Ted Cruz: Senators What Bitcoin Is

Ted Cruz Money Quote saying Congress members don’t understand Bitcoin enough to regulate it – but are trying anyway. Ted Cruz said:
 

 

“I doubt there are 5 members of the United States Senate who know what the hell bitcoin is. This is the truth about crypto, Bitcoin, and Congress. But Congress is trying to regulate it anyway” — Ted Cruz

This is the truth about #crypto, #Bitcoin, and Congress.

But Congress is trying to regulate it anyway. pic.twitter.com/Yxj5tXr4pE

— Senator Ted Cruz (@SenTedCruz) November 18, 2021

 
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Cruz likely thinks this is a problem because regulations made by people who do not comprehend Bitcoin could have unintended consequences and negatively impact the technology. By regulating something they do not fully grasp, Congress risks passing laws that may not make sense for Bitcoin or could stifle its innovation and growth.

Basil Seggos: Cryptocurrency Gas

Basil Seggos Money Quote saying as New York State Environmental Commissioner that decommissioned power plants converting to power crypto-mining operations is fueling greenhouse gas emissions. Basil Seggos said:
 

 

“New York state is leading on climate change, and we have some major concerns about the role cryptocurrency mining may play in generating additional greenhouse gas emissions” — Basil Seggos

Cryptocurrency mining requires a large amount of energy to power the specialized computers that process transactions and add new blocks to the blockchain. This energy is often provided by power plants that burn fossil fuels like coal and natural gas. The combustion of these fuels releases greenhouse gases like carbon dioxide into the atmosphere, contributing to climate change.

Some cryptocurrency mining operations also use power sources like diesel generators that directly emit greenhouse gases. As more computing power is required for mining, it leads to greater energy usage and associated emissions from fossil fuel power sources.

Eric Adams: Paychecks in Bitcoin

Eric Adams Money Quote saying as Mayor elect of NYC that he’d make Fintech and Bitcoin important parts of financial markets in New York. Eric Adams said:
 

 

“In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!” — Eric Adams

In this quote, Eric Adams seems to be enthusiastically expressing his vision for New York City becoming a leader in the cryptocurrency and other emerging innovative industries during his mayoral administration. Specifically:

• Adams states that as mayor, he plans to take his first “THREE paychecks” in Bitcoin, suggesting he wants to personally demonstrate confidence in cryptocurrency.
• He implies that by embracing Bitcoin, the largest city in the U.S. can set an example for other major global hubs to increasingly adopt digital assets.
• Adams directly says his goal is for NYC to become “the center of the cryptocurrency industry”, hoping to attract related businesses, jobs and economic activity.
• He also wants to cultivate other fast-growing sectors like technology and suggests the city will thrive under his leadership, telling observers to “just wait!” and see the results.

The best interpretation is that Adams aims to establish New York as a global leader and epicenter for cryptocurrencies as well as innovative industries through both symbolic gestures and policies that create an attractive environment for these emerging fields according to his ambitious vision for the city expressed in this quote.

In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!

— Eric Adams (@ericadamsfornyc) November 4, 2021

Gary Gensler: Private Forms Money

Securities and Exchange Commission Chairman Gary Gensler Money Quote saying that stablecoins and cryptocurrency are private forms of money and may lack long-term viability. Gary Gensler said:
 

 

“Public money has a certain place around the globe, Private monies usually don’t last long, so I don’t think there’s a long-term viability for 5 or 6,000 private forms of money. History tells us otherwise” — Gary Gensler

In this quote, Gary Gensler seems to be expressing skepticism about the long-term viability of a large number of competing private forms of currency or digital money existing simultaneously in the global economy. Specifically:

• Gensler notes that while “public money” or government-backed currencies have endured and circulated widely over long periods, “private monies usually don’t last long.”
• He implies that having 5,000-6,000 different privately issued cryptocurrencies, stablecoins or other digital assets is not realistically sustainable, as history shows most alternative currencies fade while a few standards emerge.
• Gensler argues that the proliferation of private monies on such a massive scale is unlikely to prove durable according to his reading of financial history where typically only a small number of monies survive in circulation over decades or centuries.

The best interpretation is that Gensler believes the current explosion of privately created cryptocurrencies vastly exceeds what can realistically coexist in global commerce long-term. From his perspective, market forces will eventually consolidate standards to a much smaller set of dominant private monies that achieve lasting viability, as has occurred with public currencies throughout history.

