The IRS is reportedly targeting crypto ATM operators, patrons, and other people who convert hard cash into Bitcoin and other forms of digital cash.
As the US government marshals its resources to treat cryptocurrency users as they have treated marijuana growers and consumers for decades, the IRS top cop John Fort told Bloomberg Law this week:
“We’re looking at those, and the ones that may or may not be connected to bank accounts […] In other words, if you can walk in, put cash in and get bitcoin out, obviously we’re interested potentially in the person using the kiosk and what the source of the funds is, but also in the operators of the kiosks.”
Who Can Be Their Own Bank?
One wonders if politicians and government mandarins are surprised that people like crypto rather than some form of flimsy fiat line item. Remember, your US dollar accounts may or may not be frozen at any time, for weak reasons, by either the government or your chosen fiduciary nanny (bank).
Americans like freedom.
Even the social justice movements of recent years, including those that police the speech of others and force uncommon lifestyles upon schoolchildren, are born of a desire to be more free.
The question is not whether or not people will use Bitcoin, just as the question is never whether or not they will use illegal drugs.
Trump Admin Begins To Carve Out Its Very Own Waterloo
The question is at which point the government will choose to capitulate to the will of its electorate. Will it be after the entire industry has moved to eastern Mainland China? Or will it be after the entire technology industry follows suit?
In an era marked by deceit, corruption, economic depression and a litany of other crises, at what point does it become an act of treason to treat new industries with hostility of any kind?
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
These questions, of course, must be answered by voters.
— ®₿TCɢʀɪɴᴅᴇʀ™ (@grinder_o) July 12, 2019
To date, the ruling politician Donald Trump has said few, if any words, about Bitcoin.
— David Louie (@abc7david) April 1, 2014
It’s with little surprise that cryptocurrency enthusiasts accept that Mr. Trump is “not a fan.”
— Roger Ver (@rogerkver) July 16, 2019
After all, cryptocurrency isn’t quite versatile for things like bank loans, on which Mr. Trump built his entire fortune.
The views and opinions expressed in this article are those of the author(s) and do not necessarily reflect the official policy or position of BitStarz News. BitStarz News employees may also have an active investment in any profiled products and/or companies.