Bitcoin users around the world may be pounding again. The most popular cryptocurrency at the moment at an uncertain rate.
The cryptocurrency, which has been around since 2009, is now experiencing growing concern because of legislation in the United States proposed by President Joe Biden. As reported by News.com Australia on Tuesday (10/8/2021), Bitcoin experienced its highest decline on Sunday of AUD 57,262 to Wednesday of AUD 51,454 last week.
Concerns are growing over the impact of a US $ 675 billion infrastructure proposal proposed by US President Joe Biden. If the law is successfully passed, then what happens is the price of Bitcoin will drop by USD 6,000. The decline deepened after Elon Musk signaled to Tesla to dump its cryptocurrency holdings in May. Coupled with China’s policy of banning the use of cryptocurrency in June, which contributed to the drop in prices.
With news like this, a provision in an infrastructure law that could raise USD 37.81 billion from crypto investors could, of course, bring down the company. "This is a deviant policy, which if adopted, would be more dangerous to the interests of the United States," attorney Jake Chervinsky wrote on Twitter.
Jake Chervinsky explained, the law would harm cryptocurrency investors and those who transact using it.
"This sounds crazy and completely ridiculous, but it could happen. There are so many laws about crypto that we might be able to ignore, but not this time," Chervinsky said.
Yet, from the government’s point of view, the U.S. Tax Committee considers that if cryptocurrency exchanges are monitored and regulated, it will generate a profit of USD 69.87 billion from buying and selling cryptocurrency. The rules are enforced because crypto buying and selling transactions are not tracked and not monitored. While the crypto transactions that took place were worth USD 2.7 trillion and came from 8,600 transactions worldwide.
Tags
NEWS & FACT
