OPINION:
In “Will America or China be No. 1 in cryptocurrency?” (Web, Nov. 4), Jared Whitley puts forth the argument that the “right kind of leadership from Washington on cryptocurrency” can help ensure that China “doesn’t supplant America as the No. 1 economy in the world.”
En route to this summation, Mr. Whitley writes that “virtually everyone in the world agrees that it would be better for the United States to remain the the No. 1” power. There may be 900 million or so people in China who disagree, but I digress. Cryptocurrencies and paper money should be considered identical insofar as world governments are concerned. Both are placeholders for value. Both are placeholders for wealth and/or debt. Both are used in lieu of physical treasure (i.e., gold, silver). Both are used in commerce. Both are “worth” more as a symbol than their physical properties would appreciate. Both can disappear in an instant (for example, fire for paper money and hacking/power surge for cryptocurrency).
Nation-state control and backing for all types of currency require commitment and funding by those same entities. Cryptocurrency can be created and deleted with a click on a keyboard, no commitment required by the entity that creates or deletes it.
Control of cryptocurrency should not be the held by the private sector but instead under the purview of accountable governments.
JAMES KOUT
Bowie, Md.
Please read our comment policy before commenting.