Law enforcement authorities can shut down bitcoin anytime, according to Bloomberg Digital’s executive editor Joe Weisenthal.<\/p>\n
The media talent warned institutions against creating bitcoin-based investment products, stating that they could become a tool to take capital from fiat markets. Citing Bitcoin exchange-traded funds<\/a>, Weisenthal said no regulators would want to approve fiat onramps to pump money into the bitcoin ecosystem. First, the move would make fiat unattractive to investors. And second, it would increase the amount of illicit financial transactions.<\/p>\n Weisenthal thinks bitcoin has only one critical use case: to facilitate trades that the governments and regulators \u2013 or “the MAN” \u2013 do not want anyone to make. That makes the cryptocurrency an ideal tool designed to serve criminals \u2013 and criminals only. Creating new markets to inject more into bitcoin, therefore, would increase the number of financial crimes. So, one way or another, an average law enforcement agency would attempt to get rid of bitcoin once and all.<\/p>\n “If you’re building or launching these institutionally-grade products, how sure are you that down the road regulators won’t come in and shut it all down,” questioned Weisenthal. “There is so much interest in this space, but is anyone thinking this through?”<\/p><\/blockquote>\n The statements were a part of a newsletter that showcased bitcoin as an ecosystem run by two kinds of users: speculators and transactors. Weisenthal said the bitcoin protocol works when certain people expect more massive profits out of their so-called bitcoin investments \u2013 or when they use bitcoin to conduct transactions away from the prying eyes of regulators. Both kinds of users, wrote Weisenthal, compliment each other.<\/p>\n In today's @Markets<\/a> newsletter, I wrote about how the point of Bitcoin is do to the transactions that THE MAN doesn't want you to do (including illegal transactions). And the allowance of a Bitcoin ETFs would essentially be a big subsidy to this market https:\/\/t.co\/e5TYtjIuOw<\/a> pic.twitter.com\/fkMbexuv8v<\/a><\/p>\n — Joe Weisenthal (@TheStalwart) October 17, 2019<\/a><\/p><\/blockquote>\nThe Man Will Come After Big Bitcoiners?<\/h2>\n
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