Bitcoin's Potential for Cybersecurity
A member of the United States Space Force, Jason Lowery, has called for a formal investigation into the use of proof-of-work networks like Bitcoin to protect the country against cyber warfare. In a letter to the U.S. Defense Innovation Board, Lowery highlighted that Bitcoin can be used to secure all forms of data and messages, not just funds. He argued that the technology's strategic significance for cybersecurity and national security is often underestimated.
Advantages of Proof-of-Work Systems
Lowery explained that a proof-of-work system like Bitcoin has the potential to deter cyberattacks due to the high costs associated with physically resource-intensive computers. He compared it to how military assets help deter physical attacks against the country. By mirroring physical security and deterrence strategies in the digital domain, Bitcoin could play a crucial role in the U.S. maintaining its position as a global superpower.
Bitcoin's Role in the 'Cybersecurity Revolution'
Lowery believes that Bitcoin's cybersecurity applications are vast and could kickstart a cybersecurity revolution. He described Bitcoin as converting the global electric power grid into a large, physically costly computer that can safeguard data and messages on the internet. Lowery emphasized that the U.S. Department of Defense may have already lost valuable time by not implementing Bitcoin into its arsenal.
Bitcoin as a Defense of U.S. Interests
Coinbase CEO Brian Armstrong also highlighted the potential of Bitcoin and cryptocurrencies in helping the United States maintain its dominance with the U.S. dollar. Armstrong argued that Bitcoin can serve as a natural check and balance that complements the dollar and defends long-term American interests. He suggested that if the U.S. dollar were to lose its dominance, cryptocurrencies could become an alternative currency, with people moving from fiat to crypto as a way to combat inflation. Armstrong also emphasized the role of U.S. dollar-backed stablecoins and the emergence of flat coins in unifying the worlds of fiat and crypto.
