The White House says that crypto does not provide any fundamental value
The White House released its 2023 Economic Report of the President, and it includes a section on cryptocurrencies that is sure to raise some eyebrows. The report states that “crypto-assets offer no fundamental value, nor do they serve as an effective alternative to fiat money.”
This is a significant statement from the White House as it suggests that the administration does not support the cryptocurrency industry. The report goes on to say that “digital assets that have proven to be highly volatile and prone to fraud.”
The cryptocurrency community is likely to have mixed reactions to the report’s findings. Some will see the report as a validation of their concerns about the industry, while others will see it as an uninformed and misguided attack on a new and innovative technology.
It is important to note that the White House report is not the final word on the future of cryptocurrencies. The administration is still in the process of developing its policy towards the industry, and there is a possibility that views may change in the future.
However, the report’s findings are a clear indication of the administration’s current thinking on cryptocurrency. The White House believes that digital assets provide no fundamental value. Furthermore, they believe it poses a number of risks for investors. This is a significant statement that is likely to have an impact on the cryptocurrency industry.
White House Concerns About Cryptocurrencies
White House concerns about crypto are not new. In fact, the administration has expressed concern about the industry for several years. In 2017, the Ministry of Finance issued a report warning about the risks of cryptocurrencies. Followed by the SEC releasing a report in 2018, saying that cryptocurrencies can be used for fraud.
The White House’s concerns about cryptocurrencies are based on a number of factors. A major concern is that cryptocurrencies are often used for illegal activities, such as money laundering and drug trafficking. Another concern is that cryptocurrencies are highly volatile and can be subject to market manipulation.
The White House is also concerned about the environmental impact of cryptocurrencies. Mining cryptocurrencies, such as Bitcoin, requires a lot of electricity and this has a negative impact on the environment.
The Future of Cryptocurrencies
The White House’s report is a clear indication of the administration’s current thinking on cryptocurrency. The White House believes that digital assets provide no fundamental value and that they pose a number of risks to investors.
However, it is important to note that the White House report is not the final word on the future of cryptocurrencies. The administration is still in the process of developing its policy towards the industry, and there is a possibility that views may change in the future.
It is also important to note that the cryptocurrency industry is still in its early stages of development. The technology is constantly evolving, and it is likely that the industry will continue to grow and develop in the years to come.
