2020 is the year of the DEFI craze, BTC breaking past previous ATHs and the beginning of the US government, in the first stages, cracking down on crypto, bringing them under its regulation fist and get into the crypto witch chase of crypto holders. Yes, they wanna know what you have and where you holdin it...

At this point privacy regarding crypto assets is gradually fading away thanks to government forcing entities such as crypto exchanges to impose KYC where one wouldn't even imagine it and to have under their big brother eye every damn sat you own.

The Financial Crimes Enforcement Network (FinCEN) has dropped another bomb on the cryptocurrency industry in the last hours of 2020, as it revealed its intentions to make the reporting of crypto holdings over $10,000 mandatory held with foreign digital currency service providers.
In a proposal filed on Thursday, the US Treasury Department unit proposed an amendment to the Bank Secrecy Act’s Foreign Bank and Financial Accounts (FBAR) regulations.
“FinCEN intends to propose to amend the regulations implementing the Bank Secrecy Act (BSA) regarding reports of foreign financial accounts (FBAR) to include virtual currency as a type of reportable account”.
source

Americans, these guys are after your wealth and sooner than later all of the governments around the world will replicate that. It was too good to be true that crypto would defy them... It started with the lawsuit against Ripple, then they've gone after privacy coins and now they want to know everything about all of your coins.

Nothing's nailed by law yet, but the trend is clear. At first they tried and laughed at crypto hoping it wouldn't gain traction, then they tried and fight it and now they're simply sweating to take control over it. As absurd as this might seem, but seeing all those large financial institutions accumulating BTC at any price, is rather bullish and bearish at the same time. It's bullish for the USD pairing, but bearish for the decentralized distribution of crypto wealth around holders.

The more these institutions hold and will sell it through ETFs and other similar products, the more governments will be in control of it. They will not control the price of course, but that wallet address that once belonged to X holder, will in the future be tied to a company, an individual, crypto exchange and so on. Full control over everything and anything on this planet is what these bastards are fighting for.

You know what else... if all the above becomes true, XRP will have a better chance to survive than XMR because it's easily controllable. Imagine that and tell me this is what you're in crypto for. I know, the tech behind cryptocurrencies is opening roads where we wouldn't have even imagined and paving old and dirty ones, but if all of that will get under strict control and approval of governments what's the point...

I'm a fanatic when it comes to privacy and freedom and seeing how crypto is gradually getting under the control of governments gets me angry as hell and somehow it's our fault for that. If we would have worked our way into putting crypto to use more rather than exchanging it for dollars and make more dollars by doing so repeatedly, that probably wouldn't happen. It's just a few exchanges that announced delisting privacy coins and look how much they devalued in hours.

Imagine when all of them will do that, which I hope won't happen and honestly don't believe will become true, but this is an example of how much bad crypto exchanges have done to the crypto industry rather than good. They should have been a gateway not a place to store and speculate 24/7. Now that we're so dependent on them it makes much easier for governments to get in control of these currencies.

As a conclusion, being excited about financial institutions buying BTC and increasing its price short term, might not be as bullish as we think, from a fundamental point of view, as these are easily under control of the governments and so the holdings under their custody. What's the point if BTC gets to one million dollars, but the government knows exactly how much you hold, where you store it, from where you bought it and to whom have you sent that x amount last week?

I don't see any point in that and I guess neither did Satoshi. That's why I'm not that excited about this. I also feel pity for what's happening with privacy coins knowing that this marks the beginning of an era that's not in resonance with what crypto was envisioned to be ten years ago. I might be wrong and us, the people, will still have control and privacy over our funds, but the governments intentions are clear to me and the situation is looking kind of grey...

Thanks for attention,
Adrian

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