The biggest irony of it all is that I find that funny too! Now if they do something about it, Bitcoin is at 50k$ and mostly american investors would be the one to suffer. What an irony! Lol!
You know what else China owns? Apple and Google https://www.cnbc.com/2021/04/07/pet...-and-apple-for-being-too-close-to-china-.html
But eventually US government will have to do something about it. Bitcoin now is like a black market currency. It is like US dollar in Cuba or Venezuela, or in the old East Germany. It can be used to fund illegal transactions. It bypasses country's capital control and the payment systems. No taxes were paid. And if Bitcoin is adopted with the mass, it will be another black market parallel currency. Tesla will accept Bitcoin for car purchase. Some other merchants could do that too, like Paypal etc. Some day we can pay with Bitcoin at eBay and Amazon. Then US Fed and Treasury will entire lose control.
Let's hope it's not made un-free in the Land of the Free. If it is, then surely it's about time the country drops its corny tagline. What will they do next, ban Gold hahahahaha. Interesting, all any country will do by banning Bitcoin is restrict the country and its citizens from entering and partaking in the new DAE (Digital Assets Ecosystem) which is growing at hundreds of % annually. Talk about a crazy move as the whole world is entering a new digital revolution. Anyway, all a ban will do is start a (humiliating) clock to when the country realises its grave mistake and drops the ban. I'd give that clock a 1000 day countdown.
Governments have done very well over the years convincing people of the bad 'black market'. But if you think about it logically a black market = a free market. So the line above can be rewritten - Bitcoin is like a free market currency...
No, Bitcoin is not a free market currency. It is a new thing and no government knows what to do with it. But eventually we'll see some international cooperation. Biden is doing the international minimum corporate tax standard. But with the bad relationships between US, China, Russia, Iran, Venezuela, Cuba etc., I can see some countries would like to use Bitcoin to disrupt US financial system. Bitcoin could be used as a weapon.... I'm just surprised that US has done little about it....
China has actually banned bitcoin since the beginning as well because it threatens the existence of its own fiat currency, the RMB Yuan which China is ramping up efforts to make it to be the reserve currency like the USD. Currency dominance, that's always China's ultimate goal. I suspect it's actually US who is pushing for its usage with all of the credit card companies, payment services like Paypal and even major brokerage houses starting acceptance of it for payments because I suspect US knows that the Yuan dominance is inevitable and it wants to use bitcoin as a mitigation factor so if one day USD loses its dominance as the reserve currency, at least it won't be the Yuan as the reserve currency it would be a digital currency that is not under the control of anyone.
Bitcoin can be used as a weapon but everybody can use it. It can be used by the US to disrupt financial systems of other countries too. After all the financial system today is still dominated by the USA more than anyone else, so far. US is doing very little because it still wants its own fiat currency, a currency it can control to be dominant.
The problem is that other countries like China and Russia can control Bitcoin whatever the way they want. But US can't. This is how we get to the current situation. No one knows what to do with it.