Yesterday we talked about the prospects of one digital dollar come down the pike.

It seems clear that the world’s governments will not allow non-governmental forms of money to proliferate.

The Senate Banking Committee hearing on the digital dollar two weeks ago was not only a public exploration and introduction to the concept of a central bank-sponsored digital currency, the hearing was also used as a platform to promote the viability of the Private (“Fake” in the words of Senator Warren) Cryptocurrency market (bitcoin, stablecoins, etc.).

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Against this background, the Chinese government has continuously tightened control over the crypto market in China and most recently took action against the mining of crypto currencies in the country. The US Department of Justice announced a few weeks ago that it had “recovered” $ 2.3 million in cryptocurrency from the ransom collected from the Colonial Pipeline hack. And today it was reported that South Korea has seized nearly $ 50 million worth of crypto assets from citizens accused of tax evasion.

So the benefits of the private cryptocurrency market are being deconstructed by governments. In addition, even after its appeal, the private crypto market continues to be used primarily as an instrument of corruption and speculation. This chart structure speaks for a typical bubble result (crash).

Bitcoin

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