Bitcoin In The Crosshairs: US Treasury Secretary Reveals What Senate Democrats Could Learn From BTC

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17 years after the Bitcoin (BTC) whitepaper was released, the world’s first decentralized currency continues to dominate global headlines. On the anniversary of its whitepaper publication, US Treasury Secretary Scott Bessent used the occasion to highlight Bitcoin’s consistency and prosperity, suggesting that Senate Democrats could learn something from its reliability and history. His remarks linked BTC’s nearly uninterrupted record of network activity to the challenges seemingly faced by the Democrats.  

What Senate Democrats Could Learn From Bitcoin

In an X social media post on October 31, Bessent criticized Senate Democrats, suggesting that Bitcoin’s ability to remain functional through global crises and economic changes over the past 16 years shows a level of resilience that they could learn from. As a US republican, his comments came as the two major political parties continue to clash over federal budget issues, which have resulted in the ongoing government shutdown. 

Notably, October 31 also marks the anniversary of the publication of Bitcoin’s whitepaper. The whitepaper, authored by Satoshi Nakamoto, the creator of BTC, described a fully digital monetary system designed to run without central authorities or intermediaries. When the first Bitcoin block was mined in 2009, it officially launched the network, introducing a framework that has now become globally recognized, extending its reach across multiple sectors and countries. 

Bitcoin’s adoption since its launch has been nothing short of remarkable, with prominent industry leaders calling it a “store of value” and “digital gold.” Even Bessent has been a vocal advocate of the rapid advancement of the digital asset sector and the growth of BTC. In July, after US President Donald Trump signed the GENIUS Act, Bessent stated that stablecoins could be the key to propping up the US dollar. 

A month later, he said on X that Bitcoin forfeited to the Federal Government would be the foundation of a Strategic Bitcoin Reserve established by the President’s March Executive Order. He also stated that the US Treasury has since committed to identifying budget-neutral ways to acquire additional Bitcoin to expand the reserve and strengthen the country’s position in the digital asset economy. 

BTC Records 99.9% Uptime Since Launch

Recent data have underscored Bitcoin’s network performance over the past 16 years. Crypto Developer Abhinav reported that the blockchain has achieved a 99.9% uptime since its launch in 2009, with only two brief outages recorded over the past 16 years.

Related Reading: Here’s What Happened The Last Time The Bitcoin Price Closed October In The Red

Supporters have also highlighted this remarkable technical performance as evidence of BTC’s reliability and its role as the cornerstone of decentralized technology. Additionally, on-chain data shows that Bitcoin’s network hash rate, a measure of computational power, recently reached an all-time high of around 1.204 ZH/s.

Its current level of 1.202 ZH/s marks a 12.3% increase from the previous day and a 79% rise compared with one year ago. Over its 16-year history, BTC has also undergone four halving events, achieving a market value exceeding $2.1 trillion. On its anniversary, it traded above $110,000, after previously reaching an ATH of over $126,000 in October. 

Featured image from Pixabay, chart from Tradingview.com

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