Let’s just say it. Joe Biden is arguably shaping up to be the worst president in the history of the United States. Between the border crisis, the Afghanistan debacle, a failing economy, inflation, and his attempts to implement unconstitutional COVID vaccine mandates, many likely feel that the White House is occupied by a man who has no idea what he’s doing.
Biden Has Potentially Threatened the Crypto Space
Biden’s list of failures extends quite far for someone who’s only been in office for one year. Crypto traders, for example, are probably feeling the heat when it comes to his purportedly sneaky tactics to keep them from enjoying financial freedom. The irony is that when Biden was initially declared the winner of the 2020 presidential election, several analysts emerged to explain that this would be the president to put bitcoin on the map. He would bring BTC and crypto to the forefront and give way to monetary policies that would enable and embolden the future.
Unfortunately, Biden has swiftly gone from a crypto wizard to a bad dream to a recurring night terror. The infrastructure bill passed under his watch late last year, for instance, was not so much aimed at garnering the funds to rebuild our hospitals, roads and schools like the word “infrastructure” would suggest. Rather, the bill contained hidden and sneaky provisions aimed at crypto traders.
Regulation would occur to infringe on their privacy. All transactions beyond $10K had to be reported to the Internal Revenue Service (IRS) and taxmen would be coming down hard on all traders and investors every April 15th beginning in the year 2024.
Under Biden’s watch, the Securities and Exchange Commission (SEC) now feels emboldened enough to suggest a new string of hidden crypto regulations that would allow the agency and others like it to potentially spy on crypto exchanges and defi platforms and the activities of their customers. Digital currency was designed to offer privacy and liberty, but now it seems that both are being swiftly taken away through this administration.
So Many People in the Wrong Mindset
One of the big problems is that Biden does not seem to understand crypto. One reason for this is because he has seemingly surrounded himself with financial leaders and other individuals that don’t quite understand it themselves. For example, Janet Yellen is serving as the Secretary of the Treasury under Biden. She has frequently referred to BTC as a terrorist-financing tool and will often place the digital currency in a negative light when discussing it.
These are arguments that have been swirling around the crypto space for years. Many people who refuse to fully comprehend bitcoin often choose to focus on the criminal activities that occurred in bitcoin’s early days rather than see it as something that has come a long way and revolutionized finance.