Does Bitcoin help or hurt the USA? 🇺🇸

[legiteum]

This is a question that comes up all of the time, implicitly or explicitly, in a lot of discussions: does the existence of Bitcoin help or hurt the USA? Is a good thing or a bad thing for the country?

Some seem to think that Bitcoin is very bad for the USA--so bad that the USA would do everything in its power to stop Bitcoin (but somehow hasn't succeeded... ¯\(ツ)/¯).

Still others think Bitcoin will massively change the USA for the better.

For me the answer to this question is that it doesn't really help or hurt the USA in any significant way. Bitcoin may be an interesting technology/financial product, but there are thousands of those in our country, and no single one of them is going to make a huge difference in the long run. Today Bitcoin is one of many crypto products, which turn is one of many thousands (millions?) of investment products. Every product has some impact, and you can make a "connections" case for all kinds of things (viz. some shared library that is present on almost all of the world's devices), but compared to high-level technology initiatives like The Internet or (coming soon) AI, the direct impact is not in that league. Even compared to a smaller realm like "social media", Bitcoin's impact on society and the US as a whole is still pretty small.

The answer to this question seems to be an important part of many people's thinking about Bitcoin. They start with the assumption that Bitcoin is bad for the USA, and then make a bunch of additional logical leaps like so:

1. Bitcoin is bad for the USA.

2. Therefore, "the USA" will do everything it can to stop Bitcoin from existing.

3. Since "the USA" operates as a single consciousness, every person in the USA, or at least every employee of the US government, will work toward the goal of eradicating Bitcoin (but they haven't succeeded since Bitcoin is more powerful than every world government  ).

4. Hence every new law that is proposed or passed in the USA should be interpreted as something that is made to help eradicate Bitcoin.

5. Hence, when talking about theories about Bitcoin's genesis, for instance, one must assume that "the US government" and every single one of its employees agreed that Bitcoin is bad for the USA and did everything they could to stop it.

I get that Bitcoin often has a mythology around it that is all about "fighting the Man", or the Illuminati, or something similar. In other words:

1. There exists a super-consciousness that secretly controls the world.

2. That super-consciousness doesn't like Bitcoin because it threatens its dominion over the world... somehow.

(Again, don't shoot the messenger here, I'm just reporting on what they are saying ).

I'm reminded of those ads you see all of the time: "YOUR LOCAL POWER COMPANY DOES NOT WANT YOU TO CLICK HERE". And then it's an ad for low-wattage lightbulbs or something. Some people need to feel this way, and... I guess Bitcoin taps into that feeling for some.

But others make a case that Bitcoin will radically improve the USA for the better, and make the country more successful and prosperous in huge and significant ways.

Anyhow, would love to hear people's thoughts on this...

[Ambatman]

The first is Bitcoin isn't owned by the US.
Bitcoin wasn't created to improve the economy or to make the world a paradise
It was created as a way an alternative from the traditional path and from currency debasement.
This is a strength and night be an issue since for this it can challenge the demand for the dollar
But like you stated not really much in the grand scheme of things.

[Joy_learns_crypto]

One thing that's close to being sure is that Bitcoin will end the reliance on the US dollars, the US dollars has been globally used for international trade Bitcoin could replace that although there are some drawbacks like the volatility of Bitcoin, but for a free independent trade Bitcoin could edge the US dollars.

Bitcoin on USA as a country could hurt and help the USA and it's citizens, but I have to say the arguments on your post is actually not well detailed, no meaningful disadvantage or advantages were there.

[Mia Chloe]

~snip

To start with, If bitcoin was actually bad for tge US like you claim then the government will have no reason to actually focus on hodling more and even trying to increase their strategic reserves. I see most of your theories and expressions like some sort of poetic and kinda unnecessary agendas.

If the government thinks it's bad then fine let them ban it in their country besides they are not the first to actually do so and then immediately proceed to let go of every single one of their reserves.

