By Ellen Fike, Cowboy State
The founder of a Wyoming financial company that focuses on digital assets such as Bitcoin had just two words after she heard former President Donald Trump’s claims that Bitcoin is a scam.
“Ok boomer,” Caitlin Long tweeted in response to Trump’s comments on Fox on Monday.
Trump appeared on Fox with Stuart Varney on Monday morning and discussed certain types of investment, but the former president was not on board with Bitcoin.
“Bitcoin, it just seems like a scam,” he said. “I don’t like it because it’s another currency competing against the dollar. I want the dollar to be the currency of the world, that’s what I’ve always said.”
Long, a Wyoming native who has worked to make digital currency more accessible in the state, was none too pleased to hear these comments.
Bitcoin is a digital currency that eliminates the need for traditional intermediaries, such as a bank or the government, to make a financial transaction. According to financial website NerdWallet, fiat money (such as the U.S. dollars in a bank account) is backed and regulated by the government that issues it.
Bitcoin, however, is powered through technology and software. The currency is backed by code instead of something like gold or silver.
Each bitcoin is stored in a digital wallet on a computer or smartphone as a computer file. It is powered by an open-source called blockchain. Basically, every transaction is a “block” that is chained to the code, which creates a permanent record of each transaction.
Long was deeply involved in legislative efforts that led to Wyoming becoming the first state in the nation to develop rules to regulate the blockchain technology.
Her work led in 2019 to legislative approval of a bill allowing the creation of “Special Purpose Depository Institutions” for the handling of cryptocurrency transactions.
Wyoming’s work has made it the only state in the nation where banks working with both digital and traditional assets can operate.
Long has also teamed up with U.S. Sen. Cynthia Lummis to work on blockchain and Bitcoin-related issues. The senator was disappointed by Trump’s comments about Bitcoin, but looked forward to chatting with him sometime about its virtues.
“Former President Trump has always said he wants to make America great again, and I absolutely agree with that sentiment. Unfortunately, America is at serious risk of falling behind China and other nations in financial innovation. Bitcoin can help ensure the US dollar remains the world reserve currency,” Lummis told Cowboy State Daily on Monday. “The Biden Administration is debasing the dollar. Financial innovation is how we ensure sound money and protect America’s place as the land of financial freedom and economic opportunity for all.”