A CALL to Outlaw Cryptocurrencies? Or a CRY for Help?
It’s not uncommon for new ideas, concepts, and emerging technologies to experience friction as old and inefficient methods are challenged and changed for the better.
Cryptocurrencies have received their share of criticism, and on May 9th, Congressman Brad Sherman called for support from colleagues to issue a bill to outlaw ALL cryptocurrencies.
Sherman went on to say that cryptocurrencies threaten to undermine and “disempower” the monetary and foreign policy system that heavily relies on the dollar’s status as a world reserve currency.
“An awful lot of our international power stems from the fact that the dollar is the standard unit of international finance and transactions, it is the announced purpose of the supporters of cryptocurrencies to take that power away from us.” – Congressman Brad Sherman
Ironically, if Sherman did more in-depth research of the underlying technology of cryptocurrencies, he would likely come to the revelation that the technology can greatly enhance efficiency within payment rails and enable easier tracking of users’ funds through the blockchain, as each transaction can be viewed on the ledger in real-time using a blockchain explorer.
Sherman Unwittingly Highlights the Potential of Cryptocurrencies
According to Sherman, cryptocurrencies could “make the most significant sanctions on Iran irrelevant” and undermine the Fed.
By calling for support (or help) to stop digital assets, the congressman has actually shown us how powerful digital currencies COULD be in the future and that the technology enabling users to be financially independent keeps entities shrouded in mystery and centralization like the Fed in constant check.
REALITY CHECK: Is the Economy REALLY This Fragile?
A thriving economy running on innovation and prosperity would normally embrace advancements in technology over time. If the global power base can potentially be undermined (as the congressman said) by a small online community and emerging protocols, the global economic machine so many rely upon may have deeper problems than Bitcoin and altcoins!
This is not investment advice; please always do thorough research and only invest what you are willing to lose, especially in times of uncertainty.