Why is the US government not enthusiastic about crypto coins?

Read Time:3 Minute, 50 Second

The United States of America is one of the most important global powers, and it has an influence on almost every nation in the world. Only a few other countries can compete with the dominance of the United States of America; Still, when it comes to the cryptocurrency realm, the United States government does not entirely support it. You will find that some nations in the world are not entirely enthusiastic about bitcoin and other crypto coins, and the USA is among them. So, suppose you think that bitcoin will be the most important cryptocurrency. In that case, you should look at the details of the United States government and its relation to the crypto coins, especially bitcoin. On the other hand, you may read crypto reviews, including the electrum crypto wallet review, in articles online.

The USA has always been trying to create its dominance worldwide. In the cryptocurrency space also, it has done the same thing. You will find that the United States of America supports the Digital Dollar more than cryptocurrencies, and it does not want bitcoin to become the global power. It is because bitcoin is a privately owned digital token, and its value does not depend on any government or banking institution. The demand and supply mechanism decide the value of bitcoin; therefore, the US government is not entirely enthusiastic about it. Moreover, we will read down a few other reasons for this post. If you want to know why the United States government is not very supportive of bitcoin, perhaps the details will be found in the below-given points.

Loss of control due to decentralization

The very imperial reason which can be described behind the United States government not accepting the bitcoin is that it is decentralized. You will find that the United States of America has always wanted to create global dominance. It does not want any other power to become superior to it, and therefore, it is not supporting the concept of a bitcoin. Bitcoin provides complete decentralization of the transactional medium, as well as other things that are done using digital tokens; therefore, the US government is not supporting it. It believes that when there is not going to be any centralized control, it can be applied to the economy of the USA.

Crime concerns

Criminal concerns are also one of the most prominent reasons why the United States government does not like bitcoin. Yes, you will find that the United States of America has been an essential space for digital criminals. The cryptocurrencies like bitcoin can be easily used for terrorist funding and other criminal activities like money laundering. This kind of activity needs to be curbed down in the United States of America, and it is not possible if bitcoin keeps on flourishing, according to the United States government.

Fiscal treatment in complex

Everything that the people are using as a transactional medium needs to be done and dealt with fiscally. If the fiscal policies are not implemented correctly, it may become a massive problem for the nation. So, the United States government has also thought about bitcoin through this concept. However, they believe that the bitcoin is not very mature, and therefore, the making of fiscal policy according to the bitcoin is going to be a complicated task.

A threat to the business of central banks

Every nation nowadays is running on the system of central banks. It is the central bank of every nation, supports the economy, and provides appropriate measures to deal with the ups and downs of the economy. However, bitcoin is not regulated or controlled by any central authority. If the bitcoin is accepted by the people and the other government institutions, it may be challenging for the central banks to survive. They will work with Fiat money, but cryptocurrencies will change how people spend their money. So, everything is going to be changed, and it can be a threat to the Central banks.

The concept of bitcoin is still Young.

Bitcoin has been around for a very long period now. It has almost been 14 years since the inception of bitcoin, but still, many enthusiasts and experts believe that it is not entirely mature. To add something to the financial system centrally, it needs to be very mature. Without their maturity level, it is tough to control and regulate anything. The concept of a bitcoin is not completely clear in the mind of the United States government, and therefore, it is not supporting it. It believes that bitcoin is still young to be adopted as a financial medium.