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OpenAI CEO Sam Altman ‘Excited’ About Bitcoin Despite US Government’s Attempt to ‘Control’ it

2 mins
Updated by Ryan Boltman
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In Brief

  • OpenAI CEO Sam Altman has expressed concern over the U.S. government's increasing regulatory scrutiny of cryptocurrencies.
  • Altman criticized the government's attempts to exert control and emphasized the need for the crypto community to defend its interests.
  • He also expressed reservations about Central Bank Digital Currencies (CBDCs), highlighting their potential for enabling state surveillance.
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OpenAI CEO Sam Altman has expressed concerns about the U.S. government’s regulatory approach to cryptocurrencies, particularly its impact on major assets like Bitcoin.

During a recent episode of the Joe Rogan podcast, Altman criticized the U.S. government’s stance on crypto and its attempts to exert control. He emphasized that the crypto community needs to remain committed to defending its interests.

US Anti-crypto Approach

Nevertheless, Altman maintained a positive outlook on Bitcoin, describing it as a logical and vital global cryptocurrency operating outside any government’s control. Joe Rogan echoed this sentiment, suggesting that Bitcoin could evolve into a universally accepted currency.

The U.S. government has recently intensified its scrutiny of the crypto industry, with regulators like the SEC and CFTC filing lawsuits against top crypto firms like Binance and Coinbase.
The delays in approving spot crypto exchange-traded funds (ETFs) have further strained the industry’s relationship with regulators.

These actions, Altman noted, could pose dangers for the industry. The crypto entrepreneur said:

“I’m disappointed that the U.S. government has done recently, but the war on crypto, which I think is a, like, we can’t give this up, we’re going to control [crypto] makes me quite sad about the country.”

Bitcoin Price Action. Source: BeInCrypto

Despite the government’s actions, BTC continues to trade near $28,000 as of press time, according to BeInCrypto data.

CBDCs

Altman also expressed reservations about Central Bank Digital Currencies (CBDCs), highlighting their potential for enabling state surveillance.
He firmly opposed the adoption of CBDCs, arguing that they could be wielded to enhance scrutiny of financial systems.

There’s a clear partisan divide among lawmakers in the United States regarding cryptocurrencies and CBDCs. Senators Ted Cruz and Representative Tom Emmer have emerged as vocal opponents of creating a digital dollar.

On the other side of the spectrum, Senator Elizabeth Warren has consistently championed CBDCs, asserting that they could address issues within the banking sector.
The Massachusetts legislator is also a prominent advocate in Congress for tighter regulations in the emerging crypto industry.

Meanwhile, the Federal Reserve has yet to reach a decision on the creation of a digital currency. “The Federal Reserve has made no decision on issuing a central bank digital currency (CBDC) and would only proceed with the issuance of a CBDC with an authorizing law,” its website states.

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Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.
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