I like the fact that bitcoin isn’t controlled by any government and that it can work as a hedge for people worried about losing currency value due to hyper-inflation. An unstable hedge but an accessible one at least. Bitcoin is still a strange concept to me though!
J Bryant
2 years ago
It’s probably no coincidence that, as reported in Politico, Biden is now accelerating review and implementation of federal policies for regulating crypto markets, although I’m not sure how effective such policies will be outside the US.
…the Biden executive order yesterday for studies and reports on crypto, are essentially aiming at the ‘off ramps and on ramps’ between cryptos and other currencies and assets. The US self interest in this is in maintaining the USD as the world reserve currency, and protecting its tax revenue collection. (Blockchain transactions are transparent and do not obstruct the oversight of the IRS.) But if the US tried to eliminate the use of cryptos, even in association with say the BOE, IMF and other central banks, that would risk a massive and sudden stampede into cryptos worldwide. The best for everybody, is if the US settles for managing the ramps. That way, the transition away from the USD as the sole reserve currency, towards a more ‘sound’ basket of asset based drawing rights ( including cryptos) is likely to be more orderly.
Canada tried to demand information about crypto donations from some crypto currency exchanges and were politely told to go pound sand. They didn’t seem to understand that is one of big reasons why people use crypto currencies in the first place.
I like the fact that bitcoin isn’t controlled by any government and that it can work as a hedge for people worried about losing currency value due to hyper-inflation. An unstable hedge but an accessible one at least. Bitcoin is still a strange concept to me though!
It’s probably no coincidence that, as reported in Politico, Biden is now accelerating review and implementation of federal policies for regulating crypto markets, although I’m not sure how effective such policies will be outside the US.
…the Biden executive order yesterday for studies and reports on crypto, are essentially aiming at the ‘off ramps and on ramps’ between cryptos and other currencies and assets. The US self interest in this is in maintaining the USD as the world reserve currency, and protecting its tax revenue collection. (Blockchain transactions are transparent and do not obstruct the oversight of the IRS.) But if the US tried to eliminate the use of cryptos, even in association with say the BOE, IMF and other central banks, that would risk a massive and sudden stampede into cryptos worldwide. The best for everybody, is if the US settles for managing the ramps. That way, the transition away from the USD as the sole reserve currency, towards a more ‘sound’ basket of asset based drawing rights ( including cryptos) is likely to be more orderly.
Canada tried to demand information about crypto donations from some crypto currency exchanges and were politely told to go pound sand. They didn’t seem to understand that is one of big reasons why people use crypto currencies in the first place.
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