In this video, I talk with author and economic analyst John Sneisen @TheEconomicTruth about the absurdity of the claims constantly made against Bitcoin.
Starting it off is the claim that Bitcoin is great for money laundering which couldn't be further from the truth. Considering it's totally traceable and fiat cash isn't necessarily traceable, Bitcoin is actually bad for laundering money, not that people should be deterred from protecting their money from being stolen. In fact we have recently reported that only 0.04% of people reported their Bitcoin to the IRS according to Credit Karma. The difference is, it can be traced, the laws are just unenforceable.
Then there's the claim that it is fueling the opioid crisis which is utter nonsense. If people wish to buy fentanyl, that isn't Bitcoin's fault just as it's not fiat's fault when fiat is used. Of course fiat is far more commonly used as dealers wouldn't be very smart to use something traceable to sell something incredibly dangerous with so many adverse effects.
Then there's the claim that Bitcoin is used to fund you know who. We cannot name them here on YouTube or we will not get ad revenue at all. But you know who we mean. The funny thing is, 99.9% of money used to fund you know who is in fiat. Should we ban fiat? Well you won't get as many arguments over that.
Let's not forget that government is the biggest sponsor of you know who.
In the end, the media can spread FUD all day about cryptocurrencies and it may temporarily work, but people will always disregard it long term as we are witnessing a monetary revolution before our eyes without a single casualty. It's a beautiful thing.
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