Any state must maintain a monopoly on two things - the army and the issue of money.

Therefore, states will hinder the advancement of private money. Probably, everything is really bad in the global economy and finance if Bitcoin, cryptocurrencies and stablecoins have become so widespread throughout the world.

However, all states are currently testing central bank digital currencies (CBDC). If those in power decide that Bitcoin is harmful to the development of CBDC, they will introduce various new bans and restrictions on the use of the first cryptocurrency. It will not be easy for Bitcoin to become a world currency.

Currently, the world elites are doing everything to devalue Bitcoin, destroying its uniqueness. Many have already begun to perceive it as one of the ordinary financial products. Meanwhile, Bitcoin is a unique entity, a universal decentralized protocol for transferring value in virtual space.

To be honest, there are some truths in what he said. It is not a lie that alot of bitcoin supporters only see bitcoin as an investment and not as a means of payment. Out of the thousands of people who are singing Bitcoin's praise, how many are actually using it the very way it was created to be used? The newbies who are joining the bitcoin community are only there because they were told that the value of bitcoin appreciates overtime, so they stand a chance to get double or even more of their initial deposits. If the majority of bitcoiners keep accumulating bitcoins for investment purposes and still encourage those yet to adopt bitcoin to do so for investment purpose too, in few years to come, the purpose of bitcoin serving as a currency might be defeated.

I'm against Gensler most of the time because of how he looks at cryptocurrency particularly with Bitcoin ever since he became the chair of the SEC, but with this one, I will agree with him... but not totally. I mean he's right, but he's wrong as well.

He's right in a sense that Bitcoin might not be a currency in the future because of how people look at it, but at the same time, he's wrong that it will be unlikely because it's our choice as investors and users of Bitcoin if we will be using it as a currency or as an asset. Speaking of how people look at it, this is I believe the reason why Gensler said that to the public. The fact that many people look at Bitcoin as an asset more than a currency is the reason why he said that it's unlikely to become a currency. Yes, fiat will not be replaced, but we have another option to pay things and that's through cryptocurrency.

The problem is that most of us don't want to use it because we have this kind of mindset where "If I use Bitcoin to pay things, I might lose potential profits in the future if goes up", and there's nothing wrong with it, but for me, that's the reason why Bitcoin for most is an asset rather than a currency.

People seem to have overlooked the detail that El Salvador does not have its own currency and they use USD as their currency, and the reason they took on the challenge of making bitcoin a legal currency was because their economy was on the brink of bankruptcy and was denied assistance by the IMF at the time. But as fuguebtc said: they make bitcoin legal currency but do they actually use it because as far as I know they still use USD domestically.
For other countries, most of them have their own currency and they manage their people through currency, I don't think they will use bitcoin to replace it and make it harder to manage the economy.


We don't need to listen to anyone, let's take ourselves as the most practical example. Who among us wants to use a payment method with transaction fees and unstable speeds? Is anyone here willing to spend an extra $1-2 (transaction fee) per bill? Obviously, that is not practical and does not benefit us. That's why I don't think using bitcoin as a means of payment is a good idea even though that's what satoshi created it for. With the current changes, bitcoin is no longer suitable as a currency, IMO.

What did you expect to hear from Gary Gensler, he never says anything good about BTC or cryptocurrency, instead he goes after crypto firms and projects and tries to regulate them by enforcement, i'll not take anything he says about BTC seriously.

Almost everyone in this industry knows that BTC would not replace fiat, but it is a currency that a lot of people use, and it will get widely used in the future. BTC is becoming more and more important, even the U.S politicians now use it to canvass for votes, i guess uncle Gary cannot live with that.

Being accepted as a legal currency... currently it's considered as a property by the US.

Kindly read the OP to get what I mean. Yes, Bitcoin is legal in the USA, but it's not considered legal tender; it's treated as property or a commodity. Even the SEC Chair doesn’t see Bitcoin becoming a legal currency.

I suspect you don't actually know the legal definition of "legal tender": it is something that a) would not be desirable for Bitcoin; b) would not make any difference to anybody in actual reality.

Let me ask the question differently: what is the US government preventing you from doing with Bitcoin that you would like to do with it?

Yep, even there are many business or stores accept Bitcoin as an alternative payment, but speaking about regulations, The US still not consider Bitcoin as a legal tender, but I have not read they announce something like "US Dollar is the only legal tender, the rest are not legal", so using Bitcoin as a currency is still in grey area.

It's all fine until SEC officially announce if using Bitcoin as a currency is illegal.

You are talking about the capital gains tax in the US, which I take to mean you wish you didn't have to pay.

But understand that you only pay capital gains tax when the property in question increases in value.

Do you also wish, therefore, for Bitcoin to henceforth never appreciate in value?


Bitcoin is no more in any sort of "grey area" than any other object of value. They will sooner announce Bitcoin is illegal than they will announce grapefruits are illegal.

The US has the the majority of the world's hashrate, we have most of the holders of Bitcoin, and thousands of new products around Bitcoin and crypto have been created in the past few years including by major US financial players such as PayPal.

I get that some people need to feel like they are doing something "dirty" when they are trading Bitcoin, but the actual reality is that it's absolutely positively legal, and there's absolutely no sign that will change.

And spreading these lies about Bitcoin diminishes its value so please stop it.

Just because you need to feel like you are "fighting the man" by owning Bitcoin, most investors don't want to fight their government and do illegal things, so if they believe you they will stop buying Bitcoin and the price will plummet.