Former US Mint Director: The Bitcoin is a serious cryptosoft challenge

Edmund C MoyEdmund C. Moy, the former director of the U.S. mint “The Mint”, made some waves in the Bitcoin community last week when he shared his enthusiasm for digital currencies on Twitter. Moy’s comments were in response to the 2.6 billion Credit Suisse agreement, in which the major Swiss bank apologized for helping clients with tax evasion. In the shadow of these headlines, the 38th US Mint Director went even further, saying that digital currencies could be the answer to the current problems of the current financial system:

“$2.6 billion does not hurt Credit Suisse. It’s time for the big banks to get competition. Time for digital currencies”.

But that wasn’t enough. Moy went on to post a short article on 23 May on how Bitcoin is developing into the “revolution in payment systems”.

The Bitcoin and the idea behind cryptosoft will change our traditional notion of a currency

The entire article looks at the strengths and weaknesses of Bitcoin, with Moy taking an astonishingly optimistic stance on cryptosoft and its impact on the global financial market. Moy even said that with digital currencies, some serious disadvantages of Fiat currencies can be bypassed. In detail, he says, the digital cryptosoft currencies will be able to deprive governments of the monopoly of currencies:

“They carry little risk of breaking, unlike the currencies of sovereign states (such as the Greeks, or, to put it more broadly, the European Union).

Bitcoin leverages government monopolies

Moy looks positively at these characteristics even though he has realised that this innovation can harm his former employer. He added: “You can mine Bitcoins. There is no need for minting”.

The Bitcoin as an innovative medium of exchange
Moy was also very enthusiastic about the potential of the new transaction opportunities:

“As a medium of exchange, the Bitcoin has some innovative advantages over traditional currencies: it has a global nature, infinite divisibility and is easy to store.

Moy calls our current payment system “archaic” and believes that the easy divisibility of Bitcoin can create a whole new way of micropayment and will even eliminate barriers of the global financial market.

Bitcoin as a secure investment
Moy was at least as positive about the Bitcoin as an asset and said he was sure the price would stabilise once the Bitcoin was accepted by the masses. He also targeted critics who believe that a state-backed currency may be safer, although the dollar is primarily driven by market demand.

As an added benefit, he said, the Bitcoin may allow governments to think a little more about their monetary policies, at the latest when the digital currencies reach their full potential this could have a positive impact on the economy.