We're never too keen on beating a dead horse here at The Ƀent, but the editorial team feels compelled to keep harping on the developing narrative around Bitcoin emanating from the US Government. After a week's worth of comments coming from officials, including the President, and a couple of days worth of hearings on Capitol Hill, it seems clear that this administration is attempting to figure out a way to "regulate" Bitcoin. A task we certainly wouldn't want to be burdened with because it is an unachievable feat. Especially when one realizes that Bitcoin is simply code at the end of the day, and code has been designated as free speech in this country.
However, this probably won't be realized by the government until a case involving Bitcoin reaches the Supreme Court. Until then, we'll be subjected to blatant falsehoods used to paint Bitcoin as the Devil, as is evidenced by the video of Steve Mnuchin above in which he tries to claim that cash is not a successful monetary tool for money laundering or other "nefarious activities". This is the type of disingenuous discourse that we can bank on from here on out.
Again, as we discussed yesterday, this is the only course of action the faltering incumbent system has against Bitcoin, blatant lies. Luckily for us, it seems that even the mainstream media's Bullshit Meter is already going off when confronted with this nonsense. All we need to do is be consistent in our message and rebuttals to such nonsense and we should be gucci, freaks. As Joe Kernen points out in the clip above, cash is used for illicit activities all the time. Do we ever think of banning cash because of this? If you're a NIRP loving economist, then the answer is most definitely, yes. But to most humans, this concept is absurd on its face.
Also, the tracking and taxing of Bitcoin transactions seems like too arduous of a task to ever accomplish. What if someone sends from a legacy address to a Bech32 address of their own to save on fees in the future? Do they have to report that to the government? Is that transfer taxed? It would be absurd to attempt to implement rules to track and enforce this. The State will be fighting a losing uphill battle if they attempt to do this.
At the end of the day, the government can posture for or against Bitcoin as it sees fit. Bitcoin will continue to produce blocks roughly every ten minutes, enabling peer to peer transactions for anyone with access to the network. History won't be too kind to States that attempt to prevent their citizens from utilizing this freedom enabling tool.
Ready to see what Canada has to offer.