Bitcoin and Government

Today I learned that one of the biggest owners of Bitcoin is our government here in the U.S. That leads this conspiracy theorist (armchair) to ask what would a government do that feels threatened by a "citizen's currency" like Bitcoin? Well, if you know that the currency is volatile, you buy up and cause a crash by suddenly selling everything with the intent of decreasing faith in Bitcoin and restoring faith in greenbacks.

This kind of thinking keeps me away from buying Bitcoin.

I also learned that the FBI had confiscated Bitcoins from someone allegedly engaged in illegal activities. Bitcoin is supposed to have privacy and security built into it. So, how did the FBI crack the account? Remember, unlike with traditional financial institutions, government has no one to go to to confiscate your funds. So, how did they get their hands on it? The how, ultimately, doesn't matter because government wouldn't be government if it didn't do whatever the heck it wanted to do--at least once.

However, perhaps what we are seeing is government embracing Bitcoin for it's own benefit for does the venue for currency exchange really matter? Yes, but only if you're taking a percentage as is currently done by the purveyors of greenbacks. But if taxes are only levied on money or interest earned with only employers and financial institutions paying taxes, paying it on their own behalf and on ours, there would be little or no tax fraud and great efficiency in collections.

Bottom line with regard to Bitcoin: wait and see but spend a little bit because many are predicting returns of 100X on investment, and always keep an eye on what the biggest holders may be planning.

[Reference: A David Seaman interview on Coast to Coast AM  radio program]

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