Technology

Crypto: Can Bitcoin (BTC) be used just for tax evasion?

If there is one thing we can be sure of, it is that Bitcoin (BTC) has no shortage of detractors. A US congressman recently criticized the flagship cryptocurrency. He said the digital asset has no “public value” and is only useful for tax avoidance. Find out the identity of this member as well as the actions they are taking against Bitcoin (BTC).

US Congressman is strongly against bitcoin (BTC)!

U.S. Congressman from California Brad Sherman has once again shown his dislike for bitcoin (BTC). Indeed, during a recent interview, Sherman said that the cryptocurrency lacks intrinsic value. According to him, Bitcoin (BTC) not only has no social value, but also contributes to crimes such as tax evasion. This is the only reason why the asset will have some advantage over the dollar. The legislator added that bitcoin (BTC) cannot become the currency of the future.

Brad Sherman explained: “Let’s say it becomes a currency. In this case, it will only be because it can outperform the dollar in some fairly important markets, in particular the tax avoidance market, and therefore has no social value. We want people to invest in assets that will build the American economy. »

https://www.youtube.com/watch?v=uH-LyrfdxfU

It should be noted that Sherman lobbied to ban bitcoin (BTC). He then acknowledged that banning this asset is currently almost impossible. However, he believes that the government has the opportunity to regain more or less control over the situation. To do this, it is enough to introduce rules that will make bitcoin lose some of its interest.

Brad Sherman, who compared Bitcoin (BTC) to a Ponzi scheme, continues to criticize cryptocurrency. A few weeks earlier, he explained: “At first we didn’t ban it because we didn’t understand it was important, and we don’t ban it now because there is too much money and power behind it. »

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Avatar of Luke Jose Ajinaku
Luke Jose Ajinaku

The failed cryptocurrency investment in 2017 not only did not dampen my enthusiasm, but only increased my enthusiasm. Therefore, I decided to study and understand the blockchain and its many applications, as well as pass on information regarding this ecosystem with my pen.

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