All of us who have invested and traded in Bitcoin knew that there was no guarantee that the good times would last forever. We’ve seen the value of the currency have ups and downs and then ups again, demonstrating its resiliency in a changing world. We’ve also seen it thrive during times when conventional markets struggle. Free of regulation and unconnected to industries and businesses that can drag a market up or down along with them, during its best months it’s been exactly what we all hoped it would be when the concept of cryptocurrency was first explained to it.
Even those who have done well out of Bitcoin would have to admit one thing if we were honest, though – we didn’t know for sure it was going to blow up like it did. Spending money on Bitcoin – especially during the last couple of years when prices have been particularly volatile – has always been akin to throwing money into a game on an online slots website and hoping for the best. Sometimes when you play online slots on websites like UKOnlineSlots.com, you get a huge return from a very small stake. Other times, perhaps more often, the company that runs the online slots website takes all of your money, and you’re left with nothing. Based on the news that’s coming out of the United States of America, the US treasury may soon be about to start playing the part of the online slots website – and they might be calling time on placing fresh bets.
Even those who have done well out of Bitcoin would have to admit one thing if we were honest, though – we didn’t know for sure it was going to blow up like it did. Spending money on Bitcoin – especially during the last couple of years when prices have been particularly volatile – has always been akin to throwing money into a game on an online slots website and hoping for the best. Sometimes when you play online slots on websites like UKOnlineSlots.com, you get a huge return from a very small stake. Other times, perhaps more often, the company that runs the online slots website takes all of your money, and you’re left with nothing. Based on the news that’s coming out of the United States of America, the US treasury may soon be about to start playing the part of the online slots website – and they might be calling time on placing fresh bets.
Steven Mnuchin, U.S. Secretary of the Treasury
There’s no way to dress up Steven Mnuchin’s start warning any other way. He hasn’t minced his words when it comes to his opinion on cryptocurrency, and several of his contemporaries and allies feel the same. Mnuchin says that stringent new regulations are coming, and they’ll likely change the way that all of us interact with crypto, and perhaps even our freedom to do so. Neel Kashkari, the President of the Federal Reserve, is on record as calling crypto ‘a garbage dumpster,’ and so we can expect the Federal Reserve to back the new regulations to the hilt. In other words, they think we’ve all had our fun at the expense of conventional banking systems for long enough, and now it’s time for the conventional financial controls and controllers to fight back. In a strange way, we can probably blame Mark Zuckerberg and Facebook for all of this upheaval. If his company hadn’t tried and failed to get approval from US-based authorities for the doomed pseudo-cryptocurrency Libra, the whole idea of crypto probably wouldn’t have come in for such close scrutiny in the United States of America at all. Now, even the President appears to know what it is, and he doesn’t like it. Before Libra started pursuing official channels, American authorities sort-of knew what cryptocurrency was, but they turned a blind eye to it. Now they’ve been forced to lift the veil and find out what’s there, and it turns out they don’t like it one little bit. Because of that, they’re going to make it as hard and unrewarding for Americans to invest and trade in it as possible.