Bitcoin in mortal danger: Joe Biden’s offensive against cryptocurrencies

Anti Crypto War – You are not unaware of it. Bitcoin (BTC) and cryptocurrencies are currently at the heart ofa political battle in the United States, and the recently released White House Annual Report is no exception. In this document of more than 500 pages, the American president and his team tackle the use of blockchain and cryptocurrencies. Let’s examine theBiden’s offensive against bitcoin and cryptos.

Cryptocurrencies in the USA: I love you a little, a lot… not at all!

Joe Biden’s annual economic report covers several topics related to cryptocurrencies, with even chapters specifically dedicated to them. Although the report recognizes the potential of the ecosystem of cryptocurrencies and blockchain For stimulate economic innovationit also highlights the risks associated with using these digital assets, including price volatility and security risks.

Furthermore, the White House emphasizes the need to find a balance between innovation and regulation, while respecting the rules and laws of traditional finance. This then implies that players in the cryptocurrency industry must consider the concerns of financial regulators to establish a regulatory framework that allows sustained growth and sustainable development of the cryptocurrency market.

Bitcoin and cryptocurrencies ‘have no fundamental value’

Let us understand that after having welcomed the innovation that cryptocurrencies can bring to the economy, the American government expresses its skepticism with regard to the world of cryptography:

“Blockchain technology has fueled the rise of financially innovative digital assets that have proven to be highly volatile and prone to fraud. »

Annual Report of President Joe Biden

And to add in a coup de grace:

“Although proponents often claim that digital assets, especially crypto assets, are a revolutionary innovation, the design of these assets often reflects an ignorance of basic economic principles that have been learned in economics and finance over centuries. (…) This inadequate design is often detrimental to consumers and investors. »

Joe Biden is very critical of the design of digital assets.

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“Digital assets: relearning economic principles”

This is the name of the part of the report that has the most heart to make a fate of our beautiful ecosystem. In this part, the US government comes to the conclusion – behave well – of a need toeducate the crypto universe so that he learns the harsh lesson of previous financial crises “. The authors even add:

“In addition to decentralized custody and control of money, it has been argued that crypto assets can provide other benefits, such as improving payment systems, increasing financial inclusion, and creating mechanisms for distributing intellectual property and financial value that bypass intermediaries (…) So far, crypto assets have provided none of these benefits. »

It must be said that the year 2022 gives food for thought to the American government which underlines the need for regulation in the face of this currency which lives on a scarcity – according to him – artificially caused. Cryptocurrencies without fundamental value, a “ Web3, the so-called new Internetdenigrated, decentralization and centralization, everything goes. The offense is shameless.

Reading such a report reflects the economic news of recent weeks. Faced with a very fragile American banking sector and despite the words of the White House teams, it should be noted that Bitcoin has never been so resilient. Vector of freedom around the worldSatoshi Nakamoto’s creation could even be a solution to the banking crisis through which the United States passes.

The time for regulation has come, and with it the time for uncertainty. Don’t wait any longer to prepare for the future. Register quickly on the Binance platformand save 10% on your trading fees by following this link (trading link).

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