The political case for a blanket cryptocurrency ban
&gt;&gt; &quot;Bitcoin is the textbook speculative mania for our time&quot;<p>This misses the point of bitcoin entirely.  People need to understand Bitcoin solves a problem: a very big problem.  This problem was caused by the gov and fed defaulting on it&#x27;s obligation to maintain a stable currency.  As a result, cash can no longer be used as a store of value.  And by artificially suppressing interest rates, the fed&#x2F;gov has eliminated yet another class of investement: fixed income.  So with two major asset classes eliminated: cash and fixed income, it doesn&#x27;t leave much else.<p>The only asset classes we have remaining are equities, real estate and commodities.  Real estate, there&#x27;s no easy way to invest in it in a scalable way.  So, what are you going to do put ALL your money in Equities? with no diversification.  People desperately need a store of value, they can&#x27;t just work until their 120 year old.<p>Bitcoin solves this problem: it&#x27;s a store of value.  For a lot of people, bitcoin is NOT speculation, it&#x27;s a long term buy and hold asset that you hold for a long time.  And the tax rules encourage such buy and hold behavior.  those that are selling the moment it goes up, are going to pay dearly in capital gains taxes 30, 40, 50%+ in some states.