Why do we not use cryptocurrency as the new gold standard?
— Rep. Madison Cawthorn (@RepCawthorn) September 30, 2021
The North Carolina Republican fielded the question of why America does not use cryptocurrency as the new gold standard and almost immediately received the brunt of some disgruntled Twitter users.
Can you tell us which class at Patrick Henry College you learned about the gold standard and your reasons for having it and replacing it? In particular, since we have not used the gold standard in 50 years, why do you bring it up?
— Bret (@whyamidoingtwtr) September 30, 2021
The gold standard was abandoned by President Nixon in 1971.
On Wednesday, Josh Mandel – one of the top republican candidates for the state of Ohio – said that America must “double down” on Bitcoin. Blake Masters, a fellow republican candidate in the state of Arizona, suggested adding Bitcoin to the strategic reserves of the country.
It’s been a busy period for congress representatives on Twitter, with Rosie Rios getting dragged into debates this week for her alleged bias towards Ripple and saying crypto had found its value in speculation”.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.