[AVE5]

This is a question that comes up all of the time, implicitly or explicitly, in a lot of discussions: does the existence of Bitcoin help or hurt the USA? Is a good thing or a bad thing for the country?

Funny enougu friend, the bitcoin or cryptoeconomy is connected to the global or regulatory economic system in the diagonal flows whereas, it's the economy system that has the potentials to influence the bitcoin market because, bitcoin community users majorly relies their earnings through the economy activities.
Bitcoin specifically introduces advanced monetary system to the societies and border less with its decentralized system.
Forwardly, bitcoin has only come to make life there in the UNITED STATES or everyone other countries easy to control and execute your financial transactions understand your controls with your privacy under your custodies too.
It has really come to make monetary life easy for all. It cause no harm to the economy systems.

[Antidote47k]

Bitcoin and the USD aren’t competing for the same outcome, fiats will still exists, bitcoin is an alternative which isn’t controlled by anyone, you can say that there is a chance that it might replace the US dollar for international trades which to me is something I’m looking forward to, if there’s going to be an international means of exchange it should be free from sanctions and decentralized!
Regardless bitcoin wasn't created to maximize US power, does a technology have to be nationally advantageous before it’s worth keeping? I don’t think so, the individual american will benefit from bitcoin as for the US government, that’s a different question.

[legiteum]

Bitcoin wasn't created to improve the economy or to make the world a paradise
It was created as a way an alternative from the traditional path and from currency debasement.

Well, it was initially created by Satoshi to be a means of value transfer. It became, by accident, an investment instrument. But Bitcoin was absolutely not initially invented to be that.

This is a strength and night be an issue since for this it can challenge the demand for the dollar
But like you stated not really much in the grand scheme of things.

As somebody below already noted, Bitcoin doesn't compete with USD, it competes with things like stocks, bonds, land, collectables, and so on (and of course other cryptos).

One thing that's close to being sure is that Bitcoin will end the reliance on the US dollars, [...]

Really? How? Absolutely nobody I know can tell you, off the top of their head, how much BTC a milkshake should cost, more of less. But everybody in the USA and many around the world would be able to say, instantly, "between 4 and 8 dollars". The US government made a huge effort to get everybody to use the metric system about 70 years ago, and... still no metric system here. In fact they've pretty much given up trying.

The USD is going to be around forever. Get used to it .

Forwardly, bitcoin has only come to make life there in the UNITED STATES or everyone other countries easy to control and execute your financial transactions understand your controls with your privacy under your custodies too.

It has really come to make monetary life easy for all. It cause no harm to the economy systems.

I think a lot of people in the USA, and a lot of people in the US government (and a lot of US elected officials) completely agree with you. And I completely agree with your last point.

(Sure is strange, then, that some people still maintain the idea that "the US is against Bitcoin" ).

Bitcoin and the USD aren’t competing for the same outcome, fiats will still exists, bitcoin is an alternative which isn’t controlled by anyone, you can say that there is a chance that it might replace the US dollar for international trades which to me is something I’m looking forward to, if there’s going to be an international means of exchange it should be free from sanctions and decentralized!
Regardless bitcoin wasn't created to maximize US power, does a technology have to be nationally advantageous before it’s worth keeping? I don’t think so, the individual american will benefit from bitcoin as for the US government, that’s a different question.

Agree 💯.

[Cryptomultiplier]

From my perspective, Bitcoin has helped the U.S in more ways than I can actually pinpoint because I really don't live there but I follow the news and know that it has helped businesses there, helped the current president win an election with him including Bitcoin in his political agenda, helped the financial system there that there's a reserve bank for crypto currency, has been packaged into walk street with ETF in play, helped more corporate entities have it as an asset of value like gold that can't totally be ignored, it has even helped the emergence of AI inclusivity take better shape just as the Internet did and that's just more than enough reasons I have states why Bitcoin is a great help to the U.S.
 

