How the government took down the Cryptocurrency Industry in one year
2022 We went to Miami to go to Bitcoin 2022, and the show was amazingly packed with people and vendors. All the biggest companies in the world were at the show; there was a big buzz. The park across the street had food trucks, a stage, a band, and many things. We were invited to a ton of parties from many different companies.
What was going on was so successful – people were making money – many business owners were accepting Bitcoin and other tokens as payment for goods and services.
Many luxury-type purchases were made in the USA – this is still going outside the USA but probably not at the same volume.
Here are some examples of types of transactions.
They were buying Homes & Condos, Car Sales, Jewelry, Nights out at nightclubs, buying boats & Yachts, renting homes and boats, luxury vacations, and more.
The transactions were easy.
The business would send an invoice to the customer.
The customer would click the pay link – Select the Token (Bitcoin, Litecoin or Ether, and more)
Then the software would tell the customer how much coin/token they needed to pay the dollar amount. Then the customer would connect to their wallet and send the coin/token to the processor.
The processor would convert the coins/tokens to Fiat (U.S. Dollars) and deposit them in the business owner’s bank account. So, the business owner would receive U.S. Dollars in their bank account.
Then the government decided to tax cryptocurrency out of existence. Those tax laws sent the price of Bitcoin from $70K to $20K, which has been hovering around $25K to $30K.
The taxes are on cryptocurrency holding and not just on the sale, and that is why the big investors pulled out of the market along with the day traders who were probably driving the prices up.
Other things went wrong, companies went out of business, and people lost money.
A few significant things happened – exchanges either went under or moved out of the USA, Companies that were loaning money on “staked tokens” were not getting paid. Investors lost money, homes were bought with “staked” crypto were foreclosed. The leading company doing that, Celsius, is hanging on by a thread; in a recent news story, a few companies are trying to acquire their assets.
Silk Road, a marketplace, was shut down, and the owner went to jail; we also have the FTX fiasco, and the owner is sitting in a mansion instead of being in prison, where many people think he belongs.
The government should rethink cryptocurrency and develop solutions so that incidents like Celsius and FTX do not happen again. The fair and open market will decide if cryptocurrency is good or bad.
There is a need for rules/laws to protect consumers! Congress needs to think outside of the box and bring in business people to help solve some of the issues when it comes to the financial industries. A frequent quote from Congress is this – Innovation is outpacing regulation.
That is all due to the corporate attitude that we need to have a meeting. Then we need to set up a committee or committees to discuss things, and then we need to have a meeting, a vote, and more meetings. Meanwhile, in the real world, business people are moving at the speed of light, innovating and inventing, and doing business.
The next thing is A.I. – the government is “looking into it” while it is moving rapidly, the people in Congress are not business people for the most part. They are out of touch when it comes to what is going on in the business world.
That is my take on things – we need some younger blood and business people who think like entrepreneurs and can make decisions and not just have endless meetings and hearing where nothing is accomplished.
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