One of the greatest illusions in modern commerce is the construct that Bitcoin and its cousins are outside the control of the government. My postulation has remained: provided you cannot keep the coins under your pillow or underground rock safe, you will need an exchange. And for an exchange to receive your money, it needs to be registered by a government to be connected to the regular banking system. Through that system, you will have an opportunity to transfer money and buy the coins.
And since that is the case, with the exchange under the control of the government, Bitcoin may be technically decentralized but unfortunately for the crusaders, it is centralized, legally on structure.
That is playing out right now: the Biden Administration is simply suing exchanges which help criminals cash out on ransomware: “The Biden administration has announced new sanctions against cryptocurrency exchange Suex for using its platform to receive revenue for ransomware groups adding to the growing trend of cyberattacks targeting companies and government agencies.”
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Good luck arguing that you did not know your customers. Then, they will drop another regulation – KYC/AML. By the time you are beaten left and right, you will ask those crypto holders to show up with their correct identities.
It is simple: governments run this earth and when it matters, they have all the tools to get things done!
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Power remains the ultimate, because having it means you can always rewrite the rules of the game. And the sweetest thing about power is control, nobody jokes with that.
Cryptos will be fine, as long as they don’t pose a serious threat to government’s exercise of power and control, else it will be all out assault.
Game on…