The very reason Bitcoin was brought into existence was in many ways a philosophical response to how governments have control over the rules of their countries respective currencies.
Whether a government has chosen to be encouraging of the use of cryptos as a way to achieve their goals of being a cashless society like in Denmark, or if a government is actively enforcing capital controls like in Buenos Aires, governments have a very real way of motivating people to explore their options for storing or transferring their monetary worth, and this is leading them to cryptocurrency.
The reason I wanted to speak on this subject today is because of the recent news regarding the new Bill introduced by the US Senate that would require all travelers entering the country to declare any holding of crypto that exceeds $10,000. It has only been introduced, has not been passed.
But if it is passed, that will mean if you travel with your hardware wallets and they are storing more than $10,000 or more worth of cryptocurrencies you’ll need to declare it or else suffer the consequences for more or less smuggling money.
Now I'm not sure how this wouldn’t also lead to the eventual inclusion of having to report your entire bank account since we can access those with our debit and credit cards, but I’ll leave that little thought nugget here for you all to ponder. Thanks