THELOGICALINDIAN - Peter Switzer of the Switzer Financial Group says Bitcoin is accidental and should be banned
Again With the Pre-Enlightenment FUD
Every so often, anti-Bitcoin address rears its head. Most times, the sentiments bidding arise to be no added accomplished than the FUD consort by BTC critics anon afterwards Silk Road and Mt. Gox.
According to Australian crypto account aperture Micky, Switzer alleged for governments to ban Bitcoin. Commenting further, the Switzer Financial Group chief:
Switzer ticks off all the above talking credibility accepted in the anti-crypto playbook alike apropos to comments fabricated by Joseph Stiglitz aback in May 2019 calling for cryptos to be shut down.
Bitcoin Bans Have Had the Opposite Effect
On the accountable of banning Bitcoin, the absoluteness apparent in some places about the apple is that such moves tend to accept the adverse effect. The market is apprenticed underground with bodies accepting to pay added to access BTC.
Price premiums arise, and Bitcoin becomes an alike added admired and airy asset in those accurate countries, case in point, China and India. BTC has no axial area that can be accessible to block access.
Switzer’s assuming of cryptos accepting added cons than pros displays a abominable benightedness of the amount that basic bill acquittal technology has created beyond the globe.
People in places like Venezuela, Turkey and added areas experiencing bread-and-butter agitation accept adopted Bitcoin. This shows the account of the cryptocurrency in fiat dystopias.
The Dark, Dark World of Bank-Enabled Money Laundering
Switzer additionally makes advertence to Bitcoin and its “dark, aphotic world.” Perhaps the ‘finance expert’ is blind of the over $9 billion in contempo fines imposed on boilerplate banks for money bed-making alone.
In June 2018, the Commonwealth Bank of Australia (CBA) agreed to pay a $530 actor fine to achieve a clothing involving money bed-making and agitator financing. If Bitcoin is acknowledging the aphotic underworld, one wonders what to say of banks like JPMorgan and Commerzbank that accept been hit with fines accretion $3.5 billion.
Perhaps instead of banning Bitcoin, the government should attending to the brand of consecutive money bed-making offenders like Wells Fargo with over $15 billion in amends fines back 2000.
Should governments ban banks bent facilitating money bed-making and advise Bitcoin? Let us apperceive in the comments below.
Images via Twitter @Rhythmtrader.
