Why many USA senator against bitcoin?

[laredo7mm]

We have seen there are miscellaneous reactions about bitcoin among US senators. On one side Colorado Governor Jared Schutz Polis announced that "his state will begin accepting Bitcoin for tax payments starting this summer" on the other hand Senators Jim Risch, Bill Cassidy, and Bob Mendez look aggressive against any step towards bitcoin implementations.

Some said using bitcoin as payments instead of US dollars will demolish the sanction power of the USA towards other countries. Do they fear bitcoin for losing control over the world economy or do they know the adoption of bitcoin will diminish the unchallenged sovereignty of USD?

[fiulpro]

There are very different mindsets of people, all of them have their own individuality therefore one cannot really specify their reason of having such reaction but at the end of the day they can definately be more sensible. Right now most major countries are accepting bitcoins and other cryptocurrencies, even making mining legal therefore, at the end I do think eventually they would vote to take a stand against bitcoins and other cryptocurrencies. Even the US government does hold a fine contribution of Bitcoins, they have seized millions of dollars worth bitcoins which generally goes in auctions or stays with the government. Plus they are not planning to ban bitcoins anytime soon. Tax payments can be acceptable in any form of payment methods but what's so different with Bitcoins is, that it would make everything trackable. People would be able to see where their money goes and therefore it can be a great idea to ward off corruption.

[Reid]

Fear of the unknown or fear of losing money straight in their pockets.
I don't see why they are so against it while Bitcoin had been valued for years. People will buy it and it's still their money which is going to be used for that purchase. The other concern I see is why do they allow digital payments which are also prone to be corrupted just showing numbers with nothing to back it up and they cost fees that makes you think about just going straight in the payment center rather than use their services.

[pinggoki]

Because they're old and they are still stuck in 60s where they're still young and they still don't feel any ache in their joints and that they came from a generation that think that they're the best generation and that they believe that we've peaked and they don't like new technology as they deem it blasphemous to their beliefs. I think that's the only reason for why the US senators heavily oppose bitcoin, other than being lobbied by banks.

[mk4]

Do they fear bitcoin for losing control over the world economy or do they know the adoption of bitcoin will diminish the unchallenged sovereignty of USD?

Either, or both. It just makes sense for them to try their best to maintain the strength of the USD — as having control over the money is definitely one effective way of controlling the people one way or another. Lose access to the money printer? Most definitely would end up with them having far less capital for military and such.

[mobilestrike]

We have seen there are miscellaneous reactions about bitcoin among US senators. On one side Colorado Governor Jared Schutz Polis announced that "his state will begin accepting Bitcoin for tax payments starting this summer" on the other hand Senators Jim Risch, Bill Cassidy, and Bob Mendez look aggressive against any step towards bitcoin implementations.

Some said using bitcoin as payments instead of US dollars will demolish the sanction power of the USA towards other countries. Do they fear bitcoin for losing control over the world economy or do they know the adoption of bitcoin will diminish the unchallenged sovereignty of USD?

It is the matter of time. With time they may change their position for crypto. I also heard that they are starting their digital dollar which will be used for the country. It looks like they are now on the way to accept crypto they are on the way to plan that what to do. They will either accept bitcoin or they will create their own currency which will be static with the price of dollar.

[Lucius]

Why did you limit yourself to senators, what about congressmens? It is quite logical to me that they all have something against Bitcoin, they represent the interests of banks and a system that is completely centralized - so I guess they will not cut the branch on which they sit.

I think the elite in the US as well as their political brothers around the world are more afraid of stablecoins than Bitcoin which has max supply. Not only does Bitcoin have a max supply, but it also uses POW which is the perfect way to make the whole thing legitimate and transparent, despite the lie that it consumes enormous amounts of energy. On the other hand, stablecoins are printed (digitally) with the promise of being backed with something, and we know that those who do this are repeatedly caught in the lie that their stablecoin is not backed with anything.

Back in 2019, US Congressman Brad Sherman said "Bitcoin is a small baby here" referring to the Libra project, so it is quite clear what they are more afraid of, despite the fact that some speak negatively about Bitcoin.

[stompix]

Even the US government does hold a fine contribution of Bitcoins, they have seized millions of dollars worth bitcoins which generally goes in auctions or stays with the government.

Do you actually have a link for this?
I've never heard of the US government ever storing bitcoins, all those that are confiscated go through auctions with the USMS.

