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'Crypto Should Not Be Politicized, It Is A Technology,' Says MoonPay President Keith Grossman

BY Benzinga | ECONOMIC | 07/31/24 02:10 PM EDT

MoonPay President Keith Grossman expressed concern over the U.S. Government's potential sale of Bitcoin (CRYPTO: BTC), as the national debt hits a record $35 trillion.

What Happened: Grossman voiced his criticism by referencing a quote by Albert Einstein, saying, "Insanity is doing the same thing over and over and expecting different results." He questioned the government's decision to potentially sell up to $2 billion of Bitcoin, which he referred to as "the best-performing asset of the past 20 years".

Grossman's reaction is in response to a proposal put forth by Donald Trump and Senator Cynthia M. Lummis (R-Wyo.), advocating for a strategic bitcoin reserve. The proposal has received bipartisan support, but Grossman argues that the government's potential sale of Bitcoin is a misguided attempt to address the rising national debt.

<figure class="wp-block-image size-full">Benzinga Future of Digital Assets conference</figure>

Also Read: Strategic Bitcoin Reserve Could Be Paid For By Federal Reserve Earnings And Reevaluating Gold, Proposes Senator Lummis

Why It Matters: The U.S. national debt has reached an all-time high of $35 trillion, prompting discussions about financial strategies to mitigate the crisis. The potential sale of Bitcoin, a highly valuable asset, is one such strategy being considered by government officials.

However, Grossman warns that this could be a short-sighted move, potentially jeopardizing the country’s financial future. He also emphasizes that cryptocurrency should not be politicized, but rather, properly regulated.

Grossman also highlighted that prediction market Polymarket exclusively partnered with MoonPay.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

  • Bitcoin As A Strategic Reserve Asset For The US? Expert Details How Trump Could Make It Happen

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image: Shutterstock

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