Big news for cryptocurrencies. European Central Bank president Christine Lagarde has in an interview called for more global regulation of Bitcoin. By claiming the international community starting from the G7 should come together and draw clear regulation for it in the near future.
She stated that cryptocurrencies had been used for money laundering activities and loopholes have to be closed.
She went on to deny that Bitcoin could become a real currency, calling it just a speculative asset bubble.
This is not her first attack on Bitcoin either, she’s been consistently calling for an international regulation of cryptocurrency. In 2018 she claimed there ascendancy has been fueled by herd mentality by speculators looking for high yields, not by real underlying value
An even more alarming fact is that the following year in September of 2019, during a less overheated market,our dear friend Lagarde, said that the government has to step in and cryptocurrencies less speculative trough regulation, with the recognition for the potential “wider social benefits from innovation”
But we all know what that really means. Let’s read inbetween the lines here. Her aim as she has said many times, even in this last interview, is to create a government controlled euro digital coin. Why would they do that? Simple, it would make manipulation of money supply that much easier, giving central banks more power to control the people.
Bitcoin is people’s money, it allows us to be our own bank. That’s dangerous to these people, we’re in the way of their ever growing thirst for power and centralization of the economy.
The swamp is under attack. Lagarde looked scared even insecure when she called for more regulation in an almost trembling voice. Watch the interview yourself if you don’t believe me.
Central bankers are getting scared. They see what Bitcoin is becoming, now that the price has skyrocketed to over $40 thousand dollars. Volatility is slowly but surely diminishing as more everyday folk flock in, preoccupied by the insane money printing that has happened in the last year, due to “Covid” stimulus.
The swamp creatures are scared, you can be sure, but they won’t be going down without a fight. By regulating Bitcoin to increase their power they are only making one thing clear, the case for a decentralized currency has never been stronger. These people are not on our side, that’s clearer by the day. More and more people are waking up.
Even if they decided to take it a step further and go full draconian banning Bitcoin to all together, something else will take its place, this won’t be stopped easily. The mistrust and education is already there and ever growing. Evil will not prevail, if good is stronger.
The government regulating the cryptocurrency market, is just an acknowledgement that we are right. This is not only a speculative bubble, it’s a new currency, with power to free humanity from the tyranny of central banks. Regulating it will only make more people see it as it, and join the battle cry for freedom.
But there will be a day of reckoning, I don’t exclude the possibility that we will be silenced and destroyed. The global banking cartel is powerful. So many times throughout history they have proven it. So if you think that politicians can do anything about it, you are dead wrong. Central banks control the government, the government does not control central banks. We will have to wait and see what the future holds.
There’s also calls for more regulation from inside the cryptocurrency market. Just recently UniSwaps growth leader Ashleys Schap responded to an article from Yearn Fiances founder Cronje which was calling for more regulation on forked protocols in the DeFi market.
Schap claims that Cronje is a hypocrite because he is validating a “stolen DApp”, recently Yearns Finance had merged with SushiSwap a fork out of UniSwaps.
Cronje released an article on January 12th article titled, “Building in DeFi sucks”, in which he complained about the very real possibility of competitors forking your code and adding more attractive tokenomics features, taking demand away from the coin they “stole” from.
That’s what happened when UniSwap forked SushiSwap in early August 2020. Taking away more than $1 billion dollars UniSwap.
My take on it is that, well what do you expect? I understand Cronje’s frustration, but when you decide to program with an open source, competitors will come in, copy what you did and improve on it. That may not be the best for the programmer that coded it, but is sure the best option for us, the investors and users of their services. Free market baby.
Getting the government involved, would just lead to over-regulation. The principle reason why people migrate to crypto is to get away governmental interference. Crypto developers should remember this, when calling for more regulation, counterproductive, to the ideal of decentralized finance. We don’t like them, we don’t want them and we sure as hell don’t trust them. Bitcoin is the people’s money, do not forget who and what we are fighting.