The “virtual currency” Bitcoin could be “the most powerful tool” that “has ever existed” for a “global revolution,” according to former U.S. Treasury Secretary Steven Mnuchin.
Speaking at the CoinDesk Technology Conference, Mnuchin said Bitcoin has been “fantastic” for its anonymity, volatility and speed of transactions.
But he noted that its price volatility and the fact that its value has fallen as a result of governments banning its use has led to concerns.
“We need a new digital currency that can replace these assets,” Mnuchin, now a private equity investor, said.
“It will be an absolute game changer.”
Mnuchin made his comments in response to a question about whether the digital currency could “create an asset bubble,” as Bitcoin has, prompting questions about whether Bitcoin could actually be a bubble.
Mnucci said that he believes Bitcoin could become a “great new currency” that could be used to finance a number of different things.
“It is a new way of conducting money that has never been done before,” he said.
Mmagnifying the potential for virtual currencies is the fact the digital ones have a limited supply.
The U.K.’s Royal Mint currently holds over one million Bitcoins.
“So, we are very excited about this,” Mnucci said.
He continued, “The next step for Bitcoin is to become a commodity, so it can be used in things like goods, which will be great because it will be easier to buy and sell.”
Minnucci also spoke about the need for a new virtual currency for businesses.
“As I said in my speech yesterday, I think this will be the biggest opportunity of all time,” he added.
“We need the new digital currencies that are available, like Bitcoin, to make it easier for companies to get around the regulatory issues that are involved in the virtual currency.”
Bitcoin has a value of around $600.
Millionaire investor Steven Mnichin, now head of the Trump campaign’s finance team, said at CoinDesk’s TechCrunch Disrupt conference in April that “airdrops” could be key for Bitcoin.
“Bitcoin is a currency, and it’s a currency that you can buy and you can sell,” Mnichinsaid.
“But the other thing about Bitcoin is that you don’t need a bank to make a Bitcoin.
You can make a bitcoin by yourself.”
The cryptocurrency is also a “safe haven” that is “free” from the government’s control.
Mkimberly Martin, the chief executive of virtual currency exchange Bitstamp, said in a blog post in June that the government is “failing” the Bitcoin community, which he believes is “not being given enough credit.”
“If Bitcoin is going to have a future, it’s going to need a lot more support than the government has given it,” Martin wrote.
“For the foreseeable future, Bitcoin will be more like gold, and the government will be less and less willing to spend money on Bitcoin,” she added.
Minuchin also said that a virtual currency could help to address the “fraud” that has occurred with Bitcoin in recent years.
“A lot of people believe in Bitcoin, but if it becomes a bubble, it could be like gold,” Mnachinsaid, who is also the CEO of a digital currency exchange called BitPay.
“And that could cause a lot of bad things.”
Mmachinsubstantiated by data from a recent survey from CoinDesk, Mnichincues belief that Bitcoin will become a popular, and more efficient way of exchanging goods and services, including digital goods.
“The Bitcoin community is so much more than a money,” Mnumenuthe sentiment.
“The Bitcoin crowd is a community of people, a community that believes in the idea of Bitcoin.”
Mtnuchin, who retired from Treasury in April, said he expects Bitcoin to grow in popularity in the coming years, but that there are “some challenges” for the currency.
“I don’t think we can predict how quickly it will increase in popularity,” he continued.
“I think Bitcoin is more like a currency than a commodity.”
Mmnuchin was one of the first members of President Donald Trump’s economic advisory council to give a speech about Bitcoin at CoinScape’s TechCulture event in Las Vegas last month.