Jerome Powell: Regulate Crypto

Jerome Powell Money Quote saying cryptocurrency is similar to money market funds and should be regulated the same. Jerome Powell said:
 

 

“Stablecoins are like money market funds, they’re like bank deposits. But they’re to some extent outside the regulatory perimeter, and it’s appropriate that they be regulated” — Jerome Powell

In this quote, Jerome Powell seems to be expressing the view that stablecoins, a type of cryptocurrency designed to maintain price stability relative to assets like the U.S. dollar, effectively function similarly to traditional financial products but currently face less regulatory oversight. Specifically:

• Powell notes that stablecoins operate very much like money market funds or bank deposits by aiming to preserve value, yet they exist “outside the regulatory perimeter” to some degree.
• He appears to believe stablecoins effectively serve as cash-like assets for many users in how they are utilized, despite escaping certain regulations that govern comparable traditional financial instruments.
• Powell states it is therefore “appropriate” that stablecoins now experience increased “regulation” to bring them in line with the rules and safeguards applied to analogous mainstream monetary products and services.

The best interpretation is that Powell believes stablecoins have essentially become a substitute for cash and cash equivalents in practice, and to ensure fairness, financial stability and consumer protection, their regulatory treatment should be strengthened to be commensurate with the economic role they now play according to his perspective on the need to modernize oversight for evolving digital asset classes functioning like traditional monetary vehicles.

Here’s the money quote 💸#FederalReserve Chair #JeromePowell very clear that he has no intention to BAN #cryptocurrencies but they will regulate 👇#bitcoin #dogecoin #Ethereum #crypto pic.twitter.com/OAzJbh1pjk

— Susan Li (@SusanLiTV) September 30, 2021

Jack Dorsey: Bitcoin Changes All

Jack Dorsey Money Quote saying bitcoin is of paramount importance – even worth it means dropping everything else to work on it. Jack Dorsey said:
 

 

“Bitcoin changes absolutely everything, I don’t think there is anything more important in my lifetime to work on. If I were not at Square or Twitter, I would be working on bitcoin. If [bitcoin] needed more help than Square or Twitter, I would leave them for bitcoin. But, I believe both companies have a role to play” — Jack Dorsey

Jack Dorsey is quoted as saying that Bitcoin changes “absolutely everything” and that it is the most important thing for him to work on in his lifetime. He believes in Bitcoin so strongly that he would be willing to leave his companies Square and Twitter to focus solely on Bitcoin if it needed more help.

Dorsey sees Bitcoin as having a revolutionary impact and playing a key role in the future, which is why he views it as being of paramount importance compared to other issues or technologies.

Olawale Daniel: Bitcoin Commodity

Olawale Daniel Money Quote saying cryptocurrency and the technology supporting it are distinct commodities, not portions of one another. Olawale Daniel said:
 

 

“You might think of bitcoin and blockchain as two halves of a whole, but in reality, they are very distinct commodities” — Olawale Daniel

In this quote, Olawale Daniel seems to be distinguishing between bitcoin and blockchain technology. By stating that while they are “two halves of a whole”, they are also “very distinct commodities”, Daniel implies that bitcoin and blockchain are related but not synonymous. Bitcoin is a cryptocurrency that utilizes blockchain, but blockchain has applications beyond just bitcoin.

The quote conveys Daniel’s perspective that while bitcoin helped drive mainstream awareness of blockchain, the technology itself has uses that extend far beyond any single cryptocurrency. Overall, Daniel appears to be arguing that blockchain should be considered independently from bitcoin, as its distributed ledger capabilities have potential applications across industries, not just as the protocol underpinning one digital currency.

Bill Ackman: Shutdown Capitalism

Bill Ackman Money Quote saying short term shutdown is financially feasible, while long term shutdowns threaten capitalism. Bill Ackman said:
 

 

“Capitalism does not work in an 18-month shutdown; capitalism can work in a 30-day shutdown” — Bill Ackman

In this quote, Bill Ackman seems to be arguing that while short-term shutdowns can be overcome through capitalist economic systems, very long-term shutdowns risk seriously damaging those systems.

By stating that “Capitalism does not work in an 18-month shutdown” but “can work in a 30-day shutdown”, Ackman implies that shutdowns of around a month can be weathered through capitalist principles of private enterprise and market forces, with support from temporary relief policies. However, shutdowns stretching over a year and a half risk being too prolonged for capitalism to properly function and recover from.

The quote conveys Ackman’s perspective that capitalism, with its emphasis on free exchange and profit motive, relies on a baseline level of regular economic activity among businesses, consumers and investors. Shutdowns of just a few weeks disrupt but do not destroy this, but shutdowns approaching two years potentially undermine the very foundations of how capitalism is structured to operate by halting activity for too lengthy a period.

Overall, Ackman appears to be arguing that while short-term disruptions can be overcome within a capitalist system, extraordinarily protracted shutdowns risk seriously damaging capitalism’s ability to self-correct and regain stability due to the unprecedented scale and duration of shutdown.