The Ongoing Fear
Ever since I started really researching Bitcoin back in 2015, I saw people expressing the same fear as we see them entertaining today. The fear that governments will bring an abrupt end to Bitcoin. Like a large cloud continuously looming over Bitcoin, this fear has been at the heart of many hesitant investor and future Bitcoin adopter.
For many, this fear has outweighed the possible future rewards and caused them to seek out alternative avenues. Can governments actually bring an end to Bitcoin? Many, mostly outside of the Crypto space believe that they actually can and indeed will. Though the media and certain influential people would have you believe that the US government will indeed bring an eventual end to Bitcoin, the government is actually showing contrary actions to this narrative.
How many times has US senate said that they will watch Bitcoin and seek ways to better regulate the market. Further stating that the technology offers too much advantage to be stifled. Look at former CFTC Chairman, Chris Giancarlo! A former regulator who coined the nickname "Crypto Dad" due to his support and embrace of Crypto.
Then we have Hester Pierce from the SEC who has been outspoken in her support of the space and encouraged a Bitcoin ETF on numerous occasions. Hester went on to become affectionately known as "Crypto Mom" within the community.
The government has had ample time to stomp their boot on Bitcoin and yet have considered it too important to discard of. Look at Gold, which operates outside of the FED and monetary supply/systems and yet it is allowed to continue trading. Gold is a $10 trillion dollar marketcap compared to Bitcoin's couple of hundred billion. Bitcoin would have to reach hundreds of thousands of dollars per Bitcoin to have an equivalent marketcap to Gold.
Gold is anti-fiat as is Bitcoin and serves to prove that if one such investment is permitted, then why not another? Especially since Bitcoin can be traced and has a completely transparent public ledger, meaning they are able to watch and monitor transactions. People can trade gold or cash without anyone knowing about it but every single Bitcoin transaction or trade leaves a footprint on the public ledger.
Tax Cash Cow
The Bitcoin marketcap may not be extremely high but the volumes being traded are pretty healthy, as are the taxes those capital gains produce. There are hundreds and thousands of exchanges trading Crypto 24 hours a day, seven days a week. Looking at just one exchange we can see how significant the volume is.
Binance trades approximately $1.6 billion per day on the spot market and approximately $3 billion per day on the derivatives market. The US has been fine tuning their tax regulations in relation to Bitcoin for a reason! If it was not worth it, they would just ignore it!
More Than A Decade of Resilience
I think everyone has lost count of the times Bitcoin has been declared dead and on it's way to zero. Numerous times external forces have attacked Bitcoin, only to see it recover and move on to new highs. Even this recent Twitter hack was expected to have a negative effect on the perception of Bitcoin and ultimately it's price. However, there was no impact at all and in the end lawmakers have actually addressed it correctly and placed the blame on Twitter and not Bitcoin.
Bitcoin fraudsters are forever in the news and media and this is not likely to change in the future but what is likely to change is the perception. When a scammer uses a scheme to rob victims of their dollars, we don't call the dollar a scam. It is mind boggling that people have not had the intellect and intelligence to differentiate between the two.
When people are tricked into parting with their vehicles or furniture in a transportation scam, it is not the vehicles or furniture that is the scam but the people behind the operation. In the same way, being tricked to part with your Bitcoin does not make Bitcoin a scam.
It seems Bitcoin is here to stay and there is little anyone can actually do about it, as it was designed to be!
