By CCN: One of the most powerful lawmakers in the United States pleaded with his colleagues to bury the American cryptocurrency industry, and the bitcoin price responded by promptly surging to a fresh six-month high.
Bitcoin Price Surges as Hater Calls for Crypto Ban
Bitcoin bounded as high as $6,336 on Bitstamp, vaulting the flagship cryptocurrency to its highest point since it embarked on a brutal sell-off in November 2018. The bitcoin price has now rallied a mouth-watering 69% in 2019 and continues to race toward flashing its first green yearly candle in what feels like an eternity.
Friday’s triumphant march past $6,300 came less than a day after US Rep. Brad Sherman (D-CA) begged his colleagues on the House Financial Services Committee to “outlaw cryptocurrency purchases by Americans.” We need to “nip this in the bud,” he whined.
Brad Sherman: Congress Must ‘Nip [Crypto] in the Bud’
Sherman ranted that cryptocurrencies like bitcoin threatened to supplant the US dollar as the “standard unit of international finance,” crippling the United States government’s ability to dictate global economic policy and enforce sanctions on hostile foes like Iran.
“An awful lot of our international power comes from the fact that the U.S. dollar is the standard unit of international finance and transactions. Clearing through the New York Fed is critical for major oil and other transactions.”
— CCN.com (@CCNMarkets) May 10, 2019
Given that US investors dominate the cryptocurrency trading market, it’s hard to see today’s jump as anything but a naked retort to Rep. Sherman, who in the past has lambasted bitcoin as a “crock” and said that its only non-criminal use case is to “allow a few dozen…