Simply Bitcoin: Why Does the United Nations Want Bitcoin Banned?
Cryptocurrencies have existed for less than 15 years. In that time, they’ve managed to generate thousands of projects in the form of coins and tokens. And at its peak, the space was valued with a market cap of nearly $3 trillion.
While the recent selloff has been the headline news, a number of powerful interests have come out against cryptos. The disdain is particularly strong for Bitcoin, the original cryptocurrency and the largest crypto in the space.
Recently the United Nations came out against cryptocurrency projects. The organization cited the lack of regulation in the space. The UN suggest that countries disincentivize the use of crypto adoption with taxes and regulations.
This comes off of moves made at the country level, such as China’s ban on crypto mining last year.
However, cryptocurrencies were created in part due to the failings of fiat currencies managed by governments.
Currently, inflation is running rampant around the world. The United States and developed nations are in crisis mode over high-single-digit inflation.
Yet a number of countries are even seeing triple-digit inflation. While crypto prices haven’t been strong recently, over the past few years, they’ve provided a way to preserve purchasing power.
However, cryptocurrencies don’t offer the same potential governmental controls. Instead they offer the potential for economic and financial freedom, which makes government planning significantly more difficult.