Recently, there have been concerns among cryptocurrency enthusiasts that the U.S. government is purposely closing access to cryptocurrency. Some people are even referring to this mission as “Operation Chokepoint,” which was originally aimed at eliminating access to the riskiest types of investments. The recent shutdowns of Silvergate Bank, Silicon Valley Bank, and Signature Bank have contributed to this speculation, as many believe that the U.S. government is trying to oust crypto businesses.
The U.S. government’s enforcement actions, along with the recent liquidation of Silvergate Bank and other banks, have led some people to believe that regulators want to limit access to crypto services. Furthermore, many politicians have joined senator Elizabeth Warren in blaming crypto risk for the liquidation of certain banks, which has only added to the speculation. Even the White House has downplayed the potential of crypto, stating that it does not fulfill the properties of sound money and has so far failed to achieve its purported goals.
Many cryptocurrency advocates believe that the U.S. government is trying to close the exits to cryptocurrency, which has only led to more speculations about its intentions. Alistair Milne, a well-known Bitcoin advocate, believes that the U.S. is imposing capital controls on cryptocurrency to maintain the dominance of the USD. Venture capitalist Balaji Srinivasan believes hyperinflation is currently happening and that bitcoin could reach $1 million per coin in 90 days. However, Srinivasan also believes that the Fed is closing the exits and called on people to buy bitcoin and get their coins off of exchanges.
Not everyone is as enthusiastic as some cryptocurrency advocates, with some questioning the government’s potential banning of off-ramps and what options people would have if that happens. Nevertheless, the possibility of the U.S. government purposefully closing access to crypto services has led to concerns among investors and the cryptocurrency community alike.
In conclusion, there are concerns among cryptocurrency enthusiasts that the U.S. Government is purposely limiting access to cryptocurrency. People are referring to this mission as “Operation Chokepoint” and recent enforcement actions, along with the liquidation of several American banks, have contributed to the speculation. Despite concerns from some people, many cryptocurrency advocates are still optimistic about the future of crypto and believe that it will provide better options in the long run.
