US congressman: Bitcoin “has no societal value” but is “hard to outlaw”

US Congressman Brad Sherman is of the opinion that Bitcoin “has no social value”, is only suitable for tax evasion and facilitates crime.


  • US Congressman Brad Sherman Criticizes Bitcoin Again
  • Says cryptocurrency “has no social value”
  • Ensures that it serves for tax evasion and facilitates crime
  • But he acknowledges that it is difficult to ban at present

United States Congressman from California Brad Sherman has long been a critic of cryptocurrencies. In 2019, he asked for the use of it to be banned in his country. Also, this year he was among the signatories of a letter calling for greater scrutiny of crypto mining in the US, due to the environmental problems it generates.

Now once again criticized Bitcoin, stating that the first and largest cryptocurrency “has no social value”. In an interview with CNBC, indicated, the lack of intrinsic value and the ability to facilitate crime.

In the interview, Sherman dismissed the potential of Bitcoin to become a future currency, stating that it only has an advantage over the dollar because it can help crimes like tax evasion. He also suggested that Bitcoin it has no backing to help improve the economy. These were his words about Bitcoin:

“Suppose it becomes a currency. In that case, it will be just because it can compete with the dollar in some pretty big markets, especially the tax evasion market, and that’s why it has no social value. We want people to invest in assets that will build the American economy.”.

hard to ban

As we said before, Sherman has been one of the congressmen who has pushed for its ban.

Now, although he does not change his position against Bitcoin, admitted that it’s actually almost impossible to ban it right now, but pointed out that with the regulations, the government can recover “some control”.

“The bottom line is to enforce know-your-customer and anti-money laundering laws on cryptocurrencies. Once it is clear that those laws are in place, cryptocurrencies lose the only thing they aspire to be, and that is successfully competing with the dollar by having an advantage over the dollar.”he added.

According to the legislator, if Bitcoin is successfully regulated, it could lose some of its interest because the laws will expose the inability of the asset to match the dollar.

Sherman also think that the problem is that there is “too much power and money behind cryptocurrencies and that is why the government cannot currently ban it.

“I don’t think we’re going to get [a una prohibición] in the short term. Lobbying money and campaign contribution money works, or people wouldn’t; and that is why we have not banned cryptocurrencies. We didn’t ban it in the beginning because we didn’t realize it was important, and we don’t ban it now because there’s too much money and power behind it.”, said.

Sources: CNBC, FinboldFile, Archive

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

John R. Zepeda

I have extensive experience working as a content writer in the areas of cryptocurrencies and finance, where I create interesting pieces that both inform and engage their audiences.

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