Forbes: "USA Is Worried About Bitcoin And It’s Finally Doing Something About It"

[BTCjokes]

if they are doing something to erase btc from the surface of the earth, i can't wait to what that is

''White House Earmarks New Money for A.I. and Quantum Computing''
https://www.nytimes.com/2020/02/10/technology/white-house-earmarks-new-money-for-ai-and-quantum-computing.html
''Quantum computing could end encryption within five years, says Google boss''
https://www.telegraph.co.uk/technology/2020/01/22/googles-sundar-pichai-quantum-computing-could-end-encryption/
 

[fiulpro]

Funny thing we just had articles telling how it is the US who made the bitcoins , the US intelligence tried to infiltrate the government of different countries and the name Satoshi Nakamoto is actually what that group used .
Now I do think we can safely say that they didn't do that , because it is completely contradicting so , I think at least this makes some things clear .
At the same time I do not think that it would actually affect the Relationship of US with bitcoins because the people who are already in it , they will try to use bitcoins one way or the other which would be even more problematic.
It's just Minor norms that's completely fine.

Or..

They actually created it and now they are doing their plan ✓B , where they are supposed to implement KYC and get the identity of people for themselves , who knows?

Governments are Weird.

[Rengga Jati]

-snip- bitcoin isn't going to threaten the US dollar.  It's been more of an investment than a currency since its inception; it's global; and the US dollar is waaay too dominant to be replaced by bitcoin. -snip-

I agree with you, sir. So far, Bitcoin stays as a digital investment and not be a global currency. So, it doesn't make sense if Bitcoin can replace the US dollar in the near future. US government shouldn't worry about this because they know that the US dollar still becomes the world's global currency and seems hard to replace. If they spread the news "worry about Bitcoin", we can suspect that they want to make people think about the disadvantage of Bitcoin. And finally, hate the existence of Bitcoin.   

[Hydrogen]

Bitcoin provides competition to the US dollar.

This in turn provides incentive for central banks and legislators to do a better job managing budgets, debt and money.

Bitcoin is a WIN/WIN scenario for everyone!

What the US dollar does not need is protectionism and isolationism from new ideas and progress that cryptocurrencies to some degree, represent.

Also it should be mentioned that both china and russia have adopted powerful de-dollarization monetary strategies over the last few years which greatly threaten the "dominance" of the US dollar, with virtually zero concern over those developments from either politicians or the media. So why should they be concerned now. It makes no sense.

Their job as creators of monetary policy is to normalize the capital welfare and stability of the people they serve. Said public benefits from having greater financial and economic options, like bitcoin. Thus favortism towards those things is what they should support and pursue.

[hatshepsut93]

I've read the whole article and still have no idea "what" exactly the US is planning to do about Bitcoin. So I guess there's nothing significant actually happening, and this is yet another case of smoke without fire. And people who think that Bitcoin or national stablecoin will undermine the US dollar don't understand economics - the US dollar is a dominant currency because the US' economy is huge. So either US economy has to crash, or its competitors have to grow to the same level in order to replace the dollar.

[Swordsoffreedom]

I've read the whole article and still have no idea "what" exactly the US is planning to do about Bitcoin. So I guess there's nothing significant actually happening, and this is yet another case of smoke without fire. And people who think that Bitcoin or national stablecoin will undermine the US dollar don't understand economics - the US dollar is a dominant currency because the US' economy is huge. So either US economy has to crash, or its competitors have to grow to the same level in order to replace the dollar.

I think that many of the countries want to get rid of the American influence on the economy of the world. They might be afraid of the fact that bitcoins might replace dollars as the reserve currency of the world, which in reality has a chance of being the actual truth. But if most of the countries of the world start to support bitcoins, this prominent role of America won't last long.

[Abiky]

I don't think that the US would be worried about Bitcoin that much, since Bitcoin is not as stable as the United States Dollar is. I believe this is just an excuse from the government to begin cracking down on Bitcoin and crypto as we know them. After all, they're convinced that Bitcoin and other cryptocurrencies are used for money laundering and tax evasion. While we all know that criminals use Fiat more thoroughly for this than Bitcoin or any other cryptocurrency, the US government doesn't care. All it wants is to have supremacy over the world with the United States Dollar as its reserve currency. The US is a "little afraid" that Bitcoin could take down on the existent financial system as we know it.

The truth is that Fiat is (and will always be) in the lead of our economic system because it's backed by the full faith and credit of the government. Since Bitcoin and other cryptocurrencies don't rely on a central authority, they're "less trusted" among everyday people. The USD will continue to reign supreme until another Fiat currency takes its place sometime in the future (which I doubt it will ever happen). The recent popularity of crypto and Blockchain technology will pave the way for government-issued digital currencies within the mainstream world. The US and other countries will have no choice but to transition from physical cash to digital cash in the future, in order to prevent crypto from "replacing" the world's economic system as we know it.

In the end, I believe that the US will launch its digital version of the USD while other countries will follow. Bitcoin will still remain alive as an alternative to Fiat, but its prominence will not be that much within the mainstream world because of the emergence of government-issued digital currencies. At least, people will still have a decentralized financial system to use. But in no way, decentralized cryptocurrencies like Bitcoin or Ethereum will replace government-issued currencies. The US and other countries might try to shut down Bitcoin and other cryptocurrencies but they'll be unable to do so because of their decentralization/censorship-resistance. Both digital Fiat and crypto will live in harmony for many generations. Just my thoughts

[BlackFor3st]

Looks like things are getting serious...

https://www.forbes.com/sites/billybambrough/2020/02/18/the-us-is-very-worried-about-bitcoinand-its-finally-doing-something-about-it/

Let's just hope that this move will not affect that much to the bitcoin and to the market as a whole so we can still focus in making bitcoin popular by advertising it more.

Even if US will create a rules to either prevent or totally banned bitcoin in their country, I am sure that there will be more countries to adapt bitcoin or crypto currencies in the future. And the most important, let's just hope that their action will be delayed so there will be no hurdles for bull to show up this year 2020.