Many big financial players are infurated by the influx of cryptocurrencies and how it has directly or indirectly played a role in the stock markets. With the amount of Bitcoin many of us have bought, sold or HODL, Bitcoin is here to stay.
The Group of 20 countries are moving to a consensus that cryptocurrencies aren’t money after all, but an asset. That means trades potentially could be subject to capital gains tax.
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Governments want cryptocurrencies to be banned because having cryptocurrencies is a challenge of the people having decentralized power over centralized governmental controls. Banks are doing the same, giving us a small portion of the interests while they invest your money in the banks in stock markets, keeping it in their pockets.
The power of the people, be it using cryptocurrencies for tele-transfers (interbank transactions charge exorbitant fees!) or simply keeping a hedge over traditional currencies, having cryptocurrencies is a bold statement to large corporations that earn billions of dollars while creating large income gaps.
So if you hear someone famous or some papers reporting on how cryptocurrencies are virtual, think about your traditional paper money. Just because someone printed a nice picture of their president on a piece of paper, that is real money? The stock market for over the history IS a "virtual" non-liquid form of asset.
While large players and corporations exercise their power to shutdown , ban, impose tax on cryptocurrencies, it is just their way to take a cut back from you. The people. The workers of the society.
Scotts' Run, West Virginia. Miner's child digging coal from mine refuse (Mexican). Bertha Hollow. Source