Unveiling Government’s Anti-Bitcoin Strategy: Insights From Simply Bitcoin

coinedition.com 3 h    Reading time: ~2 m

YouTube channel Simply Bitcoin recently posted a YouTube video with guest Dr. Albert Ngi, who is the Optemerist to accept crypto payments including Bitcoin. The video further delved into the Government’s new strategy to “Stop Bitcoin Adoption,” as the title suggests.

In the beginning, the show host announces that the Bitcoin price stood at $27,065 at the time of filming. However, at the time of writing, the BTC value has risen slightly to $27,175.

Moreover, the show hosts add that the Bitcoin Total Hash Rate continues to make all-time highs, which represents high computational power by active miners.

Meanwhile, the Simply Bitcoin host expresses his theory about an attack that happened on Bitcoin during the last bull market which “went under the rug.” According to him, in May 2021, the Chinese Communist Party banned BTC mining within their birders, with resulted in a drop of 50%. Consequently, a drop in the price was also observed which the host believes is the reason BTC didn’t hit $100k last cycle.

However, in less than a year, the Bitcoin Hash Rate recovered, alongside its price. On the other hand, many Chinese miners, frustrated with the ban, left the country to move to the US, as per the video.

The YouTubers also discussed that IRS has replaced “digital currencies,” a term used earlier, with “digital assets.” As per the host, reports including the “Future of Money”, or the “White House Economic” report, all indicate the need for a Government to issue money.

Similarly, the YouTuber scrutinizes the IRS Criminal Investigation pilot program which will deploy cyber attachés to combat cybercrime. The announcement reads that there will be a focus on ” financial crimes that use cryptocurrency, decentralized finance, peer-to-peer payments and mixing services,” which hints that peer-to-peer payments are “dangerous.”

To conclude, Dr. Ngi discusses the reason behind the inclusion of crypto payment methods in his clinic,

I wanted to remove the stigma of Bitcoin because those who don’t understand it, think Bitcoin is dark.

Dr. Ngi hopes that seeing a medical professional accept and use Bitcoin will spread a positive message amongst his patients.


Updated: 06/03/2023 — 10:00

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