Strategist Reveals How Government Is Trying to Destroy Bitcoin

Crypto Bahamas recently took place, an event where cryptocurrency investors discussed industry news, regulations and also the general trend of the market. The Business Insider noticed that in this latest edition Bitcoin was not so present, which can be something to worry about.
During the Crypto Bahamas conference, which was co-hosted by billionaire Sam Bankman-Fried and SALT, guests spoke on different subjects, but according to the publication, they were “quiet about Bitcoin.”

“Rather, capturing the attention of participants” were topics like regulating the crypto market, improving layers on blockchains like Ethereum and Solana (..) This leaves open the question whether the largest cryptocurrency by market cap has simply reached maturity in the cryptocurrency ecosystem. cryptocurrencies it has inspired or whether its dominance is waning,” noted Business Insider.

for the strategist Meltem Demirors, if the second option is true, then it is cause for concern. Speaking at the panel discussing the Future of Bitcoin, Demirors said that politicians are starting to move against Bitcoin at a time when the community is no longer paying as much attention to the world’s largest cryptocurrency.

“What we are seeing around the world, what really worries me, is that they are using the proof-of-work attack, and in particular the energy use of Bitcoin, as a way of implementing a true Bitcoin ban. without actually claiming it is one,” Demirors said.

As Demirors pointed out, because Bitcoin is completely decentralized, there is no easy way for the government to use previously used methods to deal with “the threats”. The only “easy way” to attack the Bitcoin network is to focus on mining, the strategist added.

“I will make clear the part they want to hide: Governments are going to try to ban Bitcoin, they are going to try to attack Bitcoin because because it’s really hard to try another alternative.” Demirors said of his concerns about Bitcoin’s future.

Campaign against Bitcoin mining

Demirors drew attention to the campaign that is already being made against the bitcoin mining system, promoted even by big names in the cryptocurrency market, such as Ripple. In April, the environmental organization Greenpeace and Chris Larsen, president and co-founder of Ripple, launched a lobbying campaign calling for the Bitcoin blockchain to shift from a proof-of-work to a proof-of-stake mechanism to decrease energy expenditure. For many in the Bitcoin community, the campaign massively simplifies how Bitcoin works and repeated a series of myths that many have spent years trying to debunk. This simplification is a constant weapon for anyone trying to use Bitcoin’s energy expenditure as a way to curb cryptocurrency. Business Insider also highlighted that last week, New York Assembly lawmakers voted to pass a bill that would freeze the expansion of carbon-based cryptocurrency mining operations until the state could complete a comprehensive study of the impact. mining in the region. According to Demirors this recent development in the campaign against Bitcoin is “a very serious matter.”

“A lot of the information they are getting comes from lobbying for other protocols.” Demirors said of the dangers of lobbying against Bitcoin.

Elizabeth Stark, co-founder and CEO of Lightning Labs and who was on the panel with Demirors, also said that she believes there are people acting to intentionally attack Bitcoin.

“I believe there are many people who are intentionally trying to attack Bitcoin because there is no CEO.” said Elizabeth Stark.

Bitcoin may just be the beginning

The strategist still believes that this may be just the first step in a campaign against cryptocurrencies. For her, the focus starts with bitcoin, but can easily shift to other cryptocurrencies.

“I think the most important thing is that this whole industry succeeds, we need Bitcoin to succeed, as Bitcoin’s proof of work is the foundation for everything. Without Bitcoin or Bitcoin as a source of liquidity none of this exists. So I think it’s incredibly short-sighted [atacar o Proof-of-Work].”, he concluded.

Even with this anti-Bitcoin campaign, both Stark and Demirors agree that in the end the community will win, with people moving out of less Bitcoin-friendly jurisdictions, just as happened after the ban on bitcoin mining in China.

“The decentralization of money and the freedom it brings is something we can all hopefully agree on. However, there are some traditional institutions or even governments that want to break this, but at the end of the day, we will win as a community, because it is the right thing to do.”