Re: BTC as means of payment is a looking more possible than before?
They say the GENIUS act was created with the main goal of protecting users, but in reality they are trying to strengthen the position of the USD and manage the money flow more tightly. This GENIUS not only requires stablecoin issuers to be pegged to the USD, but also requires organizations to comply with the statutory withdrawal, freezing, and burning of stablecoins.
To buttress your point more here is a report by watcher Guru about what the director of digital assets has to say about the so called Genius act. It is actually clear that their intention is nothing other than giving relevance to the dollar. I said this that the US government seem to be more inclined to the crypto adoption because they think having the title the crypto capital of the world can help them save the dollar too from this constant dedollarization threats how is what I don’t know.
Making payments with BTC is not the main issue. I think what you really mean to say is the government making Bitcoin an alternative legal tender, where businesses are authorised to make Bitcoin a means of payment and are mandated to accept it should a customer or client offer it.
This will take time before the government implements it, if the government even has plans of doing so. Back to us bitcoiners: many still see Bitcoin more as a speculative asset than a currency. They would rather hodl it for profits than spend it.
This will take time before the government implements it, if the government even has plans of doing so. Back to us bitcoiners: many still see Bitcoin more as a speculative asset than a currency. They would rather hodl it for profits than spend it.
As an alternative to legal tender I don’t think the government needs to actually make any announcement about that or pass any bill, for me; the government making cryptocurrency a legal is already ok to give the business enterprises the freedom to accept bitcoin as form of payment not that they have to make it any more announcement about that.
Using bitcoin for payment still doesn’t affect one investing into bitcoin and holding it. If you wish to actually use bitcoin to pay for anything you can simply use the fiat intended for this to change to bitcoin without having to touch your holdings. Someone would say why go through this route instead of using fiat straight up. This is because some cross boarder transactions are a problem with fiat due to difference of currency.