no dude, you don't get it. The US is irrelevant in the grant scheme of things. Crypto isn't there to replace fiat, it's the access point to fiat for emerging markets that otherwise would not be able to transact in dollars. Crypto nothing but a big shadow banking system. Stable coins alone account for billions of US in transactions and because most of them operate outside of the US regulatory scope, there is nothing they can do. It's the same as the Eurodollar market just growing much larger and bigger. If I want USD exposure today but my local government doesn't allow it, I buy BTC and exchange it into USDT or USDC online. And who is stopping me from doing that? Right, nobody. I hope it clicks this time
If you live in the US, and own bitcoin, the US is not irrelevant. Ditto if you live in any other country where the Government decides to crack down on bitcoin. If you're a US citizen, you'd be a fool to say Uncle Sam can never touch my bitcoin.
I said in the grand scheme of things. US citizens are completely irrelevant for crypto. They cannot trade derivatives and are declined by the majority of exchanges anyways. Every big US player trades through an offshore entity to even get access to flow. The biggest chunk of business is done in Asia, the rest is offshore. The only reason why the crypto world is even considering the US is because an ETF or similar would give a lot of dumb retail with piles of cash access and this means business for the institutional side. The majority of people who profit from crypto are outside the US and their governments would cry tears of joy if the US decides to make crypto illegal
Sure bud, because USDT is pegged to USD 1:1 and they have in coffers exact amount of USD representing every tether that they issued
How could they touch or crack down a few strings of alphanumeric characters that I own on a piece of paper, usb or in my head? They should turn off the internet too to stop me from exchanging it. They know that, that's why they are slowly adapting to it.
So as I'm scanning headlines this morning, I see this (although I have yet to read the article): Ray Dalio says if bitcoin is really successful, regulators will ‘kill it’ https://www.cnbc.com/2021/09/15/ray...eally-successful-regulators-will-kill-it.html Does this mean Ray and I think alike?? Am I just as smart?
Another headline from today: https://www.nasdaq.com/articles/$4.2-trillion-fidelity-urges-sec-to-approve-bitcoin-etf-2021-09-15
Some countries levy a property tax. You pay a % in tax each year on the value of property you own. Uncle Sam could do the same with bitcoin. Failing to declare your bitcoin holdings to the IRS would be tax evasion and you could end up like Wesley Snipes. Never underestimate the Government to screw you over. https://en.wikipedia.org/wiki/Executive_Order_6102
Again, for crypto that's totally irrelevant. I like the fact that US citizens always think that things live and die by their standards but this is not the case. If all emerging markets adopt some form of cryptocurrency standard and not a single US citizen would be allowed to own crypto, would it really matter?
I don't know where you live but most people on this forum are either in the US or other developed countries. I imagine it would be of some concern to folks here if Governments took action against bitcoin. It doesn't take much to move the price, and this would certainly do it big time. That's the risk. The more money that flows into bitcoin, the more attention it will get from Governments. At the moment it's not massively on the radar but at some point "$X trillion held in bitcoin" may be a problem that they decide needs fixing.