Trump Appoints Bitcoin Supporter Mick Mulvaney as Director of the U.S. Budget Office

Mick Mulvaney, a conservative Republican congressman from South Carolina, is a devoted Bitcoin enthusiast. Recently, President-elect Trump announced that Mulvaney would be in charge of running the Office of Management and Budget (OMB).

Trump said:

With Mick at OMB, my administration will be able to make the right decisions about the U.S. budget, give the Federal Government new responsibilities, and restore taxpayer confidence!

Mulvaney’s interest in Bitcoin began in April 2014, when he publicly stated in a Facebook post:

Just attended a small business committee meeting where I was introduced to Bitcoin for the first time. I know Bitcoin is not mainstream yet - or likely to become mainstream - but the concept of this currency is very interesting and may eventually affect the dollar and our monetary policy. Someone in the meeting also compared the concept of Bitcoin to the contributions of Milton Friedman (one of the representatives of the monetary school).

Mulvaney is the first U.S. congressman to accept Bitcoin donations. He also questioned Federal Reserve Chair Janet Yellen last October, according to Coin Center, a nonprofit Bitcoin research and promotion center:

Bitcoin's growing popularity also indirectly proves the public's attitude towards the Federal Reserve's monetary policy.

In addition, in September this year, Mulvaney and another Democratic congressman from Colorado, Jared Polis, hosted a bipartisan blockchain caucus. Mulvaney said:

Blockchain technology has the potential to revolutionize the financial services sector, the U.S. economy, and government services. I am proud to be a part of this event.

According to Mother Jones, Mulvaney believes that the Federal Reserve is "the culprit for devaluing the dollar and inhibiting economic development." He said Bitcoin is "not controlled by any government organization."

This is another sign that the Trump administration has recently shown goodwill towards Bitcoin. Last month, Bitpay investor and Bitcoin supporter Peter Thiel announced that he would serve as an advisor to Trump's transition team; Trump also appointed Breitbart News founder Stephen Bannon as his chief strategist and senior advisor, and Bannon also happens to be a Bitcoiner.

Mike Cernovich is an avid Trump supporter and Bitcoin user. He said:

Freedom is an idea, and Bitcoin is freedom. It is not surprising that Trump's son holds Bitcoin.

New York and California are considered to have the most stringent regulatory environment for digital currencies among the seven global centers. The Obama administration required the IRS to double-tax the digital currency sector. Fintech companies need to comply with the operating conditions of banks in order to operate across state lines, including, of course, the infamous BitLicense. Under the Trump administration, this situation seems to be alleviated. Like the UK, the US is likely to adopt a sandbox mechanism, perhaps abolish double taxation, and even set up a research fund to encourage financial technology innovation.