US Presidential candidate Robert Kennedy Jr. tweeted about Bitcoin mining and how it could potentially be stifled by the U.S. government’s proposed 30% tax. Bitcoin is fundamentally different from other cryptocurrencies, and it has a significant impact on the industry. While there are certainly some bad actors in the crypto world, this should not be used as an excuse to limit innovation and progress in the industry.
The U.S. government’s proposed tax on cryptocurrency mining is a bad idea, and it could hinder the progress of the crypto industry, which is driving innovation in the tech world. While there are concerns about the energy usage of mining, it is worth noting that it consumes roughly the same amount of energy as video games, and nobody is calling for a ban on gaming. The environmental argument is often used as a pretext to suppress anything that threatens the power structures of the elites.
Some people advocate for tighter control of cryptocurrencies to prevent their use by criminals, but this ignores the fact that many dissidents and ordinary citizens also value their privacy. Governments can use control over bank accounts and payment platforms to crush dissent and harass their enemies. Until we have a diverse ecology of currencies, not just a single, centrally controlled one, our economy will remain fragile.