Donald Trump appoints Bitcoin entrepreneur to lead FDA


Balaji Srinivasan, boss of the start-up Bitcoin 21, could become boss of the US food and drug regulator. In general, there are surprisingly many Bitcoin and Blockchain fans on the team of aspiring President Donald Trump.

From a certain level, success is not an essential condition for more success. Just as many supermanagers are named to the top of other companies regardless of their (poor) success after leaving their previous employer with high severance pay, a serial entrepreneur like Balaji Srinivasan does not have to be successful to be successful. qualify for higher orders. .

Future US President Donald Trump recently announced that the founder and head of Bitcoin may become head of the Food and Drug Administration. The FDA’s abbreviated authority is responsible for food oversight and drug approval.

Srinivasan’s success with Bitcoin startup, which he founded, was unlikely to be decisive for the candidacy. Although the entrepreneur managed to secure the highest capital injection to date for the company with $ 116 million, to introduce a special mining chip into all devices, what he ultimately delivered remained. below expectations. Basic information for those who are not too familiar with the world of cryptocurrencies is displayed here

The 21-Bitcoin computer is an overpriced Raspberry whose implemented mining chip usually doesn’t even generate electricity costs; the platform through the wants to open the trade of micro-services of computers against bitcoins largely stagnates; the software used to buy or sell computer performance is always in alpha or beta version; and the company hasn’t posted anything new on the blog since June 2016. It doesn’t sound like the revolution Srinivasan promised to investors, and maybe the slow successes are the reason he’s looking for a new job without bitcoins. .

For the post of chief of the FDA, Srinivasan qualifies less by his successes with than by his previous undertakings and political stance. The entrepreneur previously co-founded biotech company Counsyl and helped develop a test that can be used to check whether a child will have Down syndrome or other serious genetic disabilities during pregnancy. Srinivasan is also known for his liberal attitudes, which he prefers to use in a medium that the future American president also likes: twitter. With the appointment as head of the FDA, however, Srinivasan deleted his previous tweets. However, many of them can still be found via; Gizmode magazine cites a few, from which it appears that Srinivasan sees the drug approval authority above all as a stumbling block for innovation and would rather pull its teeth out.

This liberal attitude resp. A libertarian attitude and some knowledge of the business community seem to be Srinivasan’s most important qualification. He is not the first pro-Bitcoin candidate that the future president has appointed to high office. Trump brought German-born billionaire, PayPal founder and investor Peter Thiel to the “Presidential Transition Team Executive Committee.” Thiel had previously donated over $ 1 million for Trump’s election campaign. For him, by creating a new currency, Bitcoin achieved what PayPal could not; He credits cryptocurrency with the potential to change the world and has invested millions in the Bitcoin payment processor BitPay and – attention: by Balaji Srinivasan.

Perhaps most clearly pro-Bitcoin, however, is Mick Mulvaney, who has been appointed by Trump to head the Office of Management and Budget. The Republican has already sworn that Bitcoin cannot be manipulated by the state; he founded the “Bitcoin Caucus” with MP Jared Polis, an initiative to promote Bitcoin in Washington; after he and Polis cooperated with lobby group Coin Center for two years, they praised him as a “forward-looking leader.” In addition to Bitcoin, Mulvaney is very committed to “blockchain technology”, to which he attributes the potential, “the financial industry, the United States – To revolutionize the economy and the delivery of government services.” “

Tech entrepreneurs Elon Musk (Tesla), Travis Kalanick (Uber) and Indra Nooyi (PepsiCo) have also made Trump’s appointed strategy advisers appear to be open to Bitcoin. Either way, they recognize the potential of blockchain technology. Whether Donald Trump is good news for the world and the United States, whether or not Srinivasan is a good fit for a job, is the only open question. On the other hand, it seems clear that the Trump presidency is unlikely to be a disaster for Bitcoin and blockchain.


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