We all knew this was coming.
We all knew that regulators could only take a backseat for so long.
It is just insane to me that more people didn't recognize it sooner. How did people not see this coming? How did they not understand that governments were putting a cap on cryptocurrencies and trying to keep the public from using them for a reason?
In my mind, it was an inevitability. I always knew that this was coming and I couldn't believe that more people didn't see it the way that I did.
Bitcoin and crypto investors were put on notice this week when French and German government officials backed European Central Bank (ECB) plans for the development of a rival to Facebook's libra and bitcoin.
The ECB has said it's planning a public digital currency that could leave Facebook's libra dead in the water.
How funny is it that the same governments that talk shit about crypto turn around and get their hands right into the cookie jar not months later?
Earlier this week, both France and Germany said they could block Facebook's libra in Europe due to the risks it poses to the financial sector while backing the ECB's proposed development of an alternative public cryptocurrency.
Another worry is that Libra would take a large share of the potential market for crypto.
This worry can be extrapolated onto whatever currencies that these governments like ECB decide to create.
The funniest thing is that all of these currencies are destined to be absolute shit compared to open-source blockchains...
Why?
Because there is no passion behind the creation of them. There is no mission. The only thing driving these currencies is centralized corruption.
This makes me more bullish than ever on Bitcoin.