At a meeting of the G7, a group that unites the world’s 7 major powers, US President Joe Biden compared cryptocurrency traders to wealthy people who evade taxes and said he has no intention of protecting them.
To put his sentence in context, Biden referenced the US debt ceiling. Already broken in January of this year, the government is now looking for solutions to tackle this economic problem.
In short, the US can simply raise the ceiling again, as it has done more than 80 times in the past 100 years, but many fear a technical default by the government. Another option would be to cut government spending and increase tax collection.
Biden calls for bipartisan support to deal with the crisis and talks about cryptocurrencies
The US is not in its best economic period. In addition to the fact that inflation is still far from the Fed’s target of 2%, the banking crisis has already broken a number of major regional banks.
In addition, the dollar is also threatened by other countries that no longer want to depend on the US currency. Finally, the US debt ceiling is the latest ingredient in the crisis.
On the last day of the G7 meeting in Japan, Joe Biden said this moment requires bipartisan support. In the wake, he even blamed cryptocurrency investors.
“I will not agree to a deal that protects wealthy tax evaders and cryptocurrency traders while jeopardizing food aid for nearly 1 million Americans.”
BREAKING: President Joe Biden speaks on the last day of the G7 summit
“I will not agree to a deal that protects wealthy tax evaders and crypto traders and puts food aides at risk.”https://t.co/q2ATjj9RFh
📺 Sky 501, Virgin 602, Freeview 233 and YouTube pic.twitter.com/PIf0O5tKXq
—Sky News (@SkyNews) May 21, 2023
Putting the numbers on the table, the US wants to raise $400 billion by taxing billionaires and $1.3 trillion by taxing large corporations. In the plan to reduce debt by $3 trillion, cryptocurrency traders would only account for $24 billion.
In response to the US president’s speeches, several Bitcoin investors recalled that it was Biden who printed trillions of dollars in recent years, leading to a general increase in the price of products and services.
The US wants to distance itself from the cryptocurrency industry
While Biden wants to tax the cryptocurrency industry and its users, his administration also wants to shut it down. With the so-called Operation Check Point 2.0, the US is killing the sector at the edges.
In other words, Biden’s new rules appear to be another attack on cryptocurrencies rather than a solution to his country’s economic problems.
After all, the US debt ceiling is an age-old problem and the only connection with cryptocurrencies is that they are a lifeboat for those who do not want to go down with this boat.
Source: Live Coins

Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.