U.S. Government Posts GDP Data On Bitcoin Blockchain

-


The U.S. government has officially begun publishing gross domestic product (GDP) data on public blockchains. According to Bloomberg, the Commerce Department’s announcement on Thursday brings blockchain into the core of America’s economic reporting, making GDP available on nine networks including Bitcoin, Ethereum, and Solana.

Commerce officials emphasized that the blockchain rollout is not a replacement for traditional economic data releases, but rather “another avenue” for distribution, according to Bloomberg. The move, however, carries significant symbolic weight, as it effectively places the government’s seal of approval on technology once viewed with deep skepticism in Washington.

“The entire administration has embraced this,” said Mike Cahill, chief executive officer of Douro Labs, who confirmed he has been working with the Commerce Department on the initiative for the past two months. “With today’s announcement we are now in a world where government data lives on blockchains, and market participants can participate in real time.”

The blockchain initiative involves posting cryptographic hashes of GDP data, which serve as digital fingerprints to verify the information’s integrity. While limited in scope initially, Commerce Department officials confirmed that President Donald Trump’s administration intends to expand the program further, Bloomberg reported.

Commerce Secretary Howard Lutnick spearheaded the project, telling Trump earlier this week that statistics would be issued via blockchain “because you are the crypto president.” Lutnick has previously suggested reshaping GDP reporting by removing the impact of government spending.

The initiative reflects a sharp departure from the prior administration. Under former President Joe Biden, regulators adopted a cautious stance toward crypto, often clashing with exchanges and imposing restrictions on digital assets. In contrast, Trump has moved quickly to integrate Bitcoin into government policy. Since taking office, he has created a U.S. Bitcoin reserve, stockpiled coins such as Ether and Solana, signed legislation regulating stablecoins, and appointed crypto-friendly regulators who ended enforcement actions against Coinbase.

Trump’s family has also deepened its presence in the digital asset space, backing ventures such as World Liberty Financial. The industry’s growing political clout is evident: crypto firms donated heavily to Trump’s reelection campaign and contributed over $133 million to super PACs supporting pro-crypto candidates in 2024, according to OpenSecrets.

By leveraging public blockchains, the Commerce Department joins other agencies experimenting with crypto technology. The Department of Homeland Security has considered blockchain for airport passenger screening, while California’s DMV has digitized car titles on crypto, according to Bloomberg.

As Trump positions himself as the “crypto president,” the adoption of blockchain for GDP distribution signals a profound shift in U.S. economic policy—and further cements Bitcoin as a powerful political and financial force in Washington.



Source link

Latest news

There’s Never Been a Worse Time to Be Authentic at Work

Jodi-Ann Burey was only two weeks into her new role as an inclusion marketing manager for an outdoor...

The Trump Administration Is Coming for Nonprofits. They’re Getting Ready

Some organizations, says Stahl, are considering what it would mean to dissolve themselves and start up again as...

Jeff Bezos’ Blue Origin Wins Contract to Take NASA Rover to the Moon

NASA’s VIPER lunar rover could be delivered to the moon by Blue Origin, Jeff Bezos’ aerospace company. The...

Jimmyjane’s Hello Touch Pro Finger Vibrator Isn’t a Great Fit

As someone who’s barely 5 feet tall with relatively small hands, if I felt this much discomfort, I...

Jane Goodall’s legacy: three ways she changed science

Jane Goodall, a British primatologist known for her work with chimpanzees, died on Wednesday 1 October, aged...

Model organism databases face budget cuts and closures

A key repository for the world’s fruit-fly research community became an unexpected casualty of Harvard University’s continuing...

Must read

You might also likeRELATED
Recommended to you