[Charles-Tim]

Bitcoin has nothing to do with the United States economy and it has nothing to do with dollar in affecting it negatively or badly. Bitcoin can only help American citizens that invested in bitcoin and which I think most early people that invested in bitcoin are the Americans. The best way bitcoin should be seen is how gold and other valuable assets are seen.

[BlackHatCoiner]

The problem with questions like these is that they are vague and generalize for an arbitrary group ("The USA"), as if the USA is a particular person that we can look and measure his progress in life.

But even with this in mind, hard money is without doubt a stepping stone for civilization to thrive, because the basis of civilization is to think of the future by discounting the present. There is no future for a civilization that cannot postpone present satisfaction for delayed gratification. Most of the present-oriented garbage this world promotes is because of how money works today. We can verify this by looking at countries with hyperinflation, where people take their paychecks and rush to spend it on the supermarket; zero plans for the future, because even the present is uncertain. The same thing is going on with the inflation in the US and EU, but in slow motion.

[Aanuoluwatofunmi]

Before, it used to be a hard time for US citizens to freely consider Bitcoin because of government regulations, but now things are better than before ever since the Bitcoin ETF approval.

But it is so unfortunate that, to this day, the United States has not yet invested in Bitcoin and is one of the largest holders around the world because it has confiscated several assets from different sources and is holding on to them; therefore, as it is today in the United States, its regulation is still friendly to an extent but does not fully support Bitcoin adoption.

You can also consider the Clarity Act as unfinished business; they still have pending on what approach the majority is going to support, or whether to bring it as a commodity/asset.

[macson]

does the existence of Bitcoin help or hurt the USA? Is a good thing or a bad thing for the country?

I don't think it really helps their economy that much, but it still gives them some potential benefits. If they felt that it was "bad" for their country, they could just ban it completely, like what Bangladesh did.

But since they still see its potential benefits, it suggests that they see value in it, and that's why they accept Bitcoin --- even more senators support the government allocating some funds to invest in it, though it's still in process.

From that, we can see that Bitcoin still has potential benefits for them. As long as it continues to hold value, they will gladly accept it.

[BIT-BENDER]

The first is Bitcoin isn't owned by the US.
Bitcoin wasn't created to improve the economy or to make the world a paradise
It was created as a way an alternative from the traditional path and from currency debasement.
This is a strength and night be an issue since for this it can challenge the demand for the dollar
But like you stated not really much in the grand scheme of things.

Exactly what I will also say, Bitcoin was meant for financial freedom for people, Bitcoin wasn't created to build the economy of any nation and that includes the United States of America, but if any country finds away to harness the quality of Bitcoin to boost their own country economy then good for them.
The United state is a big country and many of its citizens including the president are interested in Bitcoin so actually people in the country see reasons to be part of Bitcoin so that's a good thing for them. It is the duty of American leaders to try to find a way to tap into the potentials of Bitcoin.

[Call_Me_Guru]

My response is short, they are just in two ways. Bitcoin is not competing with the US economy but enriching the believers in the country. Establishing business is not the same as having an asset. The asset is your financial freedom if it is good. That is Bitcoin. Very helpful.

The "fighting the Man" is real, you can interpret it as you like. The "Man" is enslaver, Bitcoin brought freedom.

[PrivacyG]

I do not know what Topics you read and where you find them, but I do not remember this community discussing about some secret plan to 'eradicate' Bitcoin.  The plan to attack Privacy and Freedom is plain and simple, clear to any body who cares to look.  But to people like you who do not value Privacy any way, why does it even matter whether we have any Privacy or none?  You have no thing to hide!

Bitcoin is GOOD for any country.  I do not think it will be some thing that would significantly change the World, but that is not even the point.  The point was having an alternative to Banks and Fiat, and we do have it, and I can use it, and so can you.  To many people it means no thing, to you it is like Stocks, to some it is a hedge against Inflation, to me it is like having the Freedom of Cash but online.

