Post
Topic
Board Trading Discussion
Re: Why government don't want bitcoin?
by
royalfestus
on 16/05/2023, 21:07:25 UTC

Below are the three major things that makes bitcoin looks like a threat to government:
* Governments around the world are eyeing Bitcoin's advance warily because it has the potential to upend the existing financial system and undermine their role in it.

I agree with this premise out of the three presented.Governments may view widespread adoption of Bitcoin as a threat to their financial systems due to its decentralized nature, which bypasses traditional banking channels and government control. Governments can gain access to Bitcoin through regulations on exchanges, AML/KYC requirements, taxation policies, and legal channels. Bitcoin's price volatility makes it challenging for governments to endorse or defend its movements, hindering its mainstream acceptance. Bitcoin's market cap, though significant, may be relatively low compared to first-world economies, raising concerns about integrating it into existing financial systems. Government approaches to Bitcoin vary worldwide based on regulations, economic conditions, and political considerations.