Steven Mnuchin has changed his mind about Bitcoin (BTC) — at least a little. The former U.S. Treasury Secretary previously argued that Bitcoin didn’t have any value. But this week, he told CNBC’s Squark Box it’s “no different than buying gold or some other asset.”
“I think the underlying technology of blockchain is really incredible, and has lots of different things, particularly in fintech and finance,” he said.
Though people often talk about blockchain and cryptocurrency in the same breath, blockchain is actually the technology that powers cryptocurrencies like Bitcoin. Blockchain is a secure, sophisticated database technology that can cut the middleman out of a host of everyday transactions.
Mnuchin apparently won’t be running out to buy Bitcoin soon, but at least he’s not opposed to other people investing in the biggest digital currency. “I don’t personally want to have it in my portfolio, but if people want to, that’s perfectly fine,” he said.