June 5, 2024
Bitcoin's Cybersecurity Potential: US Space Force Urges Investigation
Policy & Regulation

Bitcoin’s Cybersecurity Potential: US Space Force Urges Investigation

In a significant development, Jason Lowery, a member of the United States Space Force, has called for a formal investigation into the use of proof-of-work (PoW) networks, particularly Bitcoin, to enhance national cybersecurity. Lowery emphasized the broad strategic significance of Bitcoin, not just as a monetary system but as a means to secure all forms of data, messages, or command signals.

Lowery’s four-page letter to the U.S. Defense Innovation Board on December 2 underscores the potential of PoW systems like Bitcoin to deter adversaries from cyberattacks due to the steep costs associated with resource-intensive computers. He urged the board to recognize the “national strategic importance” of these systems in the realm of national security.

The letter proposes that Bitcoin’s PoW system mirrors physical security and deterrence strategies employed in other domains such as land, sea, air, and space. Lowery contends that this approach, when applied digitally, can safeguard against cyber threats, positioning Bitcoin as a crucial tool in the United States’ cybersecurity arsenal.

According to Lowery, exploring Bitcoin’s cybersecurity applications is vital for the U.S. to maintain its global leadership position in an increasingly digital and interconnected world. He sees Bitcoin as the catalyst for a “cybersecurity revolution,” converting the global electric power grid into a large, physically costly computer to constrain malicious actors.

In a separate thread, Coinbase CEO Brian Armstrong echoed the importance of Bitcoin and cryptocurrencies in helping the United States maintain dominance with the U.S. dollar. Armstrong suggested that cryptocurrencies could serve as a natural check and balance, complementing the dollar and defending long-term American interests.

Armstrong discussed the potential for people to move from fiat currencies to crypto as an antidote to inflation, emphasizing the role of U.S. dollar-backed stablecoins like USD Coin (USDC) in unifying the worlds of traditional finance and cryptocurrency.

The convergence of voices from within the U.S. Space Force and the cryptocurrency industry underscores the growing recognition of Bitcoin’s multifaceted role, not just as a digital asset but as a strategic tool in bolstering national security and economic stability.

Image by Chairman of the Joint Chiefs of Staff on Flickr

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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