Is Bitcoin a threat to the financial system, or is this system a threat to financial freedom worldwide?
The U.S. Department of Justice has called Anon System a threat to the stability and security of the international financial system. The growth in the usability of crypto currencies, they claim, opens the door for the financing of terrorism and other crimes.
In a report published on the website of this justice institution, entitled: Cryptcoin: an application framework, the subject is addressed. In this sense, attorney Williman P. Barr explains that action must be taken to prevent people from becoming victims of criminals who use these currencies.
It should be noted that the investigation carried out by the aforementioned lawyer has been ongoing for two years. It highlights the seriousness with which the U.S. government is addressing the issue of crypto coins, both in its territory and around 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 old economic regime 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 make of it. „Crypto currencies are a technology that can radically transform the way human beings interact and organize society,“ he points out.
At the same time, he complements: „Ensuring that the use of this technology is safe and does not endanger our national system of public security 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 crypto-currencies are considered a threat.
One of these episodes was highlighted by the Forbes website last June. As it turns out, the Department of Defense published a document in which it relates a hypothetical scenario about a Generation Z rebellion.
According to this fantasy, thousands of people, born between 1990 and 2010, would be attacking the „establishment“. The citizens would have become a threat to the system, since they would use cyber-attacks to steal money from financial institutions and turn it into Bitcoin.
The document, filtered by The Intercept, visualizes a scenario developed in the year 2025. In it, the group called „Zbellion“, calls itself a „change agent“ and tries to bring down the current socioeconomic system. The money stolen and turned into Bitcoin is used to finance destabilizing campaigns.
The growing trend of new Bitcoin directions represents a greater usability, which is seen as a threat to the financial system by the US. Source: GlassnodeThe growing trend of new Bitcoin directions, represents a greater usability, which is seen as a threat to the financial system by the US: Glassnode
Dollar strength will determine where crypto-currencies go
Are they concerned about crime or losing their high-powered hegemony?
For renowned crypto expert Max Keiser, the US doesn’t care about Bitcoin being used for criminal acts. The dollar, and fiat money in general, monopolizes the actions of criminals. There’s no branch of crime that isn’t broadly dominated by the dollar, he says.
In that sense, Bitcoin’s function is to clean up the mess left by the old money, the analyst says. According to this, then, what is the United States‘ concern regarding the alleged Bitcoin threat to the financial system?
The status of the dollar, as the world’s main reserve currency in the financial system, could be under the threat of Bitcoin. This is what the centralized entities are concerned about, not that the crimes that are already being committed daily with their fiat currencies could be committed.
Last year, US President Donald Trump assured that Bitcoin is based on air. However, soon after, another of his officials, Treasury Secretary Steven Mnuchin admitted the fear.
On the same subject, the office of the Director General of Intelligence published a study evaluating the loss of ground by the USD. In short, with Bitcoin, „the US could lose its status in the world and its global authority“, summarizes the text.