Because they're old and they are still stuck in 60s where they're still young and they still don't feel any ache in their joints and that they came from a generation that think that they're the best generation and that they believe that we've peaked and they don't like new technology as they deem it blasphemous to their beliefs. I think that's the only reason for why the US senators heavily oppose bitcoin, other than being lobbied by banks.

Just a heads up, Gavin was born in 66 and Finney in 56  

Anyhow, it would be weirder not to have anyone against it, then it would definitely mean something suspicious is happening.
Normally people can't agree to compete on everything, even if we talk about husband and wife  (incoming flying frying pan if somebody reads this)   so it's pretty normal to have different opinions on the economy, currency, and everything else.

[ChiBitCTy]

They simply don't understand bitcoin nor care to learn to understand it. Bitcoin goes against what they are used to and it's outside their comfort zone.  Andreas said it best, as to why people like this don't like bitcoin..
"I think many of the intellectually honest people eventually stop being critics, because they suddenly realize that the flaws they are identifying are temporary features, issues, and not inherent problems. There are very few inherent problems in a dynamically evolving design or ecosystem of different designs all competing, that cannot be resolved.  There are critics who criticize this technology primarily based on their world view.   It is politically inconsistent with their world view.  It’s not that they do not like the technology it’s that they do not like the implications of this technology and the primary criticism you get then is “this should not be” to which all I can answer is ..and yet it is.  “but we mustn’t”… and yet we did, “but you shouldn’t”.. but yet we did"- Andreas Antonopoulos.

[Renampun]

We have seen there are miscellaneous reactions about bitcoin among US senators. On one side Colorado Governor Jared Schutz Polis announced that "his state will begin accepting Bitcoin for tax payments starting this summer" on the other hand Senators Jim Risch, Bill Cassidy, and Bob Mendez look aggressive against any step towards bitcoin implementations.

Some said using bitcoin as payments instead of US dollars will demolish the sanction power of the USA towards other countries. Do they fear bitcoin for losing control over the world economy or do they know the adoption of bitcoin will diminish the unchallenged sovereignty of USD?

Differences of opinion between each senator in the US on bitcoin have long been heard...

but from what I have noticed, those who are against bitcoin are the ones pros against the dollar, they love the dollar too much and don't want any other currency to interfere with the dollar's power. we don't need to worry too much about it because the pros and cons of bitcoin will always appear.

[laredo7mm]

Because they're old and they are still stuck in 60s where they're still young and they still don't feel any ache in their joints and that they came from a generation that think that they're the best generation and that they believe that we've peaked and they don't like new technology as they deem it blasphemous to their beliefs. I think that's the only reason for why the US senators heavily oppose bitcoin, other than being lobbied by banks.

I think it's not that simple. These old senators may be technologically not that advanced but they are not dumb either. They know how fed increase the money supply from thin air and manipulate the economy by controlling USD. If bitcoin took the place of USD then they will lose control because anyone can protect the bitcoin network by running a full node. They just don't want to hand over the control of the economy to people.

[Questat]

Of course, if bitcoin will be widely accepted, it will reduce the influence of the dollar which is the most powerful currency in the world. Senators are representative of a country, their job is to support the state and its interest, so it's normal to see that they will hate something that would destroy their interest.

[kryptqnick]

I think Bitcoin is something generally easier to accept if you live in a country with a fairly bad fiat currency, prone to significant inflation, and a pretty weak economy, desperate for new investments and jobs. The US is a proud nation and a #1 economy in the world. Many countries hold reserves in the USD and measure their own currencies against the USD. So with everything being alright without Bitcoin, Bitcoin introduces a potential risk. A change always means that something might go wrong and things might get worse. It's a risk worth taking when there's a high demand for a change, but it's not attractive when there is no strong feeling that a change is actually required.

[mobilestrike]

Of course, if bitcoin will be widely accepted, it will reduce the influence of the dollar which is the most powerful currency in the world. Senators are representative of a country, their job is to support the state and its interest, so it's normal to see that they will hate something that would destroy their interest.

If they will accept bitcoin and along with that they also digitalize their dollar then it will have a good impact on their economy and they will not face any harm fro that adoption but their dollar will also get a value in the crypto market.

[Gyfts]

Special interest groups and lobbyist from the credit card processing companies buy their votes. If not for lobbyist, their own incompetency can usually explain it away. They don't understand the technology behind it and see Bitcoin as a competitor to USD, therefore they believe it must be regulated through taxation. Not a large secret, Washington D.C. being pro-corporation and anti-consumer has always been the norm, you wouldn't expect Bitcoin to be any different surely.

