By Dane Larsen | @therealdanelars
“As long as the stupid criminals keep using Bitcoin, it’ll be great,” -Michael Conaway (R- TX)
Representative Conaway of Texas’ 11th Congressional District made snide remarks about members of the American cryptocurrency community. Along with his traditionalist GOP and financially unstable Democratic colleagues, he took cheap shots at crypto investors, without giving opportunities for rebuttals.
At a segment of the Committee of Financial Services, the subcommittee of the Monetary Policy and Trade received some backlash from the crypto community. The 115th US Congress was incredibly biased against decentralizing the government in the economic sector during these meetings of the Subcommittee.
The greatest allure of Cryptocurrency, its anonymity and decentralized nature, is under attack by legislators who seek to regulate currencies like Bitcoin. The House and Senate have already made necessary action forcing members of Congress to “disclose their holdings”, and passed a bill to facilitate exchanges of Bitcoin and other popular cryptocurrencies, in an attempt to stop illegal activity. Some councilmen and women have even been in the works trying to write a proposal flat-out prohibiting the mining and use of Bitcoin.
Predictably, the reaction by the media and elites was to cast doubt over the ability of cryptocurrency users to circumvent the Federal Reserve and current monetary policy practice. To praise people like Conaway for calling out the “criminals” is to go with the mainstream; in other words, the easy way out. Congress would rather clump all investors into this stereotype of the small minority, rather than sympathizing with the crypto investors and looking with a broader approach, at the sheer amount of people who are involved in the community without coming at it from an illegal standpoint. A very large portion of the community is involved to ‘stick it to the man’, not deal drugs or hold prostitution rings. We know this objectification all too well because cryptocurrencies have had a negative stigma since the launch of Bitcoin in January of 2009.
The feeling of detest for Bitcoin is bipartisan in the US House and Senate, yet the wonders of BTC, BCH, LTC, and ETH are global. The market shows many young people are interested in investing in bitcoin and other cryptocurrencies.
An enormous amount of knowledge that the American people know about Bitcoin (considering Litecoin, Etherium, and other cryptocurrencies are about as exotic of words to them as anything), is about the Great Spike in late 2017, when BTC rose to just about $19,000. After that, the people know that has decreased. But after that is where the stories go through two different paths. Most households believed that crypto fizzled out into nothingness until it was a memory: a forgotten commodity.
The extent of crypto knowledge for the average American is about the Great Spike of late 2017, and it’s eventual fall from grace. When BTC rose to $19,096.64 in late last year, then falling down thousands of dollars in a matter of days. The general public thinks Bitcoin is dead. However, this couldn’t be more wrong. Bitcoin is alive and well, showing signs of promise and great potential for the coming months to end off 2018. Bitcoin is up $2,324.52 since last month, reaching $8,200. Whether it was just a leap in public interest, or the word spreading about crypto, the price of Bitcoin is rising at a steady rate.
Since the Subcommittee of Monetary Policy and Trade, and the rise of Bitcoin, no Representative who called out or talked bad about the crypto market and/or community has made any public briefing admitting their fault or apologizing. Although expected, we can all sit back, disappointed at the disconnect from the D.C. members of Congress and the American public.
To support 71 Republic, please donate to our Patreon, which you can find here.