Biden’s Crypto Bet
The United States is done signaling that it wants to regulate cryptocurrency. The Biden Administration is going to do it this week. The President will sign an executive order to come up with a plan to regulate, track and you better believe TAX cryptocurrencies.
Why is this significant? Well, cryptocurrency, by definition, is supposed to be out of reach of government control. Governments do not want that.
If you look at the history of money, there really is no reason that governments should control money, but the Roman empire inserted itself into the trade as a way to sort of brand the Caesars and enrich themselves and every government since has followed suit. In the book Layered Money, author Nik Bhatia makes the point that currencies have failed throughout the ages for one reason: “governments are unable to resist the temptation to create free money for themselves.”
Crypto takes that power away from governments and they do not like it one bit. Of course they say that the current situation in Ukraine and the trucker convoy in Canada are what is giving them concern but they have been wanting to do this all along. The administration is also looking to digitize its own dollar, which is a cryptocurrency that it would fully control.