Bitcoin, the world’s largest cryptocurrency by market value, jumped 9 per cent on Thursday, despite U.S. lawmakers’ and Trump’s recent criticisms of digital assets, with the U.S. president last week tweeting they were “based on thin air”.

However, deVere Group CEO and founder Nigel Green has dubbed American lawmakers’ stance on cryptocurrencies as “out-dated and blinkered”. The comments come after two days of congressional hearings this week to discuss Facebook’s planned digital currency, Libra.

In a statement, Green said: “Many of the lawmakers’ stance on cryptocurrencies – which are almost universally regarded as the future of money – is out-dated and blinkered.

“Some of their comments in the congressional hearings suggest that they think cryptocurrencies are a passing fad. That is delusional.

“The demand for digital, global, borderless currencies is only going to increase. This is inevitable as the digitalisation of our economies and our daily lives grows further and picks up pace further still.”

Cryptocurrency demand is “set to soar” over the coming years as retail and institutional investors alike pile into virtual assets, according to Green. The deVere CEO argued that lawmakers now need to “embrace” the digital currencies and bring them “fully into the mainstream financial system” with proper and robust regulation.

He argued that not doing so would be “bordering negligent” for three key reasons.

“First, it would provide further protection for the growing number of people using and investing in cryptocurrencies.

“Second, unless the U.S. leads the way in the digital currency revolution, other countries - with perhaps counter values to those of America - will control it and it would be hard to ever take back that control.

“And third, there are enormous potential opportunities for higher economic growth by embracing cryptocurrencies. Why are lawmakers not seizing these with both hands?”

In a similar vein, the deVere CEO last week slammed Trump when he criticised Bitcoin, stating that “standing on the sidelines, or worse, looking backwards” on the issue of cryptocurrencies is a “baffling approach”.

Digital currencies are the largest innovation in payment systems in decades, Green highlighted in his closing comments, adding that Facebook’s jump into the sector is a “clear indication” of the direction of travel and lawmakers must not put their heads in the sand and/or attack – “that is futile and counterproductive”.

“Instead they must work alongside stakeholders to make the market stronger still as investors continue to dive into the likes of Bitcoin, Ethereum, Ripple’s XRP and Litecoin,” he concluded.

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