America’s Great Dilemma Regarding the Regulation of Bitcoin and Cryptocurrencies. No better solution for America, only less bad ...

By ssaurel | In Bitcoin We Trust | 18 Apr 2023

It obviously won't have escaped your notice that the Biden administration has been doing everything it can to destroy the cryptocurrency industry in America for several months now.

However, even SEC boss Gary “Security” Gensler couldn't go so far as to put Bitcoin in the same category as cryptocurrencies, because Bitcoin is in a category all its own.

That being said, you have to suspect that the Biden administration is already thinking about how to harm Bitcoin as well. Bitcoin cannot be banned or destroyed, but the Biden administration can do everything it can to slow down its growth.

But this path is not without risks for America.

I'll explain why, and more importantly, why this puts America in the middle of a great dilemma.

So America faces a stark choice.

The first is to move forward with pro-Bitcoin and pro-Crypto regulation. This would strengthen America's dominance in Bitcoin mining and in innovation in this promising sector for the future. A whole bunch of innovative companies will launch their projects in America.

This will benefit America from an innovation and business point of view.

But, because there is always a but, strengthening Bitcoin and cryptocurrencies may well push more people in the general public to opt for these alternative systems by abandoning more and more the American dollar, but also all the financial infrastructure built around it and which allows America to have a hegemony at the global level.

Not necessarily ideal when we know that America derives an exorbitant privilege from the US dollar as the world's reserve currency and that China, Russia, and the BRICS are trying to attack this hegemony to obtain a more balanced world.

America's second choice is to continue on the path currently followed by the Biden administration by adopting anti-Bitcoin and anti-Crypto regulations. To do everything possible to destroy the cryptocurrency industry and slow the growth of Bitcoin by cutting off banks' access to cryptocurrency trading platforms and by legally attacking those same platforms.

What will be the effect of this choice?

It will push mining activity, start-ups, capital, and talent out of the US. For the great strength of these activities is that they can easily move elsewhere in the world. The Bitcoin mining industry will go to the most advantageous jurisdictions.

We have already seen this when China thought of destroying Bitcoin by banning it from its territory in mid-2021. Today, it is China that is behind in this area, but Bitcoin has continued its growth and adoption.

Besides, America will be outpaced by other countries in this area and will lose its power of control and oversight.

In short, a disastrous solution for America's future, when it seems clear that the digital world of tomorrow will belong to Bitcoin and decentralized solutions.

As you can see, America is facing a great dilemma regarding Bitcoin and cryptocurrencies. This is why regulation is such a sensitive topic that has seen little significant progress in years.

Many in America were hoping that the industry would implode on its own. Then there would be no choice.

But here it is, Bitcoin is here to stay. The cryptocurrency industry probably is too in a sense, because even though an incredible number of projects will eventually crash, some may well survive.

So the regulators are going to have to make a choice.

And as you can see, this choice will be beneficial in any case to Bitcoin and the few cryptocurrencies that will survive.

All the more reason for those who are still hesitant to go beyond the statements of someone like Warren Buffett and try to understand the why of Bitcoin and how this monetary system is a good answer to the flaws of the current system.

In the end, there is no miracle solution for the American regulators, who will have to find the best solution to preserve their interests. Or rather, the least bad solution.

Which path do you think will be followed?

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ssaurel Verified Member

Entrepreneur / Developer / Blogger / Author.

In Bitcoin We Trust
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