Zero Hedge: The big worry among the bitcoin perma-bears is the threat of government “making it illegal”

The latest bogeyman on this front is none other than U.S. Treasury Secretary Steve Mnuchin. Rumors float that he’s considering outlawing ‘self-custody wallets,’ in effect confiscating the private keys of everyone’s cryptos.

In a Twitter-thread, the chief executive [of Coinbase Brian Armstrong] said that his firm “heard rumors” about the US Treasury Secretary Steven Mnuchin’s plans to introduce fresh rules for “self-custody wallets” by the end of his term.

The open nature of cryptocurrencies allows anyone to create a private wallet by downloading third-party software on their computers/smartphones or through hardware devices that store digital assets. These types of self-custodial solutions come cheaper than traditional financial services — and they ensure privacy.

Those rumors are apparently valid since Mnuchin received a letter from four Congressmen imploring him not to do such a monumentally stupid thing.

Davidson et.al. make the very salient point that a move like this would be crippling to the burgeoning cryptocurrency, decentralized finance world. Read More …

Opinion: In our post from Bitcoin November 4, 2017 …

Bitcoin staging the biggest challenge yet to gold and silver

… we said this: Once governments wake up and outlaw Bitcoin and its offspring, central bank-controlled digital currencies could be next.

Fast Forward October 12, 2020

7 Central banks are weighing their own digital currencies – this is what they could look like

The Bank for International Settlements (BIS) and seven central banks published a report laying out some key requirements for central bank digital currencies, or CBDCs.

Not a prophet …

Digital currency is the only way for a prophesied future authoritarian government to have control of every transaction on the planet. And only a government owned/regulated coin will eliminate money laundering, tax evasion, theft, and funding for terror groups.

When the Bank of International Settlements (BIS), the central bankers banker, became interested in digital currency, it was the beginning of the end for any other financial institution that wanted to play in that space. It is about control.

The future of money is in prophecy …

 He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, 17 and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name.” Revelation 13:15-17