Opinion: Biden Will Go Down as the Most Anti-Crypto Leader in HistoryJune 16, 2023
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Between his shady infrastructure bill, attempting to shut the crypto industry out of traditional or standard financial products, and now a 30 percent tax proposal on all crypto mining operations, Joe Biden is arguably turning out to be the most anti-crypto “leader” in the history of the U.S.
Biden + Crypto = Disasters!
Crypto has long been a taboo topic in American politics. As we all remember in 2019, some of the democratic hopefuls looking to make their way into the White House in 2020 built their campaigns on the ideas that crypto could be simplified. Men like Andrew Yang and Michael Bloomberg said they would do all they could to make crypto laws easier to understand, and they would work to make the industry more mainstream.
However, neither figure was able to make waves with voters, and their plans ultimately came to immediate standstills.
In the end, democrats wound up with Joe Biden. The irony here is that in the beginning, Biden was touted as the man who would put crypto on the map. He would make it a legitimate, mainstream asset class that could be utilized and enjoyed by all. Since then, however, he’s done the exact opposite, and his anti-crypto rhetoric has become all-too clear.
Things got off to a rocky start in the summer of 2021, just a few months after he was inaugurated. Biden signed a new infrastructure bill into law that instead of working to rebuild our roads, hospitals, and schools (like the word “infrastructure” would imply), contained verbiage aimed at crypto holders. They would be required to report all transactions exceeding specific numbers, and the IRS would likely come down hard on them every April 15 beginning in the year 2024.
Things didn’t stop there, however. Biden initiated several weak economic policies and signed multiple trillion-dollar spending bills into law that ultimately caused record inflation and brought crypto prices down to their lowest points in 2022. That period now stands as the shakiest ever for crypto.
Then, news spread that Biden was working to implement an Obama-era policy that would shut out all crypto businesses from traditional financial tools and services. Things like checking accounts, for example, would no longer be accessible to these firms, but just when you thought things couldn’t get any worse, America’s phony president announced he was urging Congress to consider a 30 percent tax proposal on all crypto mining businesses.
Trying to Ruin the Mining Sector?
This would undoubtedly bring the industry to a halt given mining’s where the money is at. It’s also what gives crypto life and brings new digital units into circulation. By defeating miners, you defeat the entire crypto arena.
At this stage, anyone who felt Biden would be America’s “crypto president” should be hiding in shame.
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