Nick Sorrentino:
We wrote a couple of weeks ago that Bitcoin was under all out assault. The cryptocurrency was being attacked (and it continues) on all fronts, legally, through DOS attacks, in the media, by Jamie Dimon who surprise surprise said that the government would just regulate the alternative currency out of existence and “that would be the end of them.” Of course JPMorgan, Dimon’s company, has beentrying to get its own rival “alternative” currency off of the ground.
Bitcoin fundamentally challenges the central banking system, and as the central banking system is how the powers that be maintain the debt servitude of the world, it must be destroyed.
It’s not about being able to buy drugs or guns with Bitcoin or anything like that. That isn’t what authorities fear, though that is what we hear over and over. What they fear is that people will in fact abandon the dollar and throw the fiat system into a tailspin. The system which is used effectively to do the world’s business (so long as one is part of the club.)
Bitcoin is barbarian money and represents the power of the “crowd.” That is an unfathomably scary concept for the guys who gather in Davos every year and it is why they are trying to kill Bitcoin.
Take a moment to read the last paragraph of the letter from Senator Manchin’s office. What is he reallysaying?
The clear ends of Bitcoin for either transacting in illegal goods and services or speculative gambling make me weary of its use. The Senate Homeland Security and Governmental Affairs Committee issued a report just this month stating, “There is widespread concern about the Bitcoin system’s possible impact on national currencies, its potential for criminal misuse, and the implications of its use for taxation.” Before the U.S. gets too far behind the curve on this important topic, I urge the regulators to work together, act quickly, and prohibit this dangerous currency from harming hard-working Americans.
The key points in the above paragraph are the concern with “possible impact on world currencies” and how hard it will be to collect taxes if people start using Bitcoin. Senator Manchin (?) is concerned about the government (and the people who run the government) getting paid. If the cronies lose control of the money they lose control of the people.
