The US Department of Justice has rated Bitcoin as a threat to the stability and security of the international financial system. The growth of the usability of cryptocurrencies, they say, opens the doors for the financing of terrorism and other crimes.
In a report published on the website of this justice institution, entitled: Cryptocurrencies: an application framework, the issue is addressed. In this sense, lawyer Williman P. Barr explains that actions must be taken to prevent people from being victims of criminals who use these coins.
It should be noted that the investigation carried out by the aforementioned lawyer has been going on for two years. In the, highlights the seriousness with which the United States government is addressing the issue of cryptocurrencies, both in its territory and throughout the world.
Is the financial system under threat from Bitcoin?
In the opinion of the representative of the US Department of Justice, “the security and stability of the international financial system is in danger”. The threat against this ancien régime economic, it would come from a new and more advanced technology, represented by Bitcoin.
According to the report, the threat does not come from the technology itself, but from the use that certain criminal entities give it. “Cryptocurrencies are a technology that can radically transform the way human beings interact and organize society”, He points out.
At the same time, it complements: “Ensuring that the use of this technology is safe and does not endanger our national public safety system is of vital importance to the United States and its allies.”.
The generation Z rebellion
The fear of Bitcoin by centralized entities, which pull the strings of the financial system, is not new. There are numerous recent cases where cryptocurrencies are seen as a threat.
One of these episodes was highlighted by the Forbes portal last June. It turns out that the Department of Defense published a document recounting a hypothetical scenario of a Generation Z rebellion.
According to this fantasy, thousands of people, born between 1990 and 2010, would be attacking the “eestablishment”. The citizens would have become a threat to the system, since would use cyberattacks to steal money from financial institutions and turn it into Bitcoin.
The document, filtered through the medium The Intercept, visualizes a scenario developed in the year 2025. In it, the group called “Zbellion“, He calls himself a”change agent”And tries to bring down the current socioeconomic system. Money stolen and converted into Bitcoin is used to finance destabilizing campaigns.
Are you worried about crimes or losing great power hegemony?
For the renowned cryptocurrency expert, Max Keizer, the US is not concerned about Bitcoin being used for criminal acts. The dollar and fiat money in general, monopolize the actions of criminals. There is no branch of crime that is not largely dominated by the USD, he assures.
In this sense, the function of Bitcoin is to clean up all the mess that old money has left, says the analyst. According to this then What is the United States’ concern regarding the alleged threat of Bitcoin to the financial system?
The status of the dollar, as the world’s leading reserve currency in the financial system, could be under threat from Bitcoin. To this, the concerns of the centralized entities could be summed up and not to the fact that the crimes that are already committed daily with their fiat currencies can be committed.
Last year, US President Donald Trump assured that Bitcoin is based in air. However, soon after, another of his officials, Secretary of the Treasury Steven Mnuchin admitted the fear.
On the same subject, the office of the Director General of intelligence, published a study evaluating the loss of land by the USD. In short, with Bitcoin, “The US could lose its status in the world and its global authority”, Summarizes the text.
It’s all about the nature of the main cryptocurrency
While the main cryptocurrency did not have a solid strength, few noticed it. Now, as the maturity of Bitcoin is beginning to be felt and its adoption and popularity are expanding at a very rapid pace, the authorities are raising the alarm bells.
The very nature of Bitcoin makes it a threat to the entire system, which is based on the dominance of financial monopolies. From its inception, its own founder, the mysterious Satoshi Nakamoto, made it clear.
“We can win a bigger battle in the arms race and gain real ground for freedom in several years”Nakamoto wrote in 2008. Governments are very good at cutting heads against organizations that are run centrally, but those that are decentralized can avoid it, he pointed out.
Losing control of finance could be tragic for the big monopolies that control the economy and the governments (they are generally the same). The fact that Bitcoin is the instrument of millions of people, in effect, is a threat to an exclusionary system, finishes the aforementioned Max Keizer.
It should not be overlooked that geopolitical dominance is crucial to the United States and its allies. Consequently, it is no secret that Washington pulls its strings to overthrow governments “uncomfortable“Or very”independent“Of their interests and place more rulers”manageable and docile”.
In this sense, one of the main tools of the White House is the application of sanctions, blockades and punitive measures against those countries that are not suitable. They are applied in the economic field, cutting the commercial and financial ties of some states.
There is already ample documentation that Bitcoin is used by these governments “besieged”To avoid punitive measures. In relation to this, General Craig Faller of the US Southern Command recently pointed out that the young democracies of South America are under threat from the use of Bitcoin.
During a talk with the Council of the Americas, Faller referred to the Venezuela case. In that Caribbean nation, he said, cryptocurrencies are being widely adopted to avoid sanctions against what he described as “criminal government”.
Another case worth remembering was the assassination of Iranian General Qasem Soleimani by the US in the occupied territory of Iraq. As a result of this aggression against a neighboring nation, the Iraqi parliament officially requested the withdrawal of US troops from its territory.
In response, the White House threatened to freeze all the accounts and finances of that republic in the US banks. This is a remarkable episode in which the sovereignty of Iraqi institutions was undermined through financial aggression with its centralized instruments, something that with Bitcoin would have been impossible.
Data to take into consideration
- The USD is used almost entirely in the financing of terrorism, money laundering, extortion, or the illegal drug trade.
- The decentralized nature of Bitcoin represents a threat to the financial system in its quest for total control.
- The United States government is particularly afraid of the so-called Generation Z.
- Troubled governments using Bitcoin to dodge punitive measures are another of America’s headaches.
- The creator of Bitcoin himself, Satoshi Nakamoto, in 2008 claimed that Bitcoin was born to provide financial freedom, which implies fighting the old financial regime.