The Bitcoin (BTC) crash and the collapse of crypto markets in general came at the wrong time. Anti-crypto lawmakers are rubbing their hands, they couldn’t have asked for a better background to legitimize their bills against cryptocurrencies.
Biden and Yellen prepare a surprise
Bitcoin did not get out of the woods: Elon musk and the China have been abusing him for days, the administration Biden would prepare another bomb.
Persons familiar with the matter have informed the Washington post only those responsible for White House explore the possibility of using digital assets as Bitcoin for the financing of terrorist activities.
They are also addressing the issue of protecting retail investors from extreme fluctuations in the price of cryptocurrencies.
The US Treasury issued a new proposal requiring cryptocurrency holders to report all transactions over $ 10,000 to the tax authorities Us.
This proposal is also one of the factors behind the shakes in the crypto markets in general.
Administration Biden plans to double the staff of the tax authorities Us over the next decade. Investors are worried and believe that United States are rapidly losing their competitiveness on issues related to taxation and digital asset markets.
A drop of water now, soon a torrent
According to Washington post, federal lawmakers do not currently perceive the high volatility of cryptocurrencies as a threat to the general stability of financial markets.
According to the anonymous source of the newspaper, however, they are “aware that there are all kinds of risks in the abstract and things to watch out for“.
Even at their best, the crypto markets were valued at over $ 2.5 trillion.
Although this amount seems large, it is a drop in the bucket compared to the entire traditional financial system.
The growth of cryptocurrencies is a double-edged sword: it is healthy for the industry, yet it is drawing more and more government attention to cryptos.
Who is most dangerous for the cryptosphere? Donald Trump or Joe Biden? The apparent phlegm of the current president could contrast with the possible muscular measures against cryptocurrencies. Will the US administration really be able to put chains at the feet of Bitcoin and all its cadets? It makes you wonder if Elon Musk is not a special agent in the service of the dollar: he tried to deliver Bitcoin on a silver platter to the ardent defenders of the greenback.
Fashion is good, but blockchain is the future, we agree, right ?! It’s a great opportunity and an evolving sector! On a daily basis, my job is to try to popularize cryptos / blockchains as well as possible, which seem to be far too technical.
The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.