U.S. Defense Board Requests Investigation of PoW Networks
Jason Lowery, a member of the US Space Force, has pushed the US Defense Innovation Board to look into the possible uses of proof-of-work (PoW) networks, such as Bitcoin, for national security. In a letter, Lowery highlighted the strategic importance of Bitcoin for cybersecurity and pointed out its ability to secure various types of data, messages, and command signals.
He maintained that PoW systems, such as Bitcoin, could discourage cyberattacks by making adversaries pay a heavy price. Lowery argued that keeping the United States at the forefront of the global defense community in an increasingly digital world requires incorporating Bitcoin into the country's defense strategy.
Coinbase CEO Brian Armstrong sees Bitcoin as U.S. Defender
Brian Armstrong, the CEO of Coinbase, has proposed that cryptocurrencies, most notably, Bitcoin—may be essential to extending the dominance of Western civilization. Armstrong suggests that cryptocurrencies could act as a check and balance, working in harmony with the U.S. dollar to counter inflation. He contends that people now have an alternative in crypto, which they may turn to as a hedge against inflation, particularly if the U.S. dollar were to lose its dominance.
In this scenario, Armstrong sees the potential for a shift from fiat currencies to cryptocurrencies, and that it would be more practical than using the fiat currency of another nation. He also highlights the significance of U.S. dollar-backed stablecoins like USD Coin (USDC) and the rise of fiat coins in bridging the worlds of traditional finance and cryptocurrencies.
What Decision Could the US Defense Innovation Board Make
The US Defense Innovation Board might decide to conduct a comprehensive investigation into the potential integration of proof-of-work (PoW) networks, particularly Bitcoin, into national security strategies. This decision could involve exploring the practical implementation of Bitcoin's capabilities in securing various forms of data, messages, and command signals.
The US Space Force member's support and the board's recognition of Bitcoin's strategic value in preventing cyberattacks may lead them to suggest integrating cryptocurrency into the nation's defense strategy. The decision, which acknowledges the importance of digital assets in enhancing national cybersecurity against changing threats, may represent a paradigm shift in defense strategies.
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