The Misguided US Government War on Crypto and Why Crypto Will Win
President Biden is stepping up the attack on Bitcoin and crypto. Combined with banking failures and inflation increases, the crypto asset class has lost 14% in value over the past week.
President Biden’s newest budget proposal includes a 30% tax on electricity used for mining Bitcoin. The tax even applies to miners using renewable energy. Effectively, Biden is telling the miners, “Get the hell out of here!” He also wants to eliminate wash sales that allow US crypto investors to harvest tax losses.
The US government attack is relentless. So far, we have a lawsuit against Ripple, an outright attack on Binance, a staking fine that will cripple major exchange Kraken, and an increased tax attack against the crypto industry and investors.
However, there is quite a bit more to this attack. The government constantly spreads fear about crypto exchanges, which they refuse to regulate. In addition, the government is threatening banks that want to expand their crypto services and are throwing around the idea that all cryptos not named Bitcoin are securities.
In response to these attacks, coupled with a Fed hellbent on breaking the economy, Bitcoin…
