It's not up to the government because the government uses the Federal Reserve's money.
In order for bitcoin to become an accepted currency, the Federal Reserve has to be taken out of the picture. In my opinion, that will NEVER happen if things continue the way the are currently.
Who is going to buy the US treasuries hence providing it with money if it's not the Federal Reserve?
I have to admit, I’m a little bit ignorant when it comes to this topic. Which is why I’m asking about it.
What about other foreign currencies? The government recognizes them as currencies so you don’t have to pay taxes when you trade them right?
Do you think the US government would ever consider bitcoin to be a foreign currency?
Like I said, I’m a little bit ignorant on this topic so forgive me if I get some of the details wrong.
That's a good question but the more they expose bitcoin, the worst their fiat currencies become.
The question I like to ask is how in the world would their central bank digital currencies (cbdc) have a chance in suceeding against bitcoin?
A good starting point to answer these questions would be to see how the fiat situation is flourishing/declining in El Salvador considering bitcoin is recognized as an official currency there.
Great point. I hear a lot of people saying it is more likely the US government will embrace stable coins and use them like they would use a CBDC over making an actual CBDC because there is such a bad stigma around the term CBDC.
Have you heard people talking about that?
Yes I heard, and IMHO, everything is possible when it comes to corrupt governments.
The whole point behind fiat currencies and how they were taken off the gold standard is control.
We witnessed, through the illegal lockdowns of 2021, that governments of the world were ready and able to threaten and intimidate private corporations with the utmost of ease. So the same can be done with Tether, stablecoins and the rest of the shitcoins out there. They can also "secretly" take control of any and all corporations.
