Comment by derektank
14 hours ago
I'm not disagreeing with your general point but in the specific case of Bitcoin I can't think of any laws that have been passed which make it highly inconvenient to use relative to other financial assets. If anything, it seems like legislators (at least in the US) have taken something of a laissez faire attitude toward the technology. Regulators have been more aggressive (e.g. the Treasury) but they're largely just enforcing existing laws which, again, apply to other financial assets.
> I'm not disagreeing with your general point but in the specific case of Bitcoin I can't think of any laws that have been passed which make it highly inconvenient to use relative to other financial assets.
The issue is that it's treated as a "financial asset" to begin with, which de facto inhibits its use as a currency. You want to pay for a sandwich with cash? Hand them bills, get sandwich. You want to pay with cryptocurrency? File securities paperwork. Who is going to do that?
By comparison, things like foreign currencies that float against the dollar aren't reported when the transaction amount is below a threshold.