Bitcoin

U.S. Congressman Says Bitcoin Is Only For Tax Evasion

Brad Sherman, a congressman from California, has criticized Bitcoin (BTC) once more, saying that the leading cryptocurrency has “no societal value,” noting its lack of intrinsic value and capacity to facilitate crime.
U.S. Congressman Says Bitcoin Is Only For Tax Evasion 4

On September 10, Sherman denied that Bitcoin could replace the dollar as the world’s reserve currency. He claimed that the only reason it outperforms the dollar is that it may be used to commit crimes like tax fraud. Additionally, he asserted that Bitcoin lacks the support necessary to boost the economy.

“Suppose it becomes a currency. In that case, it will only be because it can outcompete the dollar for some pretty big markets, especially the tax evasion market, and that’s why it has no societal value. We want people to invest in assets that will build the American economy,” he said. 

Strangely, Sherman, who has advocated for prohibiting Bitcoin, acknowledged that it is now nearly impossible to do so but added that rules would allow the government to recover “some control.”

“The critical thing is to impose the know your customer and anti-money laundering laws on crypto. Once it’s clear that those laws are set, crypto loses the one thing it aspires to be, and that is successfully competing with the dollar by having an advantage over the dollar,” he added. 

U.S. Congressman Says Bitcoin Is Only For Tax Evasion 5

The legislator claims that if Bitcoin is successfully regulated, some of its appeals may wane as a result of the rules’ exposure of the asset’s inferiority to the dollar. Sherman is one of several American senators who have advocated outspokenly for the outlawing of Bitcoin because there is “too much power and money” behind cryptocurrencies.

U.S. Congressman Says Bitcoin Is Only For Tax Evasion 6

Sherman thinks the government can’t now outlaw the asset because of this capability:

“I don’t think we’re going to get [to a ban] anytime soon. Money for lobbying and money for campaign contributions works, or people wouldn’t do it; and that’s why we haven’t banned crypto. We didn’t ban it at the beginning because we didn’t realize it was important, and we didn’t ban it now because there’s too much money and power behind it,” he said.

Sherman has in the past linked Bitcoin to a Ponzi scheme, pointing out that investors only buy the asset to sell it for more money.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

36 minutes ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

1 hour ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

2 hours ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

2 hours ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

2 hours ago

Clanker Token Trading Volume Hits $59.8 Million High On November 21

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

3 hours ago

This website uses cookies.