I sat this afternoon and read through a business piece: 'Biden Administration to develop regulations over cryptocurrencies (Bitcoin) and NFTs within the next couple of weeks. Reason given? National security.
Then I just started laughing.
Odds of controlling Bitcoin? Zero. It's too late.
Odds of controlling NFTs? I'd give it around a 1-percent chance.
Bitcoin was developed within the concept of being non-regulated. Unless you take down the internet.....there's no way to hold back or control Bitcoin.
In fact, my question right now.....what idiot in the Treasury Department suggested this, and what idiots within Wall Street convinced Biden to take this move?
As for NFTs? If you went to a custom designer and he built 32 unicorns for a particular digital world, and valued them on day one at $1,500 each. They might be worth $10,000 within a year. Can you imagine writing the regulation to cover a non-existent fantasy unicorn, and how it holds values or decreases value? You can't.
An entire division of five-hundred people in IRS or the Treasury Department....heading up control of NFTs? If this occurs....it's a joke.
So, for 2022.....I'd put this Biden agenda item as the number one most stupid thing on the list so far, and worthless.
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