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Speculation warning. If their tax collection/law enforcement interest outweighed the part of the financial sector invested in Bitcoin they would have banned it
by user3939382 4y ago
Speculation warning.
If their tax collection/law enforcement interest outweighed the part of the financial sector invested in Bitcoin they would have banned it during the Russian sanctions which provided perfect cover.
Instead, after a lot of noise about banning it, they “commissioned a study” which is well known in politics as “we have to save face/pretend to do something for optics”.
Wall St wins, this train has left the station. This is coming from someone who tracked bitcoin since $0.25 and was, to my poverty, convinced that it would be legislatively squashed the second it got on the radar of DC or the Fed.
- danuker 4y agoOn the other hand, the government moves slowly. I argue that, since mining is done in the US, mining is clearly providing more value than the electricity used, since it continues. The power use is just an excuse. Of course, the price of electricity should reflect its externalities (i.e. greenhouse gas emissions). That way, the market could find a better solution. But the fossil lobby has got deep pockets.