• Hector C.

Why Bitcoin Won't Thrive in the U.S.

On the 11th anniversary of the Bitcoin launch, the U.S. seems to be farther away from mainstream adoption than it was 2 years ago. The constant fear, uncertainty, and doubt (FUD) from major news networks, misinformed politicians and misguided agency leaders that have taken very seriously the title of "nocoiners”, attacking BTC at every opportunity. With the help of Treasury Department branches like FinCEN and the IRS, U.S. regulators have done a great job of freezing adoption efforts by big merchants and corporations. However, in doing so, they have also prevented large-scale awareness of the technological benefits that it will bring society in other areas aside from finances and internet magic money. Retail investors and consumers suffer the adverse effects of this choke-hold as they continue to weather the effects of inflation, bank rates, and interests that manipulate their bottom dollar. In addition, wages are kept down by incentivizing minimum wage hikes that should, in reality, be called maximum wage caps, as all they do is limit earning potential that never runs on par with the rising costs of living. Consumers involved in the sphere get the chance during election time to select candidates that share the same Blockchain vision and not the dystopian society seen in countries like Venezuela and China. The power is in the hands of the citizens to carry out their civic duties and wisely select leaders that hold the keys to all on-ramps of mainstream adoption for Bitcoin and other digital assets. The lack of communication from the aforementioned politicians and regulators has also left a bad taste in the mouths of retail investors that continue to struggle with the different changes, updates, and reviews of the tax code since 2014. With the introduction of the original guidelines by the IRS, they are now prevented from diving into this emerging asset class as a reliable long term investment. Due to the lack of delivery from the unicorn projects within the ecosystem (without naming any in particular), we know of some top 20 coins that promised the world to early investors via airdrop or ICO and haven't delivered–not just on market cap or valuation, but on basics such as roadmap adherence or commitment to decentralization. I would like to close with the following suggestion, as there's no reason to point out the issue without proposing change. The lack of communication in the space between different communities is not only unfortunate but also embarrassing. With what some can call a fire drill of censorship from major platforms, some main influencers were caught with their pants down with the realization that in the blink of an eye their influential reach can go from the millions to zero thanks to shadow banning. When the spotlight arose, everyone used the opportunity to complain about censorship or shill their second favorite centralized platform, but little was learned from the opportunity. So until the space can focus on clear communication and education creating awareness of the masses, Bitcoin will not thrive in the U.S.–but it’s in your power to change that!

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