This comment worries about Americans who talk about cryptocurrency technology without comprehending it. Since 1997, Brad Sherman has served in the US House of Representatives.
US forecast: sadly, there are a lot of people that persist on speaking publicly about crypto technology despite not having a thorough understanding of it. Brad Sherman, a representative in the US House of Representatives since 1997, is an example of this.
Sherman is a tax law expert and a member of the Democratic Party. He is unspecialized in financial markets or information technology, in contrast.
Additionally, he is regarded as a champion of civil liberties but, it would appear, not of financial liberty.
Since 2018, he has been speaking harshly about Bitcoin and other cryptocurrencies, even going so far as to demand a ban on cryptocurrency trade and mining in the US. In other words, a “champion of freedoms” who opposes people’s right to freely use whichever money they choose.
In spite of this, he participates in the Financial Services Committee, the Capital Markets Subcommittee, the Digital Assets, Financial Technology and Inclusion Subcommittee, and the Financial Institutions and Monetary Policy Subcommittee.
Although Sherman has long opposed cryptocurrencies, it’s probable that he has raised the issue once more in the lead-up to the election for a new US president next year.
Numerous Democrats, the party of the current president Joe Biden, are already utilizing cryptocurrency in their campaigns as a tool to persuade individuals who loathe finance.
On the other side, many Republicans are currently running for office using cryptocurrencies in their campaigns in an effort to sway voters who are more demanding when it comes to financial liberties.
Sherman’s prognosis thus fits into this paradigm of a Democratic-Republican electoral battle.
USA: Sherman’s crypto forecast
In a recent CNBC television appearance, Sherman expressed his desire for cryptocurrencies to vanish.
But when specifically asked if the present crackdown may be the end of cryptocurrencies in the US, he answered, “I don’t think so.”
Therefore, despite the fact that he still views cryptocurrencies negatively and wishes they would disappear, he has at least come to the conclusion that they will not vanish after several years.
He must have picked up some knowledge from dealing with the issue, but for political reasons, he feels driven to maintain the idea that this technology might be eliminated.
Bitcoin, however, simply cannot vanish as long as people care about it since it is utterly impossible to “uninvent” it. Since Bitcoin is immune to censorship, unhackable, and unchangeable, the only way to stop it would be to permanently and globally shut down the Internet.
Sherman also doesn’t seem to be able to tell Bitcoin apart from other cryptocurrencies, let alone from the thousands of shitcoins that are perpetually being created and destroyed.
US: Sherman’s concerns and the forecast on cryptocurrency
The congressman claimed that the only use for cryptocurrency would be to get around international rules and sanctions.
Evidently, he didn’t see what the Fed did during the two-year period of 2020–2021, when it printed more money than had ever before before in less than two years. Bitcoin’s value has increased from just over $10,000 in February 2020 to $25,000 now.
Sherman, though, is unconcerned with the significant disparities between Bitcoin and alternative cryptocurrencies.
He also claims not to know why, for instance, Bitcoin is worth more than Hamster Coin or Cone Tribe Coin, demonstrating his incapacity to tell the difference between legitimate cryptocurrencies and shitcoins. However, given that he appears to know very little about the topic, it is not unexpected that he is unable to understand.
He also points out that they are not used as a form of payment.
Again, he exhibits his ignorance of what Bitcoin is for at this specific time in history because by this point, everyone is aware that it is not currently very helpful as a form of payment. He merely doesn’t understand its other true utility.
Finally, he claims that only criminals use cryptocurrencies, despite the fact that millions of individuals around the world use them without being criminals and without intending to do anything illegal.
Furthermore, it almost becomes a crime of defamation to declare everyone who invests in or speculates on cryptocurrencies a criminal, yet this is all just the product of his ignorance of the matter.