Joe Biden Announces He’s Coming for Your Bitcoin – Opinion

Joe Biden is having a rough go of it, and you’d think that in the midst of such turmoil for his administration, he might take a deep breath and stop trying to tick more people off. But his ego just won’t let him, and an announcement on cryptocurrency may be the final straw for many, including some on the left side of the political aisle.

Bitcoin Magazine claims that Biden is preparing to act to regulate cryptocurrency. Bitcoin, given its market shares, appears to be the main target.

Biden’s administration will soon issue an executive notice to direct federal agencies to evaluate the risk and potential benefits of Bitcoin and cryptocurrency. Bloomberg first reported.

As the government seeks to analyse cryptocurrencies and use a coherent regulatory framework to cover them, the order will be placed under national security efforts. Barron’s reported Thursday.

The administration is making this move under the guise of “national security,” a pretense most will find laughable. Except for meme coins such as dogecoin, cryptocurrency’s entire purpose is to be a non-fiat and free alternative to the manipulations of central banks. Everybody who trades crypto knows the potential risks. It’s those risks that have made assets like Bitcoin so lucrative.

The government still wants to destroy all of that.

“This is designed to look holistically at digital assets and develop a set of policies that give coherency to what the government is trying to do in this space,” a person familiar with the White House’s plan told Barron’s. “Because digital assets don’t stay in one country, it’s necessary to work with other countries on synchronization.”

The regulatory efforts would reportedly involve the State Department, Treasury Department, National Economic Council, and Council of Economic Advisers, as well as the White House National Security Council as the administration gauges that cryptocurrencies have “economic implications for national security,” per the Barron’s report.

There are so many agencies that could potentially go wrong. Everything the government touches turns into crap. The same goes for crypto. It is not necessary for the White House or Congress to get involved in this debate. Even worse, the geriatric President probably doesn’t know much about crypto.

The idea that a bunch of boomer politicians in Washington can “regulate” things to reduce “risk” and not screw the entire system up is a farce. We all know how this is going to go, and we all know the reason it’s happening. Federal government is looking for more revenue from taxes. They never miss an opportunity to try to steal more of people’s money.

They don’t like the idea of people being able to control their currency. This administration is all about power and control. There’s also the fact that countries like El Salvador are moving to mainstream Bitcoin as a currency of choice, and that has become a threat to the United States’ fiat dominance. These realities, however, will make it difficult for Uncle Sam to control the future. The genie is out of the bottle, and it’s unlikely to go back in.

Full disclosure: I do own crypto, though, it’s a very small part of my investments. Just to discredit the leftists who plan to run, I will declare that Donald Trump IS. also anti-crypto, he’s just plain wrong. It’s all over.

Let’s not forget about the political implications. Biden is already faced with enough issues. Now, he’s going to tick off a huge group of people who are invested in crypto, many of whom are younger and lean left? Who was the advisor who told him it was a good idea. Or did he actually listen to Elizabeth Warren’s deluded, power-hungry rantings on the subject?

Global citizens should have freedom to trade freely and take risk as they please. The government has no right to try and regulate or weaponize cryptocurrency, even if it is through executive action. Biden is welcome to release his own coin if he’d like, and we can see how that goes. This top-down effort to control the market should not be allowed and must be stopped at all costs.