Despite some ups and downs, bitcoin has shown a refusal give up. It has earned backing by some of the largest corporations in the world, and its popularity seems to grow with time.
The U.S. government has shown both interest and intimidation when it comes to the digital currency. It has seized it, sold it and taxed it, and now an economics professor at Georgetown University, James Angel, is suggesting that the government side with it. In other words, they should create what he’s calling the “bitdollar,” a digital currency similar to bitcoin that’s also backed by the U.S. dollar.
“A ‘bitdollar’ would help bring the idea of an open payment network to ‘maturity’ … I think Janet Yellen (new head of The Federal Reserve) ought to get out in front of this, to put some competition into the payment space.”
Much like bitcoin, bitdollars would use technology similar to the blockchain, and all transactions would be recorded online, but the main difference is that users would not just be paid in minted bitdollars, but would also receive a small cut of every transaction on the network.
Furthermore, Angel also believes that bitdollars would have a huge edge when trying to gather everyday users:
“The main benefit is that you’ve got the network advantage of the US dollar. You basically would provide instant legitimacy.”
We’ve all heard the old phrase, “If you can’t beat them, join them.” Perhaps, when ready, bitcoin and government will finally (and fully) join hands to create a solid, financial future for all.