White House Releases Economic Report On Bitcoin — Here’s What They Got Wrong
The White House recently released an economic report on Bitcoin, and if you’re anything like us, you’re interested to see what they got wrong!
With all the media hullabaloo surrounding the crypto-craze, it’s no wonder why the White House felt the need to weigh in on the matter. But, let’s be honest — these politicos don’t always get it right. So, here are some of the biggest inaccuracies present in the White House report.
First, Bitcoin Isn’t an Investment Option
The White House states that Bitcoin is an “investment option”. Not technically. Bitcoin is not an investment option the same way stocks and bonds are. Bitcoin isn’t a tangible asset, but rather it is more akin to a currency.
Second, Bitcoin Can’t Be Destroyed
The report also claims that Bitcoin “can be destroyed”. Not really. The only way for someone to “destroy” their bitcoin is to lose their private key. Once that’s done, there is no way to ever recover it.
Third, Bitcoin is Not Anonymous
Another claim made in the White House report is that Bitcoin is “anonymous”. Not even close. In truth, Bitcoin is by no means anonymous. All transactions are publicly visible on the blockchain and can be traced back to its originator.
Fourth, Bitcoin is Not Limited
The White House’s report also states that Bitcoin “has a limited supply”. Nope. Bitcoin does not have a limited supply. There will only ever maximum of 21 million coins but more Bitcoins can be created through mining.
And Finally, Bitcoin is Not a Security
Despite the White House’s report stating that Bitcoin is a security, it simply isn’t. Bitcoin is not a security, but an unregulated digital currency, used to store and transfer value. It’s one of those “is it a bird is it a plane” things.
To sum it up, the White House got a few things wrong in their report on Bitcoin. However, with all the hype and hullabaloo surrounding Bitcoin and other cryptocurrencies, it’s understandable why mistakes were made. For better or worse, Bitcoin is here to stay.
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