Biggest Threat to Bitcoin (BTC) Revealed in New Poll

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Wed, 02/19/2020 - 06:57
Alex Dovbnya
The Bitcoin (BTC) community is afraid of a China-style crackdown in the United States
Cover image via U.Today
Contents

Despite the fact that Bitcoin (BTC) has been around for more than 11 years, its future remains uncertain.

Stock-to-flow model creator PlanB recently tweeted a poll where he asks Bitcoiners what concerns them the most. It appears that the lion's share of them fears a regulatory crackdown in the United States.

Related
Mike Novogratz: US Treasury Might Okay BTC Only If Harder Regulations Introduced

Be afraid of Mnuchin 

Steven Mnuchin, U.S. Treasury secretary, recently made waves in the crypto community by promising "significant" new FinCEN requirements for digital assets during a congressional hearing. 

"We want to make sure cryptocurrencies aren’t used for the equivalent of old Swiss secret number bank accounts."

Prior to that, Mnuchin had already slammed cryptocurrencies for facilitating illegal activities on numerous occasions. However, his promise to adopt new regulations (on top of enforcing the existing ones) represents a dramatic shift in his rhetoric.      

While governments cannot technically kill Bitcoin, they can target fiat on-ramps to curb its adoption, thus erasing years of progress.  

Related
Donald Trump Finally Tweets About Bitcoin, and He’s Clearly Not a Fan

More reasons to be concerned 

The community also feels uneasy about the mushrooming futures market. As reported by U.Today, it could be the reason why the upcoming halving might not be bullish for BTC.      

Meanwhile, self-proclaimed Satoshi Craig Wright delivering on his promise to sue Bitcoin into oblivious seems to be the least of everyone's worries.   

 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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