Yesterday at a Senate Finance Committee meeting, Janet Yellen, incoming Treasury Secretary for the Biden Administration stated cryptocurrencies are mainly used for "financing illicit activities". These same claims have been recycled and are often brought up.
In the past 24 hours, Bitcoin is down almost 10%, trading around $37,800.
The whole argument behind Bitcoin and its uses for illegal activities are constantly discussed. While yes, Bitcoin has and is still probably used for money laundering, drugs and other activities its not the only option. The US dollar is used for the same activities, but nobody want's to ban it.
I hope to see the Biden administration shift toward an acceptance of cryptocurrencies and work to benefit the market instead of trying to regulate it.
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That what happens when you mix old people with technology....
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I agree. It's a new concept and certain individuals set in their old ways are not open to change.
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