Team Biden sees digital currency as a threat it can't control. Here's what it means for your investments
Fox News
Members of the Biden administration want to purge Bitcoin and other digital asset companies from the American economy. They view this currency innovation with contempt.
The situation isn’t too dissimilar to that of the Chinese Communist Party which, having concluded it couldn’t control digital assets outright, banned them in 2021. David McIntosh is President of Club for Growth and a former Congressman from Indiana.
The traditional centralized monetary system, as we know it in the United States, is tightly regulated by the federal government, which controls all facets of the system, including printing and minting physical currency and coordinating transactions with financial institutions. Adjustments to how the system operates can be made by unelected government bureaucrats, potentially with little-to-no public notice.
Under the decentralized mode of digital assets, no central authority is required. Bitcoin, for example, uses open-source software that allows the code to be maintained by a consensus of its users. Modifications and improvements can be made if a sufficient number of users agree – and this is a crucially important difference – with a centralized system, any changes would be transparent.