The Treasuries Remarks Re: Crypto
Today the US Treasury made remarks regarding the regulation of crypto currencies. The attention on this is glaringly obvious, crypto currencies have had a great year. BTC has had a return of +152%. However, BTCs market cap is only at $352,143,479,268 while gold on the other hand has a $9 trillion dollar market cap. That's a lot of growth BTC has to make before it reaches the acceptance of gold. Growth that allows this currency to appreciate.
I bring up market cap and return because this is where governments get scared. Currency competition is a fear of the State. When people choose their currency, and when the State doesn't have control of money printing, they cannot debase currency at the expense of the citizenry and the gain of the State. FDR recognized this during his administration and promptly banned the ownership of gold with order 6102. This allowed the Roosevelt administration the steam they needed to enact further socialism across America. With control over being able to take Americans income, through the 16th Amendment, the newly formed federal reserve, and the State gained full control of Americas currency and private production.
In October the G7 and Central Bank Governors stated the following:
The widespread adoption of digital payments has the potential to address frictions in existing payment systems by improving access to financial services, reducing inefficiencies, and lowering costs. At the same time, payment services should be appropriately supervised and regulated to address challenges and risks related to financial stability, consumer protection, privacy, taxation, cybersecurity, operational resilience, money laundering, terrorist and proliferation financing, market integrity, governance, and legal certainty, among others
It’s not difficult to read between the lines on this. The State wants to ensure its governance over the populace by ensuring that its trade laws, taxation, tariffs, etc., are all enforced. These are all barriers to market trade and efficiency. Not only does this type of regulation keep consumers from being able to trade freely and voluntarily, it allows the government to continue its theft of your income. Debasement, debt, and inflation are critical to the States success. The State produces nothing and making up their shortfalls by essentially taxing your savings and limiting your wealth. It is their bread and butter.
The US is the largest manipulator of currency and the largest debaser of currency as the US Dollar is the worlds reserve currency. With economic freedom for the masses, the State can no longer bend its citizenry or the citizenry of other countries to their whims. Currency will no longer only depreciate, but competing currencies and crypto may very well offer the ability to appreciate. Appreciating currency is bad for lenders and great for buyers. Appreciating currency allows people to save faster and be sovereign from State and predatory banking debt. It is essential that we work to impede the states regulation and interference of crypto at all costs. The State is once again working only in its own interest and completely disregarding yours for their own enrichment and the enrichment of the banking sector that they are deeply in bed with.