Free Market Should Regulate Bitcoin
0Kelly Slaughter discusses the following in Bitcoin Magazine: But there's one subject that should unite red and blue voters: keeping bitcoin free from government regulation.
To make this case, compare bitcoin to a potential central bank digital currency (CBDC), currently being explored per a recommendation from a recent White House report.
A CBDC fails to provide all the benefits of bitcoin while introducing new risks.
The attraction of bitcoin and other cryptocurrencies is that they are not subject to central decision-making.
With a CBDC, the government could freeze digital accounts.
The White House report states a CBDC could promote financial inclusion and equity by enabling access for a broad set of consumers.
Bitcoin is better positioned to do this.
There are a number of legitimate criticisms directed towards bitcoin.
Regarding energy use, proponents and critics agree that a reduction in energy use is a worthwhile pursuit.
While transparency alone can work against dishonest activity as seen in the legal seizure of cryptocurrency, many Bitcoin proponents want to work with the government to introduce reasonable regulations.
Bitcoin experiences significant volatility and speculation.
But we analyze bitcoin from a 2022-based perspective as if the nature of money is static.
Bitcoin is a bit over a decade old and, if allowed, will also evolve based on our technical, economic and social preferences.
Bitcoin is not a replacement for the U.S. dollar, it is an alternative.
Both red and blue parties recognize the value of having financial options — bitcoin is another option with unique benefits.
Bitcoin opponents argue that bitcoin has no intrinsic value, unlike a fiat currency that is backed by the government.
With supporters on the right and the left, let's agree to let bitcoin continue to evolve as a voluntary way for parties to choose to conduct business.
Source: https://bitcoinmagazine.com/legal/let-the-free-market-regulate-bitcoin
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