Bitcoin and other Crypto-Currencies are actually mainstream now!
Where did all those Fear, Uncertanty and Doubt {FUD} spreaders get the '...considered a threat to National Security...' from? As a European individual I am following these American hearings and press conferences with a lot of interest. Yet, so far I did not hear some really bad news, at all. Why then does the Crypto-currency market respond as if there was bad news? Sure, like before Bitcoin {BTC} and Crypto-Currencies have been named 'bad fish', yet no talk of a ban, some are just not a fan.
What basically has been said, more than once, is that everything which is considered some form of financial traffic, also in digital form, has to comply with the American law. Just like any other financial institutian that has its playing field within the borders of the United States of America {USA}. And the American government would like to see the rest of the world to join them. Which some probably will do, in some way or another.
It is ment to stop the illicit use of Bitcoin and Crypto-Currencies. As it has been stated that it is that part of it, in the use of Cryptos, that seems to worry them. This worry seems to account for Libra as well. And it may not be something that you and I agree on with the government of the USA, but they seem to fear it. (Of course the same nonsense pops up out off thin air to support that fear...)
As far as I see it things could be way more worse than: "We, the goverment of the USA, are going to stop the illicit use of Bitcoin and other Crypto-Currencies, the users have to comply with the law, just like every other financial system." That actually states something like: "Hey, we dislike all you Cryptos, we think you are crap, but if you comply with our laws, you are welcome to join in our money game."
This is a happy time for Bitcoin {BTC} and Crypto-Currencies! And financial technology inventions and innovation are supported and welcomed by the American government, if it complies with its laws, like all the others. My progressive libertarian belief system is a kind of in conflict with that, I have to admit, but this is 'huge', in a sense. It took Bitcoin {BTC} only ten years to get from getting ignored, to getting laughed at, from being attacked to being 'asked' to join in.
And I am convinced that any kind of money laundring would be taken to court. Illicit actions, no matter what, would be taken care of. Buying illegal (considered) goods and services with the USA Dollar would be punished too. That is what I think this is about. Informing people about the risks of investing, for instance. Don't governments not do that all the time? Wether one agrees with its doing is another subject. But I'd state: Bitcoin {BTC} and other Crypto-Currencies got a legal status in the USA. Not a fan, but as long as people who use Cryptos comply with the law, then they are okay to do so.
Of course there is probably more to it than meets the eye. Money so far was a private bankers monopoly game. It is part of the (enforced) ruling might of the banking monetary governance system. It wants to switch over to a complete digital money banking way of life. Cold hard cash will be banned, that one really will be. There already is vast amounts more digital bankers money than cold hard cash, to back it (so, no bankrun allowed!) In the seventies of the previous century the gold backing of the money system already was removed. And the digital era was around the corner.
Free play for a Fractional Reserve Banking system. Within a digital network (internet) the private banks could create as much new instances of currencies as it wanted. And nothing would need to back it. You see the irony of a government stating that Bitcoin {BTC} and other Crypto-Currencies are created out off nothing!? This is what private banks actually do! And the government has given them a monopoly to do so. That looks like a kind of legal counterfeiting as performed by the private banks.
Newly created bankers money is created out off nothing against interest bearing debt. And that last part is an economical nightmare. It can never be repayed, needs new loans, so new private bankers money is being created. Nothing will be backing it anymore. Everything is digital and the use of cold hard cash will be outlawed. You see, that is why the government cannot ban any kind of digital currency...
If it would do so then their companion, the private banking system, could not do its endless digital money creation out of nothing against interest bearing debt thing. So the banking monetary governance system had to come up with a cunning plan. The build up has been to frame Bitcoin {BTC} and other Crypto-Currencies as being digital money mainly used for illicit purposes. And even now it is 'allowed' to play the money game too, it is still getting framed like that.
Private bankers money devaluates (everything becomes more expensive, purchasing power drops), causes an economical debt crises and the debt keeps growing. The people are paying for this through taxation, as created by the government. More different ones and getting higher in costs all the time for the many. While more people are having a hard time to survive, as their income stays far behind the devaluation rate. This is caused by the fractional reserve system. Creating new digital private bankers money out off nothing, against interest bearing debt.
And it is important to get that knowledge out there. One main reason Bitcoin {BTC} and other Crypto-Currencies gain in purchasing power, over the longer term, compared to private bankers money, is because it is debt free! And Bitcoin is capt at 21 million BTC ever. Even gold and other precious metals have an unknown future capacity. Therefore Bitcoin will most likely be way more valuable. And the 'competition' dislikes that. Digital private bankers money does not even have a cap, it grows in debt forever! (Until the next 'big reset'.)
Every transaction on the Bitcoin blockchain can be traced. So, for any rogue player to try and do illicit things with it will be quite hard keep it hidden. Therefore it is highly improbable that Bitcoin is mainly used for illicit things. But, even though Bitcoin users now may try to comply with the law, they are still being stigmatized. And that is being picked up by the many and gets repeated. Even if you earn an honest living with Cryptos legally, the stigma stain is still there. Thanks to the constant negative framing.
Those dips after these FUD 'news' items sure wont help to gain people their trust. But, at some point the revaluating of Bitcoin {BTC} and other Crypto-Currencies will pick up again. And it will be hard to ignore by the many that the purchasing power of private bankers money drops, while that of Crypros keeps climbing.
When 'Deutsche Bank' falls over and takes others with it, like in a domino game, the private banks will scream for another bail-out. But will humanity fall for the tricks and lies of evil again? Or will it go for the alternative: Bitcoin {BTC} and other Crypto-Currencies? And in the meantime one might just have a laugh about all that banking monetary governance {bmg} system irony theater going on. ;-)
Let's ride that shark!
Image license CC0
Edit: Some text corrections.
