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Bitcoin investors are gambling on BTC’s value for no social benefit, says Congressman

Gautham Kadri



Bitcoin investors are gambling on BTC's value for no social benefit, says Congressman Brad Sherman
Source: Unsplash

During the recent financial services committee hearing at the U.S Congress, a Congressman named Brad Sherman suggested a ban regarding the buying and mining of cryptocurrencies by US citizens. He also strongly believes that cryptocurrencies take resources away from various other required areas and are used to facilitate criminal activities.

Brad Sherman stated:

“Cryptocurrencies offer unparalleled advantages to the nations that the U.S Government sanctioned for their terrorist activities, tax evaders and to criminals.”

Congressman Sherman’s argument mostly revolves around the fact that the current dollar and digital currency are efficient and effective in all forms of transactions and that Bitcoin and other cryptocurrencies only act as a means for promoting tax evaders and narco-terrorism.

Norbert Michel of the financial market regulation has pushed back this argument stipulating that if Bitcoin and other cryptocurrencies are criminalized based on the fact that Bitcoin was used by terrorists, then airplanes, computers and automobiles then it should also be treated the same since they were also used for terrorism and illegal activities.

Despite the counter-argument put forth by Alex J. Pollock, another U.S Congressman stated that cryptocurrency is just another alternative that can be used in transactions, it is not trying to replace the dollar or undervalue any other form of digital currencies.

Brad Sherman went up to a point where he accused Bitcoin mining of taking away electricity from other basic and important needs and contributing to the carbon footprint. He stands firm in believing that cryptocurrencies accomplish nothing except facilitating narcotics trafficking, terrorism and tax evasion.

He finally remarked:

“When we have people take risk we don’t encourage gambling we encourage investment in the real economy. But, when you buy a Bitcoin, are you financing a new factory? No. You’re gambling on its value for no social benefit.”

A cryptocurrency enthusiast on Twitter says:

“If we use that same principle, US dollars have been widely used for money laundering and for any type of crimes. Are they going to forbid US dollars?”

Mike, a Twitter user commented:

“Unlike the fiat U.S. dollar, cryptocurrencies like #bitcoin and #Litecoin are bound by mathematical constraints. Mathematics has never been a concern of the majority of those in the U.S. Congress. The inability to simply balance a budget is proof of that fact.”

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Gautham Kadri is a full time content writer at AMB Crypto. His passion is for writing and interest towards the future of cryptocurrencies and blockchain technology. He does not hold any form of crypto currencies presently.


Bitcoin nirvana is happening right now, says Max Keiser




Bitcoin nirvana is happening right now, says Max Keiser

Bitcoin’s price pump affected the altcoins’ valuation on an optimistic note. The digital coins recovered significantly this year after losing nearly 80% to 90% valuation since the market crash in the first quarter of 2018. As Bitcoin [BTC] continued to trade between $7,600 and $8,300, prominent analysts in the field speculated that the king coin could potentially spiral down a bit more. However, Max Keiser, a Wall Street veteran and host of the Keiser Report, who is also a noted Bitcoin bull is of the opinion that “crypto spring is here”.

The broadcaster, in the latest edition of the Keiser Report, stated,

“It’s just bleeding right into our lives we can hear the lawnmowers outside in there getting ready for crypto summer and then crypto fantasia crypto parallel dimension and the Bitcoin nirvana it’s all happening, it’s all happening, right now.”

Keiser also noted that the global economy was undergoing “deglobalization” which steemed out of uncertainty and volatility and added that there “was no way to hedge against that”.

Stacy Herbert, one of the most influential women in blockchain and a host alongside Keiser contributed to the discussion. She said at a time when deglobalization has hit the economy, one would certainly go along with Bitcoin. According to the broadcasters, trade wars between China and the USA was currently intensifying Herbert; While recalling history, they also took note that the empires started falling during the period of deglobalization which was eventually followed by the two world wars.

Keiser had previously remarked that “Bitcoin is hard money” very similar to gold, and added that it is going to “respond well to hyperinflation and hyper-money printing”.

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