J.D. Vance, the Vice President of the United States, believes that Bitcoin will become a household asset in America in the near future.
Recent reports show that Americans are preferring Bitcoin over well-established assets like gold, and Vance believes this trend will continue. He highlighted that he is bullish on Bitcoin beyond its price action to its intrinsic value as a revolutionary technology.
To that effect, he noted that Bitcoin and crypto adoption will maintain its mainstream adoption in the United States, entering the balance sheet of many more. According to him, 50 million Americans currently hold Bitcoin, and it will extend to 100 million “before too long.”
Furthermore, Vance mentioned that Bitcoin has banked the unbanked in the US, expanding the reach of financial services to many who would not have had access to them. Notably, many, including crypto enthusiasts, have complained of the unfair requirements and marginalization in the banking system and how blockchain technology has bridged that gap.
The vice president also mentioned crypto’s application in several other aspects of the US economy, including supply chain management and healthcare. Citing these utilities, Vance concluded that an increasing number of Americans will hold Bitcoin soon.
Bitcoin: A Hedge Against Inflation
Interestingly, Vance also mentioned Bitcoin’s crucial use case as a hedge asset. This narrative is gaining momentum in the global market, spurred by BTC’s historical price performance against traditional assets and other currencies.
He called Bitcoin a hedge against inflation and bad government policies, particularly seen in the last four years. Notably, the pioneering cryptocurrency has outperformed most other assets in the past decade, gaining a reputation as a better investment alternative to escape the eroding purchasing power of fiat.
Meanwhile, Vance does not share this sentiment alone; venture capitalist Tim Draper also highlighted this vital quality of Bitcoin. He earlier shared that Bitcoin will be worth an infinite amount against the US dollar in the future.
Notably, Vance also mentioned several other points in his May keynote. He emphasized that Bitcoin is here to stay, as the industry now has a champion in the White House. Furthermore, he insisted that they fired Gary Gensler and would do so to anyone hindering the growth of digital assets in the US.