Prohibiting bitcoins will accelerate the spread of BTC
US Congressman Sherman wants to “illegalize” cryptographic assets.
He thinks that digital currency “incapacitates the power of the United States and the law.”
His main argument is as follows.
Most of the international power of the United States is that the US dollar is the standard unit of international finance and trading.
Proponents of cryptographic assets have the purpose of removing that power from the United States.
For example, economic sanctions on Iran will no longer be effective.
The purpose of crypto assets to violate US foreign policy, tax enforcement, or traditional law enforcement powers,
The merits of the government issued currency will neutralize the rule of the United States and the law.
He seems scared to be moving to a world where digital currency is the norm.
Sherman recognizes that countries with legal currency will lose considerable power if they lose control.
Although his understanding of the potential of technology is correct, he does not seem to understand that the country can not prohibit possession of distributed digital currency.
The law can be made but enforcement is almost impossible.
Why do US lawmakers want to make the $ 19.2 billion crypto asset market illegal?
Mr Sherman’s largest political funder is a financial services company.
The top five donators also have payment processors.
Given the current situation, it’s easy to see that the largest donor is likely to be the first company to collapse when Bitcoin and crypto assets are introduced worldwide.
In addition, Sherman is concerned that the world’s superpowers can not cope with Bitcoin’s dispersive invariance, impossibility of censorship, and impossibility.
He literally states that cryptographic assets have advantages over government issued currencies, and this is the first time a politician has publicly acknowledged this.
So what does this mean?
This is likely to be an unbelievable bullish spot for Bitcoin.
Sherman did not deny bitcoin enthusiasts, but justified it.
Politicians need to quickly rip and forbid cryptographic assets against Facebook and JP Morgans, who are making their own currencies.
Time has already passed, and the government issued currency is likely to face serious problems.
The dollar does not disappear in the short or medium term.
Such a collapse does not occur overnight.
However, it is not surprising that the value of the US dollar will decline significantly over the next 15–20 years.
As superpowers such as Russia and China introduce bitcoin and cryptographic assets, they will be left without the introduction of the United States.
Poor management of monetary policy by the bottom 50% of countries will lead to hyperinflation and turmoil, and eventually many will use bitcoin.
Adopting modern monetary theory and hurting yourself, America will increase the printing of banknotes abnormally and eventually inflate the US dollar.
The world’s most influential U.S. legislators have sought to outlaw digital currency, which has pushed the market up.
If the US banned bitcoins, it would actually be used more and never diminished.
People do not want to have their wealth controlled by the country.
Everyone can understand that Bitcoin is better than a legal currency if studied.
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