The SEC is finally coming to its senses, or are they. Crypto Mom, aka. Hester Pierce has been the voice of hatred from the US government to Bitcoin and the entire crypto market. In a recent moment of sanity, she admitted that banning Bitcoin is nearly impossible without restricting the Internet as a whole. Meanwhile, the US is falling behind other countries in terms of crypto savvy. Is this a step in the right direction, or is something else happening?
Could it be that China mines 2/3 of all Bitcoin, but it's illegal to use it in China have anything to do with it? Think about it. China has its own digital currency going for them. If they do most of the mining, what is the purpose since they can't use it? Could this be another weapon against the US in the long run?
It is no surprise that China has its eyes set on having its currency equal to or greater than the US dollar. The only benefit that the US dollar has going for it is that it's used as the only currency used to purchase oil. That's right, OPEC and the oil dollar. If China could get countries to dethrone the US dollar and accept their more modern version, the US dollar would most likely collapse or create an implosion of the US economy since other countries wouldn't need to buy our bonds. This weaponized Bitcoin theory is not just the author's idea but also of PayPal co-founder and venture capitalist Peter Thiel.
If the US wants to protect its interest, it had better work something out and realize that Bitcoin is a legitimate market, and it would be better for the US, in the long run, to work with this technology than against it. We will have to see what course is taken when the new head of the SEC, Chairman Gary Gensler, takes over. Supposedly he is more knowledgeable about the crypto market.
