I have written a good amount of my past posts on events that have gotten a lot of buzz in the crypto space. Events such as outages, government intervention, or natural occurrences can all affect crypto mining, being as energy-intensive as it is. Yet, each event seems to have almost no long-term effect on the crypto space.
Crypto has had support in areas such as El Salvador, but the decision to make Bitcoin a national currency there has come into question. El Salvador faces criticism from many financial organizations that feel this decision threatens its citizen's stability and creates far too much risk for the country.
In the United States, specifically the State of Arizona, a bill to make Bitcoin legal tender was written, however, it will not be passed as states do not have to power to put in place their own forms of currency.
While both these ideas seemed great for the crypto space at first, both of these instances have come under heavy criticism, or just are not as possible as people seem to think that they are. It appears that governments still hold enough power to prevent crypto from worldwide or even simply widespread adoption if they so choose.
In China where Bitcoin miners held the highest share of mining power, mining was removed and banned seemingly overnight. Mining was able to be shut off at the whim of the Government of Kazakhstan later, due to power use concerns. If mining were to become more widely adopted in the United States, the current government might likely discourage this due to environmental concerns.
While the crypto space has grown and seemingly continues to do so, I believe there is still much uncertainty in this space. While a blockchain network can survive a massive shutdown, governments and large organizations still hold a large amount of power to prevent or support crypto's widespread adoption.
Links to previous relevant posts
@oilmagnate/kazakhstan-crypto
@oilmagnate/outside-the-us-crypto
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Any comments on my post are welcome and appreciated
