Bitcoin impervious to US targeting of crypto

As the US government and regulators try to heap more and more pain on crypto, Bitcoin continues to act as a hedge out of the failing banking system.

Crush crypto

The strongly anti-crypto stance taken by the U.S. over previous months shows no signs of letting up. Obviously a decision has been taken in the Biden administration that crypto needs to be crushed at all costs.

An ecosystem containing some of the best entrepreneurs and developers globally, is something that, should it flourish, could direct wealth away from the banking system into an area that the U.S. would have extreme difficulty in controlling.

Bank exits to be closed

In order for the banking system to persist, people need to be corralled in, and all exits need to be shut off. Their cash needs to remain in the banks in order to keep them afloat, despite the fact that their currency is devaluing at the most alarming rate.

The banks have been given carte blanche to play with depositors’ money for many decades, and have grown rich on the proceeds. At the same time, the printing of more and more currency has diluted the supply to such an extent that the purchasing power of the average person has dwindled exorbitantly. 

Too big to fail

The problem here is that the banks have become so enmeshed in the indebtedness of the system and they are so under water that the “too big to fail” banks have become exactly that.

Should any of them actually fail, then they are likely to bring the whole house of cards down with them, and the ensuing pain for the average Joe or Jane is going to be excruciating. 

The U.S. government has its back against the wall. Other countries are moving away from the U.S. dollar at the same time that U.S. debt is reaching the most ridiculous levels. 

The land of the free?

The U.S. used to be “the land of the free”, but in order to keep the system propped up the government feels that it has no choice but to stop individuals fleeing the banks by cutting off all fiat currency on/off ramps.

The government would argue the validity of this move by stating that the crypto industry is full of fraud, drug money, terrorist financing etc., but this sort of language has been proven to be untrue in the main, at least as regards the drugs and the terrorists. Nothing better than the good old untraceable Greenback for these two.

Fraud will continue to be a problem, just as it is in any financial system. But to seek to cut down the next innovations in finance, and to bring in laws that seriously curtail individual freedoms is a step towards totalitarianism. 

Beyond the reach of government

It can be hoped that the U.S. will respect its constitution and that enough brave politicians will step forward to ensure that this happens. The land of the free needs to remain so as the yolk of central control is thrust upon people in many countries worldwide.

Bitcoin looks to be one of the only ways of protecting the individual’s sovereign wealth, and it is for this reason that intelligent money is the first to go in this direction. It is to be hoped that many more will realise the significance of holding their wealth in an asset beyond the reach of any government to manipulate.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.