Tax Challenges Won’t Obstruct Bitcoin: Regulators Urged to Embrace Innovation

Congressman Brad Sherman’s recent tweet attacking Bitcoin supporters as “tax evaders” highlights the mainstream popularity of Bitcoin. It is ironic to see politicians like Sherman, who have taken an oath to uphold the Constitution and the presumption of innocence, label Bitcoin supporters as criminals without any evidence. Their remarks undermine the fundamental principles of justice and fairness that underpin our legal system. It is unfortunate that politicians like Sherman are attacking Bitcoin, but it serves as a signal to those on the fence that there may be something to this “freedom money” that is constantly under attack by those who are corrupt and compromised by legacy systems.

The government should focus on creating a regulatory environment that supports innovation and economic growth, rather than imposing arbitrary taxes. The proposed 30% tax on Bitcoin mining by the Biden administration is both unfair and hypocritical to the values that make the United States great. If a market participant has paid for their energy, they should be free to use it as they wish. So, why is Bitcoin mining being targeted when other industries, such as pornography, video games or gambling, also use energy to allow people to indulge in their vices online? The proposal seems to be a clear example of government overreach and intervention in the private sector.

It is not just Bitcoin mining that is being targeted; it is the entire Bitcoin network. When new and innovative ideas challenge the status quo, humans and technology can exhibit resistance or embrace change. Established industries or entities may resist new technologies to protect their own interests, just like how our immune system responds to foreign pathogens to protect our body. However, technology can also evolve and adapt to better serve our needs. We should embrace the opportunities that new technology provides and work together to shape a better future.

Technology is always evolving based on human needs. It starts with a small idea and then grows into something larger than anyone could have imagined. We are all part of the network of technology, and we must embrace the evolution of technology and understand its potential to shape the world for the better. Bitcoin may well exceed $1 million as more network effects get added in meatspace and cyberspace.

In conclusion, Bitcoin is not inherently bad; it is a tool that can be used for both good and bad purposes. Instead of fighting against progress, we should embrace the opportunities that new technology provides and work together to shape a better future. Bitcoin is changing the world rapidly, and it is up to us to harness its power and make the most out of its potential.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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