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MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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US Lawmaker Warns Treasury Secretary and Fed Chair Not to Ignore Bitcoin or America Will Fall Behind

US Lawmaker Warns Treasury Secretary and Fed Chair Not to Ignore Bitcoin or America Will Fall Behind

Congressman Kevin McCarthy has urged Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell not to ignore bitcoin like they have been trying to do. He believes it is the future, emphasizing, “I do not want America to fall behind” other countries.

Government and the Fed Should Not Ignore Bitcoin

GOP leader Kevin McCarthy talked about bitcoin in an interview with CNBC last week. Congressman McCarthy serves California’s 23rd district and is currently the Republican leader in the U.S. House of Representatives.

He was asked specifically if he thinks that Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell have a good understanding of digital currencies or bitcoin given their recent comments and what advice he has for them.

A longtime proponent of bitcoin, McCarthy said in July 2019, “I like bitcoin” and the security of the blockchain technology behind it. Reiterating his view on bitcoin back in 2019, the congressman replied, “I was right then and I’m right now,” elaborating:

I think they tried to ignore it to make it go away. I think Jamie Dimon will tell you that from the beginning he was wrong. This is moving toward the future. They should not ignore it.

JPMorgan CEO Jamie Dimon called bitcoin a “fraud” that is “worse than tulip bulbs” in 2017. His bank has come a long way since then. Today, JPMorgan says it sees massive institutional demand for bitcoin and has launched a crypto investment product tracking public companies with bitcoin exposure.

Federal Reserve Chair Powell and Treasury Secretary have not warmed up to bitcoin. Powell said last week that cryptocurrencies are “vehicles for speculation.” He claimed that “They’re not really being actively used as payment,” despite a growing list of companies accepting them for payment, including Elon Musk’s Tesla. Treasury Secretary Yellen shares a similar sentiment. She called bitcoin was a “highly speculative asset” in February, asserting that it was not “widely used as a transmission mechanism” and was an “extremely inefficient way of conducting transactions.” Yellen also warned that the misuse of cryptocurrencies is a growing problem, noting that cryptocurrencies are mainly used for illicit financing.

McCarthy additionally said during last week’s interview that regarding bitcoin and cryptocurrencies, Treasury Secretary Yellen and Fed Chair Powell “should not only learn more about it but the basis is going to continue to grow.” He further opined:

This is something that those who regulate, those who are in government that make policy better start understanding what it means for the future.

The congressman emphasized that “other countries are moving forward” in the area of digital currencies. “I do not want America to fall behind. I want the next century to be ours. That’s why I want to look forward, not backward, and not keep my head in the sand,” the lawmaker concluded.

What do you think about what McCarthy said about bitcoin? Let us know in the comments section below.

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