The latest U.S. Treasury Hack Will Further Increase People’s Trust In Bitcoin (BTC)

Bhushan Akolkar Bitcoin News PublishedDecember 14, 2020 | ModifiedDecember 14, 2020

The latest U.S. Treasury Hack Will Further Increase People’s Trust In Bitcoin (BTC)

While you might be continuing to think that your money is safe with the banks, but in reality, it’s neither safe with the U.S. Treasury as well. On the evening of December 13, the U.S Government acknowledged reports that the U.S. Treasury and the agency linked to the Commerce Department have been breached by foreign elements with accusations pointing towards Russia.

This is a massive breach of the U.S. cybersecurity and a serious matter. The National Security Council had to call for an emergency meeting at the White House on Saturday. John Ullyot, the spokesperson of the National Security Council said:

“The United States government is aware of these reports and we are taking all necessary steps to identify and remedy any possible issues related to this situation”.

The report from Reuters notes that the hackers used professionals tools and could break-through the NTIA’s office software, Microsoft’s Office 365. It also notes that the hackers were monitoring staff emails at the agency, for months together.

Also, the report comes just in a few days of U.S. cybersecurity firm FireEye disclosing a similar breach last week. FireEye has been working for the last many years with the FBI, the U.S. Federal Agencies, and the U.S. National security. People close with the matter have suspected the hand of Russian intelligence in the latest hack.

Bitcoin (BTC) Can Garner More Trust

Well, such big hacks is surely going to push people to reconsider their trust on regulators for handling their money. While the regulators have been calling out crypto exchanges for poor security measures, it seems the top agencies are themselves not so secure. If anything, this might further increase people’s trust in Bitcoin (BTC) and other cryptocurrencies. Michael Saylor, the CEO of MicroStrategy says:

“Bitcoin is a bank in cyberspace, run by incorruptible software, offering a global, affordable, simple, & secure savings account to billions of people that don’t have the option or desire to run their own hedge fund.”

The recent adoption of Bitcoin by institutions hint at a growing acceptance of crypto and it gives people more freedom and control over their money. Over the last few weeks, institutions have poured several-hundred-million-dollars in BTC and the race gets stronger every single day.

On Saturday, MicroStrategy completed the conversion of $650 million worth of Convertible Notes and plans to use the proceeds for Bitcoin investment. The company has so far invested over $1 billion in BTC in 2020.

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Bhushan Akolkar 288 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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