[Vaculin]

I think Bitcoin is something generally easier to accept if you live in a country with a fairly bad fiat currency, prone to significant inflation, and a pretty weak economy, desperate for new investments and jobs. The US is a proud nation and a #1 economy in the world. Many countries hold reserves in the USD and measure their own currencies against the USD. So with everything being alright without Bitcoin, Bitcoin introduces a potential risk. A change always means that something might go wrong and things might get worse. It's a risk worth taking when there's a high demand for a change, but it's not attractive when there is no strong feeling that a change is actually required.

US senators know exactly that bitcoin could create a massive adoption to its citizens because they have seen that US dollar isn't working at all in favor of the people, but its more being used by the government officials. And US dollar is highly affected with inflation so it only decreases the purchasing power of the people. So bitcoin becomes a threat to the government as it brings more transparency that the government doesn't want to. And maybe because they believe that bitcoin has created opportunities to scam investors, assist criminals that may worsen the climate crisis, that makes them do not want bitcoin at all.

[Finestream]

Of course, if bitcoin will be widely accepted, it will reduce the influence of the dollar which is the most powerful currency in the world. Senators are representative of a country, their job is to support the state and its interest, so it's normal to see that they will hate something that would destroy their interest.

If they will accept bitcoin and along with that they also digitalize their dollar then it will have a good impact on their economy and they will not face any harm fro that adoption but their dollar will also get a value in the crypto market.

But US senators are mostly against bitcoin so we cannot expect that they will accept bitcoin as a currency because if that happens, it will bring threat to their own official currency. And to think that the state constitution does not allow other currency other than its official currency to act as a medium of exchange, so maybe that's one of the reasons why most of the senators are very firm on their decision against bitcoin.

[tippytoes]

Of course, if bitcoin will be widely accepted, it will reduce the influence of the dollar which is the most powerful currency in the world. Senators are representative of a country, their job is to support the state and its interest, so it's normal to see that they will hate something that would destroy their interest.

If they will accept bitcoin and along with that they also digitalize their dollar then it will have a good impact on their economy and they will not face any harm fro that adoption but their dollar will also get a value in the crypto market.

But US senators are mostly against bitcoin so we cannot expect that they will accept bitcoin as a currency because if that happens, it will bring threat to their own official currency. And to think that the state constitution does not allow other currency other than its official currency to act as a medium of exchange, so maybe that's one of the reasons why most of the senators are very firm on their decision against bitcoin.

We can't expect them to easily like bitcoin because even if they have their own researchers, most of them still have no good grasp on what bitcoin really is. Do you think if they experience using btc as payment method to merchant or shop, they won't like bitcoin if the fees are low and the transaction is fast? We can't aim btc to replace USD because that's not gonna happen. But if they will accept btc as one of the payment methods, that would be great. So in my opinion, they just need to experience how btc works in order to change their stance towards btc.

[Porfirii]

on the other hand Senators Jim Risch, Bill Cassidy, and Bob Mendez look aggressive against any step towards bitcoin implementations.

Some said using bitcoin as payments instead of US dollars will demolish the sanction power of the USA towards other countries. Do they fear bitcoin for losing control over the world economy or do they know the adoption of bitcoin will diminish the unchallenged sovereignty of USD?

I guess you are talking about this press release?

As President Bukele answered: Ok, boomers... you have no jurisdiction in a sovereign and independent country. We are not your colony (...). Stop trying to control something you can't control.

[Oceat]

Fear of the unknown or fear of losing money straight in their pockets.
I don't see why they are so against it while Bitcoin had been valued for years. People will buy it and it's still their money which is going to be used for that purchase. The other concern I see is why do they allow digital payments which are also prone to be corrupted just showing numbers with nothing to back it up and they cost fees that makes you think about just going straight in the payment center rather than use their services.

I think this will be the most efficient answer to their very aggressive behavior hence, they can't gain advantage of it if it is in the blockchain it's easy to detect where they have their money came from. Although, it's most likely not going to happen but if approved then it's useful too though they have already released their CBDC then I don't think they wanted Bitcoin to be part of their plan.

And yes, they can't stop people from buying it even if they ban Bitcoin from their country since it's not controlled by someone or any single entity.