The Financial Declaration of Independence = Bitcoin
Bitcoin was invented to store value without government involvement; the attempts by totalitarians to "regulate" crypto are nothing more than a step in the direction towards a Big Brother regime
Allies, including the way way too big to fail banks and the way way way too big to manage federal government, have returned to attempt to end Bitcoin and all cryptocurrencies like it. They won’t say that publicly, but that is their goal. Here is Senator Elizabeth Warren on CNBC discussing the matter:
"There's a new threat out there, it's crypto," and "it is being used for terrorist financing, drug trafficking, and North Korea is using it to pay for about half of its nuclear weapons program…We can't allow that to continue," Warren said.
Meanwhile, her ally in crypto Jamie Dymon, CEO of JP Morgan, told her in a hearing in the Senate:
"I've always been deeply opposed to crypto, bitcoin, etcetera," he said in response to a question from Sen. Elizabeth Warren, D.-Mass., about the use of cryptocurrencies by terrorists, drug traffickers and rogue nations to finance their activities. "If I was the government, I'd close it down."
You see, these totalitarian leaders wish to have complete control over the financial system and thereby dictate where, how and when you spend your money. They won’t say that out loud, but instead make bad faith arguments about terrorists, drug traffickers and rogue nations using bitcoin for nefarious purposes. Have they not considered that all of these entities overwhelmingly use other forms of liquidity like cash, gold bars (ask Senator Melendez!), diamonds, jewels and any other store of value to commit these acts? Where is the argument to shut any of those down? Nowhere to be found.
As a matter of fact, the premise of the argument is easily proved false:
In a new report, the market analytics firm finds that while 5% of the global gross domestic product is laundered every year in fiat currency, just 0.05% of all crypto transactions involve money laundering.
Because of course, terrorism and drug trafficking are not the real reasons - they are a red herring.
You may not realize it, but the federal government has already enacted a totalitarian finance regime with all transactions in the banking system. One of the main methods is through the Bank Secrecy Act of 1970. This act, intended to catch money laundering, requires all banks to monitor your transactions, ensure both banks and all other companies keep records on you to produce in criminal proceedings against you, and requires banks to report any suspicious activity they see, without context, to the authorities. These provisions are direct violations of the fourth and fifth amendments to the US Constitution - vital protections for individuals against a totalitarian police state.
The fourth amendment protects your “…houses, papers and effects, against unreasonable search and seizures…without probable cause.” There is no probable cause for banks to monitor every one of your transactions for the benefit of the state. Likewise, the fifth amendment protects citizens who are potential defendants from being “compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty or property, without due process.” How is one to engage the banking system without forfeiting evidence of any potential crime under the Bank Secrecy Act? No one knows. The state has run roughshod over our rights with little notice of the effort.
This is not a hypothetical exercise, either. Recently, the House Judiciary Committee disclosed that in the course of the January 6th investigation, the FBI requested and received - without a warrant nor probable cause - the records of every one of Bank of America’s customers that had transactions in DC around that date. Regardless of how you feel about January 6th, this is a gross violation of the Constitution and our rights as citizens, We The People. As we showed earlier this week, the Canadian totalitarians like Trudeau are ahead of their American counterparts - they have already begun to seize the assets of citizens whose political views are not approved by the State. This tyranny will be coming soon to America if Warren and Dymon get their way.
Chillingly, there is a reason for freezing out crypto even more pernicious than controlling speech and citizen’s actions - it is the establishment of a state sponsored crypto technology, otherwise known as CBDC (Central Bank Digital Currency). Indeed the Biden administration has already been taking steps to create this tool of totalitarians, issuing an Executive Order last year, “to begin research and submit reports on a variety of issues surrounding digital currencies, from design and security to financial and societal impacts.” The order further reads, quoting the President:
“My Administration places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC,” -President Biden
Creating this currency will not only enable the government to have much more information about where you spend your money and for what purpose; it will enable them to lock down your use of the currency when they wish. In the cold authoritarian regime of China, they have outlawed cryptocurrencies and issued digital yuan, which gives the totalitarian state even further control over their people. This includes actions we’ve already seen, like Canada seizing assets above, but also China’s social credit system, in which financial transactions, including travel, can be disallowed based upon the government rating of your compliance to their wishes. Marry this digital currency to the rampant social media monitoring we are still uncovering in the United States and the promise of the transition to a Big Brother state is complete.
Importantly, a cryptocurrency that becomes a stable currency of record across the globe also threatens the ability of the US federal government to continue to print money and spend frivolously. This significantly reduces the power of people like Senator Warren, who gain fame, prestige and fortunes by spending money we don’t have to enrich their donors and cronies across the special interest spectrum. It would return the business of the Congress to balancing budgets and fiscal responsibility - which is something scarcely fathomable in today’s pork barrel spend and print Washington fiscal system.
We should therefore be all for Bitcoin and other cryptocurrencies, and against totalitarian dreamers like Senator Warren and CEO Dymon.
Whenever any form of government becomes destructive to the ends of life, liberty and the pursuit of happiness, is the right of the people to alter or abolish it.