The War on cash has recently entered a new phase. This is the global governmental struggle to take down the private cryptocurrencies like Bitcoin. You have already seen key battles rage in China (which banned cryptocurrency transactions on exchanges and ICOs altogether) and South Korea (which banned ICOs).
Now the SEC recently fired its first salvo in the United States by announcing it would look closely at the cryptocurrency ICO Initial Coin Offerings in an effort to “protect unassuming investors” who the SEC presumes cannot take care of themselves. They would have you believe that the war on private digital currencies is intended to safeguard you from terrorists and drug dealers who they claim overwhelmingly utilize the alternative currencies.
The reality is that beating down both cash and private cryptocurrencies aids the governments of the world in their relentless quest to seize power from you. It helps to explain why the fans of bigger government always support it. Make no mistake, the government will be all in favor of a national centralized digital currency (as Russia has already announced it is). In fact they will be the ones to propose it. This is because they maintain total control over it, can manipulate it, and most importantly, can monitor it.
Because Bitcoin proves to be a non-state actor that is decentralized, it has quickly become the proverbial “public enemy number one.” This ultimately results from it being the world’s best financial kryptonite in the intergovernmental war on cash.
Bitcoin does not need or countenance the traditional banks and financial systems of the world. There is no central authority to be co-opted. The nature of the currency is that it is completely decentralized in its very network, which is ultimately scattered throughout the globe. It permits what are essentially anonymous financial transactions (if you use it with care).
More odious to governments the world over still is the fact that you can take any quantity of Bitcoin with you when you leave or enter any nation. You do not require any government’s permission. They can not tax it at customs since it is in effect completely invisible. You are able to send it ahead of you to any country through any border as long or as frequently as you wish. No one can stop you from doing this.
This ultimately means that neither the Chinese, South Koreans, nor the American and their governmental agencies stooges will be able to destroy Bitcoin unless they shut off the whole Internet for good around the entire planet. They have tried to stop it in South America already.
They employ capital controls to keep their citizens’ wealth inside of the country so that they may easily confiscate it when needed. Bitcoin has enabled these Latin peoples to sidestep the governments’ seizing, freezing, or blocking their traditional currencies.
Is Your Retirement Portfolio Protected from the War on Cryptocurrencies?
The U.S. and international governments do not have much of a choice in the matter of these private cryptocurrencies. They will fight them tooth and nail. This means that they will attempt to regulate Bitcoin, yet in the end they will not succeed. They will also try to manipulate and control the digital currencies. Yet the U.S. and China are unlikely to enjoy more success than Venezuela and the other countries that have tried to stop their citizens from utilizing currencies they hate. Consider how long the U.S. has tried to shut down BitTorrent (15 years). Yet given their best efforts to do so, the site is still readily accessible around the world.
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