The federal reserve has allowed Bitcoin to live as a parallel currency for some years now. The beliefs by the Bitcoin community that their transactions are somehow private are childish at best, and dangerous at worse. IF you use the Internet, you have no privacy. Period. Thinking differently is like thinking you can post pictures of you breaking into the capital building on your private Facebook page and nobody will know except you and your friends.
At the end of the day, the government will step in and take over the cryptocurrency gig. They have allowed bitcoin to break the waves and get everyone used to the notion, but the market cap of bitcoin recently touched 1 trillion, and that is getting to be real money even for a federal reserve that spews trillions each quarter from thin air. The government is not going to allow that large of a thing to operate unfettered.
And so now we will see the federal reserve and the treasury gang up to get into the fake money crypto con game using CBDC (Central Bank Digital Currency). I just received this little tidbit from a newsletter I receive:
Other movement: Elsewhere, Bitcoin (BTC-USD) retreated
below $50,000 after Treasury Secretary Janet Yellen called the crypto an "extremely
inefficient way of conducting transactions." She also warned about its use
in illicit activity and sounded the alarm about its impact on the environment
(given the levels of electricity needed to produce new coins). That would be in
contrast to a sovereign digital currency, for which Yellen signaled the Biden
administration's support, as well as research into the viability of a digital
dollar.
So you can see the corrupt government narrative already spinning up: bitcoin is inefficient, most likely only used by bad people who are doing bad things, and only the government can be trusted to do the right thing in this regard.
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