United States congressman from Califonia Brad Sherman has once again slammed Bitcoin (BTC), stating that the flagship cryptocurrency has ‘no societal value,’ citing the lack of an intrinsic value and ability to facilitate crime.
Speaking during an interview with CNBC on September 10, Sherman dismissed Bitcoin’s potential of becoming a future currency, stating that it only has an advantage over the dollar because it can aid crimes like tax evasion. He also suggested that Bitcoin has no backing to help improve the economy.
“Suppose it becomes a currency [Bitcoin]. In that case, it will only be because it can outcompete the dollar for some pretty big markets, especially the tax evasion market, and that’s why it has no societal value. We want people to invest in assets that will build the American economy,” he said.
Chances of banning Bitcoin
Interestingly, Sherman, who has been pushing for outlawing Bitcoin, admitted that it is near impossible to ban the asset at the moment but noted that with regulations, the government can regain ‘some control.’
“The critical thing is to impose the know your customer and anti-money laundering laws on crypto. Once it’s clear that those laws are set, crypto loses the one thing it aspires to be, and that is successfully competing with the dollar by having an advantage over the dollar,” he added.
According to the lawmaker, if Bitcoin is successfully regulated, it might lose some of its interest because the…
