Bitcoin is the first money attempting to separate money from the government so that future generations don't have to deal with the cons that printing money brings; it won't be an easy process. Those countries that have benefited the most from printing fiat money will be the last that will give up that benefit without a fight and struggle. Rought times are awaiting for the whole cryptocurrency market.
The United States has been the country that has benefit the most because the dollar is the world's reserve currency, but they have abused that privilege and weaponized the dollar. Regulations are nothing more than an attempt to curve the growth of cryptocurrencies because regulations are not helping the space in any way or form. The only thing that regulations are adding is more tax burdens.
The US is not building any infrastructure whatsoever. They are just calling it regulation, but in reality, it should be called laws to make sure the dollar doesn't become toilet paper overnight. The Biden administration wants to give more power to the IRS. Hence, they want banks to provide information to the agency on $600.00 or more transactions, regardless of tax liability, and burden banks. Why? Because they are afraid, some people are avoiding taxes.
When it comes to cryptocurrencies, they are trying to pass laws that don't even apply to the nation but to other countries. The US government is trying to pass laws that transgress other nations' sovereignty. Please read the following headlines from the news bitcoin outlet: US Senators Introduce Bill Requiring Treasury to Report on Cryptocurrencies and Their Use Globally.
It would be best to be afraid of such things because you have no capital gains taxes to pay as long as you don't sell your crypto assets. As the US government prints more and more fiat currency, your assets will only grow in value to the point that the US dollar becomes as worthless as the Zimbabwe dollar.
Bitcoin and many other deflationary cryptocurrencies will take the place that fiat currencies had because humanity needs money that can't devalue at the press of a button by a politician. Once your money doesn't evaluate, it makes sense to work and save to build a better future.
Those who benefit from fiat printing will be the first to fight off the new crypto-economic system, but it is a futile struggle because governments can't resist the need to print money out of thin air. After all, politicians can't create wealth. They can only take it from those who produce wealth and give it to those who only take and deliver nothing. And that will mean that many entitlements will become worthless in the future because the government won't be able to print the money it owns to those who produced during their good days.
My father told me once that you should save your own money and don't let somebody else hold it for you because what he will do is save it up for himself to his bank account instead of yours. And that was about the regiment savings.
Conclusion.
Since the dollar is no longer peg to any hard asset, the Federal Reserve can print as much money as the government asks because dollars are backed by nothing but the American people. If citizens don't protest the printing of money, the government can go on printing, which is why politicians lied about inflation, so Americans don't say anything. Bitcoin and many other deflationary cryptocurrencies are a protest against the US printing money out of thin air.
Printing privileges is what the US government is trying to control and protect. They don't want the sweet gravy train of freshly printed dollars to end at the expense of everyone else around the world.
