America doesn't have the best record of encouraging loyalty amongst corporations. Look no further than treaties like NAFTA to realize how disastrous policies pertaining to business have been for the U.S. which has decimated it's manufacturing capabilities.
Now, in the digital world in which we live, American leadership is trying to maintain its stranglehold on the World's economy by banning cryptocurrencies. And, while many people have little to no faith in digital currencies, the fact remains that even the Dollar, which is the World's reserve currency is digital. If you don't believe me, look in your wallet then look at you bank statement. Do you have more physical dollars in your wallet or more digital dollars in your bank. This is true for any country with a banking system. Virtual money is here to stay.
The difference between fiat currency through which most countries conduct trade and cryptocurrencies through which more states and countries are beginning to trade is who and how they are controlled. For currencies like the Dollar, central banks, like the 12 privately-owned banks of the Federal Reserve system control many aspects the currency. The value of the dollar is only insured by the force that America can exert on other countries, because it has NOT been backed by anything of value since America left the Gold Standard in 1971.
Since Nixon's fateful decision, America has forced countries into poverty, economic destruction and even killed to maintain the Dollar's strength. The problem for America now is that countries around the world are losing their fear of the bully that the US has become. With America failing to win any war or act of aggression in the name of Freedom, Humanitarianism, Democracy or any other fake reason and sanctioning so many countries, the world, the US has basically forced many around the world to find a means of trade that doesn't include the US Dollar. American enemies and allies alike have had to turn away from a currency that has become as worthless as Monopoly game money.
So, while many countries seek to develope their own digital currencies, many people around the globe are determined not to move from one corrupt monetary system run by a centralized authority to just another monetary system run by yet another corrupt centralized authority. Many people are choosing instead to adopt a monetary system that is inherently sovereign and while can be manipulated as all other mediums of exchange are, is decentralized to the point as to be beyond the reach of centralized authorities. While centralized authorities may seek to control or eliminate cryptocurrencies like Bitcoin. The problems that the approach taken by people like the securities exchange commission (SEC) chair Gary Gensler include but are not limited to are that Gensler's attacks are harming so many small to medium American investors by causes the crypto market to flash crash repeated. I say small to medium investors because the rich who have invested in the cryptocurrency market can not only ride out the highs and lows but they are also the ones buying when the small to medium investors get scared out of the market. The other problem with approaches such as Gensler's is that it has been tried before when China banned certain aspects of the cryptocurrency market. The result was that a lot of the market simply moved out of China into countries like America. China learned the hard way that chasing off the innovation that comes with cryptocurrencies is a losing proposition. That is why Hong Kong has invited companies like Coinbase to open up shop there. While I'm no fan, imagine how different America's economy would be if Amazon.com was and other dot coms had to face people like Gensler when that market was in it's enfacy which a very volatile period.
So, by American financial leaders like Gensler and Elizabeth Warren trying to weaken, if not eliminate cryptocurrencies completely, they are sending some of the few innovators, venture capitalist groups and even citizens to other countries, which can, like the impacts of NAFTA, NOT be good for America.
And, looking at America's recent track record as it pertains to its own people is not that great (increasing homelessness, poverty, malaise and disillusionment), it's not difficult to feel that this country has little to no allegiance to its cirizens, let alone its allies or their citizens. Americans better wake because more of Earth's inhabitants are growing to hate us. Not for the lives we live, but for what our lives cost them.
