DUKING IT OUT: Federal Reserve Slamming BTC!
You’ve already seen what the government has done to Facebook’s Libra Coin, which won’t come out for a long time and at this rate, might not happen at all. Now they’re attacking all stablecoins – just a war of words at this point, but expect it to escalate rapidly in 2020.
The U.S. Federal Reserve is again claiming that stablecoins pose a risk to financial stability and monetary policy (meaning, the Fed’s fiat-fetish monetary policy), and consumer and investor protection. They’re also saying that stablecoins contribute to money laundering and terrorist financing.
We’ve heard these same arguments from the government because that’s all they’ve got, and they’ll keep pressing those same buttons over and over. China hasn’t been able to stop the blockchain movement, so don’t expect America to stop it either.
They can’t refute the facts that support crypto:
- Unlike fiat money, Bitcoin is becoming scarcer. The halving event of May 2020, when the Bitcoin mining reward will be cut in half, will make each Bitcoin more valuable.
- Cryptocurrency adoption is growing and the technology is constantly improving. The Lightning Network is improving crypto’s scalability and reducing the time and cost of transactions.
- Volatility is being replaced by stability – you’re not seeing the wild Bitcoin price drops that you saw in 2018.
- Decentralized governance is clearly the future, though of course the Fed will fight its progress tooth and nail.
- Bitcoin isn’t strongly correlated to the stock market, so it’s a good diversification tool and has provided strong returns as part of a mixed portfolio:
You can diversify without trying to wage a losing battle against the central banks.
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This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.