Bitcoin and other cryptocurrencies have faced a challenging year due to a U.S. government crackdown, and it seems that the situation may only worsen. In light of these developments, Forbes is urging readers to subscribe to their CryptoAsset & Blockchain Advisor to stay ahead of the market rollercoaster leading up to next year’s bitcoin halving.
The bitcoin price has lost momentum after experiencing a surge in the first half of 2023. However, a recent revelation from a BlackRock insider has hinted at a potential seismic event, with $17.7 trillion at stake in the bitcoin and crypto market. Amidst these uncertainties, Sam Altman, CEO of OpenAI, has warned that the U.S. government is engaged in a “war” on cryptocurrencies and wants to exert control over bitcoin.
Altman expressed disappointment in the recent actions of the U.S. government, emphasizing the need to resist attempts to control the crypto market. He also voiced concerns about how far the surveillance state could go if it had control over currency, reiterating his opposition to central bank digital currencies (CBDCs). Although U.S. lawmakers and regulators have discussed the possibility of a digital dollar CBDC, Federal Reserve chair Jerome Powell has stated that such technology remains years away.
Worries over financial and monetary censorship have been amplified during the COVID-19 pandemic, particularly regarding concerns that digital money will grant governments an unprecedented level of control over people’s purchasing decisions. Altman’s involvement in the controversial Worldcoin crypto project has drawn criticism from the bitcoin community. The project aims to create a database of individuals by scanning their eyes in exchange for Worldcoin’s cryptocurrency.
Despite the controversy surrounding Altman’s actions, he remains optimistic about bitcoin’s potential. He believes that having a global currency outside the control of any government is a logical and important technological advancement. Similarly, podcast host Joe Rogan views bitcoin as the most likely candidate for a universal viable currency.
This article highlights the suspicions that the U.S. government is orchestrating a crackdown on bitcoin, cryptocurrencies, and crypto companies, preventing them from accessing traditional financial systems. Dubbed “Operation Choke Point 2.0,” this effort to restrict their activities resembles the original Operation Choke Point in 2013, which aimed to discourage banks from working with high-risk companies involved in fraud and money laundering.
Additionally, concerns have been raised about a rumored White House executive order that seeks to limit the amount of computing power used for artificial intelligence. This development has the potential to affect the bitcoin and crypto markets significantly, leading some to compare it to “Operation Choke Point, but for computing power.”
As the bitcoin price continues to fluctuate, it is crucial for investors and traders to stay informed. The dialogue surrounding the regulation of cryptocurrencies and the actions taken by governments, particularly the U.S., will significantly impact the market. Subscribing to Forbes’ CryptoCodex newsletter can provide valuable insights to navigate this rapidly evolving space.
In conclusion, the U.S. government’s crackdown on bitcoin and cryptocurrencies has escalated throughout the year, causing concerns for market participants. Subscribing to reputable news sources, such as Forbes, can offer valuable guidance to successfully navigate the complex landscape of bitcoin and crypto investments.