I would not be crying if only half as many people will use Bitcoin by tomorrow, because that is not what I need.  It is enough that to people who value their Privacy and Freedom there is Bitcoin that they can use.  If it changes the World for the unbanked, it is enough.

Any way.  By 'bad for The United States' I suppose you are talking about the people who think the Government would want Bitcoin gone because it can not be controlled, and that they are using regulations to artificially create a layer of control on top of it?  If yes and so many months later you still write about it by calling it 'eradication' and 'bad for The United States' then you are full of B S because you are clearly capable of understanding simple words and sentences but simply choose to pretend you do not.

[legiteum]

I do not know what Topics you read and where you find them, but I do not remember this community discussing about some secret plan to 'eradicate' Bitcoin. 

Really? While I don't have a specific count, I can't remember how many times I've heard the refrain that the US is against Bitcoin and will do everything it can to stop it.

But to people like you who do not value Privacy any way, why does it even matter whether we have any Privacy or none? 

That's a personal attack, and a slanderous one. And a stupid one. I recently founded a privacy company, for what it's worth (since you suddenly want the thread to be about me personally).

Since you have a narrow view of Bitcoin based on pure emotion, you've probably never heard of chain analysis. You probably think that Bitcoin is anonymous, which is dangerously wrong.

So who is the one who doesn't care about privacy? The one who is making a privacy product, or one spreading a falsehood that something that isn't private is private?

Again, I have no interest in making this thread boring and about personalities nobody here has ever met and never will, but if you are going to go there, then you are simply wrong.

[Alpha Marine]

Bitcoin is not significant enough to affect a country in the context you speak of. The context is that Bitcoin will become a more popular currency and the demand for the dollar will reduce, thereby hurting the US, but that will not happen. It has the potential to, but it won't because right now, less than 5% of the world holds Bitcoin, and even a lesser portion of that uses Bitcoin as currency

One thing that's close to being sure is that Bitcoin will end the reliance on the US dollars, the US dollars has been globally used for international trade Bitcoin could replace that although there are some drawbacks like the volatility of Bitcoin, but for a free independent trade Bitcoin could edge the US dollars.

No, it will not.
If the reliance of the world on the dollar is ever broken, it will not be because of Bitcoin. It will be because countries have been looking for a way to use other currencies or their currencies for international trade and not the US dollar.
Countries moving away from the dollar are not moving to Bitcoin. From their POV, they stand to gain nothing if they use Bitcoin. It's not their currency, and it doesn't benefit their economy.

[Wiwo]

The current US president Donald Trump, is one man this full of himself and if his country was to be affected by the existence of Bitcoin as you claimed, he will have come out to say it publicly and own up to war against Bitcoin.

But during his campaign he made alot of positive remarks about Bitcoin and the cryptocurrency ecosystem entirely, infact he promised to make US the crypto country of the world.

With such moves and actions, I dont feel any negative relationship between Bitcoin as alternative to the traditional economic system.

[GGGary33]

I don't think that any country for that matter might be hurt or help by Bitcoin. It is design to have no central authority, so no control of any individual or person. Which means we can't measure the effect, either good or bad.

The only thing is that US or El Salvador for that matter embraces Bitcoin. So in a sense it's like free marketing for us. But there are no measuring cup to say that it will help or hurt any nation that support or ban bitcoin.

[Zoomic]

Bitcoin is already useful, it doesn't need to destroy the dollar to remain useful. Bitcoin came with freedom that allows people to hold and transfer value without depending entirely on traditional banks or any government controlled payment system and that's the part that government sees as as a challenge because it reduces the significance of the old government controlled system.

However, it's important to know that not everything that challenges the existing system should be seen as something bad for a country. The US government can still benefit from Bitcoin innovation by integrating it to what was existing while developing reasonable regulations around it and that's what's been playing out in recent times just that not all the proposed regulations have successfully been passed into law.

Bitcoin's value shouldn't be tied to it's effect on the dollar but by what it offers to people.