Hey everybody, today we are talking about the fear of cryptocurrency that some countries have. Watch today’s video to find out why some countries are considering banning crypto.
Jeff: “Banks don’t want it. They want nothing to do with it. What bank do you know that takes bitcoin?”
Tom: “None of them, they don’t want it.”
Jeff: “Once crypto gets backed by anything, up until then it means nothing.”
Tom: “You have to have a system that’s stable that everyone says, ‘Yeah, I accept this as being worth whatever it is.”
Jeff: “They’ve already created that system, and the IRS can say, ‘Hey, we can control this.”
Tom: “Nobody can control bitcoin.”
Jeff: “Right, and that’s why the IRS hasn’t accepted it. They’ve only selected a few because they can control them.”
Tom: “There are countries that are so afraid of cryptocurrency that they’re talking about banning it. Not because of the application use or they’re concerned about their citizens. They don’t want it to -”
Jeff: “- screw the entire system that they have.”
Basically, what all this comes down to is that countries are afraid of cryptocurrency because they can’t control it. There are systems in place in America that can control the dollar and what it’s worth through inflation. There is no such system in place that can control crypto.
No one knows how to control crypto. No one even knows how crypto will react in certain situations. It is unlikely that it will react similarly to the dollar and we know how the dollar responds in a lot of situations because it has been around for so long. Countries don’t want to learn how to control cryptocurrencies when they already have a transactional system in place that they know how to control.