Crypto Doomsday?

Biden’s executive order just flipped the switch… March 09, 2022 [UNSUBSCRIBE]( | [WEBSITE]( [Altucher Confidential] It’s come to our attention that you might be missing out on extra benefits exclusively for Altucher Confidential subscribers. Check out our website where you can find archives, updates, and everything else included in your subscription. You can access it by [clicking here now](. “Meanwhile, the price outlook for crypto, despite all the volatility, is very strong. Financial and monetary systems of the world are extremely fragile. In such times, people turn to what they can trust. That means hard money like gold. But it also means digital assets.” [HERO IMAGE] Crypto Doomsday? By Chris Campbell This Catalyst Will Spark the Largest Wealth Transfer in 21 Years Chris Rowe says there's a huge stock market event looming - and he's revealing his #1 pick for free. [Click here to find out more.]( Chris’ note: As Biden’s Executive Order looms over the crypto markets, we invite colleague Jeffrey Tucker to give his take. Does the EO spell crypto doomsday? Our opinion: Absolutely not. We’ll be talking about the EO live with Early Stage Crypto Investor subscribers next Wednesday. (If you’re a subscriber, don’t miss it.) Today, find out when Tucker thinks about the EO below. Read on. Crypto Doomsday? By Jeffrey Tucker Before we get to the crypto markets… There is something urgent I’m asking you to take a look at. One of my colleagues just uncovered the truth behind America’s inflation numbers. Despite the circus of distractions you’re hearing on the news... The lies and the misdirections… There’s one former CIA and Pentagon insider revealing the TRUTH behind the inflation numbers in America. You might have known something strange was going on in America, but I can guarantee you weren't expecting this. [Click here to see the story the mainstream news is trying to bury.]( The word on the street started circulating days ago, and it hit crypto prices. The word was that the Biden administration would issue some executive action on crypto, with a demand for a huge round of regulations and controls on crypto. The order would not impose anything in particular, but rather task a variety of bureaucracies from the Fed to the Treasury to the EPA to weigh on what can be done to control this vast and profitable “Wild West” of money and finance. It’s apparently all true. What’s new in this? So far as I can tell, nothing. It’s the same thing we’ve seen for nearly ten years. Government wants crypto to behave exactly like the regulated dollar and the banking system. That is simply not possible. It’s like training a cat to bark. You can wish for it, demand it, punish and prod, but it will never happen. The main threat of more intense regulation is focused on the controlled exchanges. They aren’t going away. The main result will be to increase compliance costs. Crucial here is that the executive order does not imagine getting rid of crypto through bans. Instead it seeks more control. What’s more, the efforts will begin anew to create a cryptoized version of the US dollar. That effort has been pushed for years and so far gone absolutely nowhere. But with stable coins taking away so much business from conventional clearing systems, the urgency is now increased. Regulate or Not? Let’s return to the early days of crypto, 2011 and 2012. There were exchanges popping up everywhere. Anyone could start a website or a home business that exchanged crypto for dollars. It was as easy as setting up a lemonade stand in your neighborhood. There seemed to be nothing wrong with that, so far as I was concerned. It was a great business and over time, there were countless thousands of formal and informal exchanges. A competitive market: hard to believe! It was full laissez-faire. My hopes were high that it would stay this way. Sadly, it did not last. The US Treasury, with no vote from Congress (I didn’t need to add that) issued a one-page PDF document and sent it far and wide. It specified that every exchange needed to register as a money-exchange business. It had to do so with the federal government and it had to do so with every state. Compliance costs overnight went from $0 to $100s of thousands of dollars. Progress in the industry stopped and thousands of exchanges were instantly wiped out. The industry immediately became a quasi-cartel dominated only by companies that were well capitalized enough to comply with all the new rules. It was a sad day and a foreshadowing of what was to come. There is simply no chance that a monetary and financial technology as revolutionary as crypto would somehow escape the regulatory clutches of the federal government. In those days, a big debate broke out in the Bitcoin community. There were two clear sides. One side said that Bitcoin needed to be regulated to give it credibility. Investors would always be shy of a technology that had not achieved regulatory permission to exist. If the regulators come around and enforce some basic rules, Bitcoin would benefit. It could be protected against random attacks by the government and exist as a legitimate technology. To that end, this group of people sought close relationships with regulators at the state and federal level. They started lobbying groups. They developed friend networks and even traditional revolving doors. People who worked for big exchanges became regulators and then the regulators went to work for the exchanges, upping their salary with each move. ***WARNING: TAKE ACTION BY MARCH 9TH*** [Click here for more...]( following [investing secret]( was filmed on private property. It’s for this reason… We ask you NOT to distribute or forward the materials contained within. Let me be perfectly clear... This is for your eyes only. [Go here now before March 9th.]( The Anarchists Lose, Again I was part of the other crowd that said: this game is both unnecessary and unwinnable. Bitcoin was invented to be independent of government and central banks. It always will be and should be. It does not need to seek approval from government. The regulators might appear cooperative but it’s all a ruse. Once they get the noose around your neck it will tighten and tighten. Then one day the chair on which you are standing is going to be kicked out from under you. Of course, I believe that I was right. So were my friends. But in the end, this debate did not really matter. None of us were in charge in any case. It’s not like our little debating society could have influence over the future direction of crypto regulation. Even if the entire Bitcoin community had been united in opposition, government still would have done what it did. Note that everything I just recounted happened eight and nine years ago. Yes, compliance, surveillance, investigations, and even confiscations have increased steadily. The industry is heavily regulated right now. Do not believe anyone who claims otherwise. It’s a massive thicket already. It’s also true that, so far, there has been no comprehensive legislation passed by Congress and there is still a great deal of regulatory ambiguity out there simply because there is no master plan for controlling crypto. In this sense, the Biden administration is correct here. This is what they are trying to fix. How Will This Turn Out? Let me make a few predictions on what this all means for the industry and your part in it. - The exchanges will be regulated ever more like banks. It won’t be anything dramatic beyond what already exists, but it will become more institutionalized. The main exchanges will become partners of the federal government despite their wishes. - This new round of controls will incentivize the smart money to move their holdings off exchanges and into private wallets, cold storage, and even paper wallets stored in secure places. Crypto will still make advances in financial markets and for money exchange, but these methods will represent only one sector within a much larger universe of ownership. - The Fed will eventually, some day, come up with their own crypto dollar, but it will mainly be used by regulated banks to move money domestically and internationally, simply because using blockchain is vastly cheaper and faster than all existing systems. However, this will not happen quickly and it will not be without huge technical failings simply because building such a system would be very difficult. It will not likely be used by consumers, at least not for a very long time. Meanwhile, the price outlook for crypto, despite all the volatility, is very strong. Financial and monetary systems of the world are extremely fragile. Inflation has become utterly shocking, and will soon set all records in American history. In such times, people turn to what they can trust. That means hard money like gold. But it also means digital assets. These are extremely unsafe times. Everything that the government is doing right now is contributing to making our times more unsafe than ever. Regards, Jeffrey Tucker For Altucher Confidential Russia-Ukraine: Is Collapse Coming? [Click here for more...]( invaded Ukraine on Feb. 24th… Most people didn’t see it coming… But ex-CIA insider Jim Rickards released a SHOCKINGLY accurate report of the Russia-Ukraine conflict… More than TWO MONTHS before Putin’s invasion! 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