Mnuchin Shades Bitcoin, Pinky-Swears He’s Not Loading Up
Bitcoin will never, ever become a part of US Treasury Secretary Steven Mnuchin’s investment portfolio.
The former hedge fund manager expressed his distrust of the cryptocurrency in a new interview clip released by CNBC, in which he assures the network that he won’t be talking about bitcoin six years from now.
He also pinky-sweared that he will “not be personally loaded up on bitcoin” – ever.
“I would have other priorities […] I will not be personally loaded up on bitcoin,” Mnuchin told CNBC host Joe Kernen.
— Squawk Box (@SquawkCNBC) July 24, 2019
Mnuchin’s Not a Fan of Bitcoin
The clip appeared more than a week after Secretary Mnuchin called bitcoin a national security threat during a White House press briefing. He later warned crypto investors that the federal government would pursue “very, very strong” enforcement of financial regulations, alleging that criminals use it to facilitate billions of dollars’ worth of illegal transactions.
“We’re going to make sure that bitcoin doesn’t become the equivalent of Swiss-numbered bank accounts, which were a risk to the financial system,” Mnuchin said . “There are billions of dollars of transactions going on in bitcoin and other cryptocurrencies for illicit purposes.”
Meanwhile, on being asked whether he would disregard the US dollar, a sovereign asset used for all kinds of criminal purposes across the world – the same justification he uses for dismissing crypto – Mnuchin said the comparison is inaccurate.
“I don’t think that’s accurate at all, that cash is laundered all the time,” Mnuchin replied. “We combat bad actors in the US dollar every day to protect the US financial system.”
Goldman Sachs, last 20yrs:
– $9.6 billion in fines
– 28 offences
– Mortgage abuses
– Securities abuses
– Trading violations
– Investor violations
– Accounting fraud
– Banking violations
Steven Mnuchin’s place of work for almost two decades, but yeah, bitcoin is for criminals..
— Rhythm (@Rhythmtrader) July 24, 2019