Should bitcoin transactionsbe banned and/or taxed in the USA and does bitcoin threaten the value of the dollar?
The Chicago Tribune article titled: Tesla to accept Bitcoin after investing 1.5 billion, contained this statement:
“Critics say Tesla’s sales and profits are puny compared with established automakers such as Toyota and General Motors, and its huge valuation is not justified by financial fundamentals.”
Another article titled: EU nation denies tax haven claims: reported this statement:
“Luxembourg continuously assesses and updates its supervisory architecture and arsenal of measures to combat money laundering and terrorist financing.”
The Purpose of This Post
Is to relate an ancient proverb to bitcoin and question if the USA needs to react to the use of bitcoin being used to replace the value of the dollar.
Differing weights and differing measures– the LORD detests them both. (Proverb 20:10)
“Wise King Solomon also taught that maintaining honest standards of trade was critical to the success of God’s people. Using different sized weights and measures, for the purpose of cheating others, was an abomination to the Eternal (Proverbs 20:10, 23).”
What’s My Point?
Frankly, I believe that most people as well as myself have no idea what Bitcoin is or how it is valued in comparison to the US dollar.
If we study the origin and history of the use of coins to replace goods being traced, there are five points to consider.
One of the points is: A Unit of Account – something with which to keep track of receipts and expenses.
My point is once the bitcoin is used in place of the dollar to buy or exchange products, the USA Treasury no longer can keep tract which means two things.
The value of the dollar may be adversely affected.
The government has no record to tax transactions which makes it unfair for people who pay taxes.
In My Opinion
Biden has appointed Yellen to run the USA Treasury Dept. She has commented her concerns that the bitcoin is being used to launder money for illicit drugs, criminal, terrorist, etc., activities.
Why Tesla has invested 1.5 billion in bitcoin and will soon accept it for use to purchase Tesla’s should be a concern in my opinion for everyone who has a bank account and been saving for a rainy day after they once paid taxes on the dollars they earned.
In ancient times, as the proverb infers, people who used false weights and measures were considered an abomination or sin against their God.
In our contemporary times and the present trend to believe in government instead of God, the proverb is meaningless.
Which leads begs the question, is the dollar also becoming meaningless same as every USA coin with the words, “In God We Trust?”?
Read the Source Links below.
Is it wise or foolish for the USA Treasury to allow the use of bitcoin instead of the USA dollar?
Regards and goodwill blogging
Yellen on Money
Origins of Money