasions, attaining a market worth exceeding $2.1 trillion. On its anniversary, it traded above $110,000, after beforehand reaching an ATH of over $126,000 in October.
