Satoshi Nakamoto is the pseudonymous creator of bitcoin, the world’s number one digital currency by market cap. Everyone in the crypto community has admiration for this man (or woman). They see him (or her) as the revolutionary creator of an asset that could change the way the world does finance, but according to Brad Sherman – a congressional democrat from California – Nakamoto is a fraud and not very innovative.
Brad Sherman Isn’t a Crypto Fan
In a recent interview, Sherman commented on the lack of alleged innovation one sees in the crypto arena. He said:
We are told that cryptocurrency is very innovative. Look at the incredible financial innovation of Enron and WorldCom. I don’t believe that Satoshi Nakamoto was innovative.
Bitcoin has come a long way in recent years. It’s garnered legions of fans, and there are many people out there that believe it’s the future of the globe’s monetary systems, but as we’ve seen repeatedly, it can’t please everyone. There are many individuals, like Warren Buffett, that think bitcoin is nothing but a scam or fraudulent, and it appears Sherman is now part of that group.
In the same interview, he compared bitcoin and crypto to organ harvesting and cocaine, claiming:
There’s this fear of missing out, that we [have got to] keep up with other countries. Peru is way ahead of us in cocaine production. China is way ahead of us in organ harvesting. We don’t need to keep up on those things, and we don’t need to keep up on crypto.
While he has a point, it’s a relatively simplistic and childish one. The fact remains that bitcoin in the United States is not on par with where it is in other regions, and it would probably behoove the country to try a little harder to keep up and implement the necessary changes to ensure it’s able to stay competitive with its nearest neighbors.
For example, countries such as the United Kingdom and other parts of Europe have worked hard over the last several months to implement appropriate crypto regulations to see about preventing another FTX-like debacle from occurring. By contrast, the United States is utilizing a “regulation through enforcement” strategy that just involves suing every single crypto company out there from Binance to Kraken to Coinbase.
The SEC has become something of a bully in recent weeks and months, and many are not happy with how the agency is handling itself, nor are they pleased with the way the SEC sees the crypto arena or how it seeks to keep it in compliance.
BTC Helping Poor People is a Myth
Sherman also dismissed the idea of bitcoin being in place to aid those who are poor or of limited means, saying:
The advocates of crypto represent the powers in our society.
