In today’s edition of Bitcoin in Brief we cover an American anti- politician who is financially backed by a legacy payments firm, a positive change of leadership at Goldman Sachs, Grayscale’s performance during first half of 2018 and much more.
He Who Pays the Piper Calls the Tune
Whenever you hear politicians talk about something and it sounds like they don’t have a clue about it, it’s important to remember that they may have a vested interest in misunderstanding it that way. An example of this came as US Representative Brad Sherman (Democrat-California) blasted cryptocurrencies at a House Financial Services Committee hearing entitled “The Future of Money: Digital Currency” on Wednesday.
“We should prohibit U.S. persons from buying or mining cryptocurrencies,” Rep. Sherman proclaimed. “Mining alone uses electricity which takes away from other needs and-or adds to the carbon footprint. As a store, as a medium of exchange, cryptocurrency accomplishes nothing except facilitating narcotics trafficking, terrorism, and tax evasion.”
And indeed members of the crypto community where quick to point out on social media and forums that, according to Opensecrets.org, his top financial contributor for 2017-2018 is Allied Wallet. This company is an online payments processor offering credit card, ACH and other legacy services that stand to lose out once wider cryptocurrency adoption makes them redundant.
DJ D-Sol Takes the Helm at Goldman
The Goldman Sachs Group, Inc. (NYSE: GS) has announced that Lloyd C. Blankfein will retire as Chairman and CEO on September 30, 2018, and that the Board of Directors has appointed David M. Solomon to succeed him in both roles. The move caught the interest of cryptocurrency investors as, while Blankfein was more hesitant, Solomon