In the world of traditional finance, cryptocurrencies have entered the market as a considerable force. They’re challenging the global banking system by introducing themselves as a groundbreaking force. Therefore, cryptocurrency is facing a backlash from powerful entities around the globe.
They are conspiring against the new technology to stop its progress. Today, we will see how governments, media agencies, and financial regulatory authorities are using certain strategies to retain their control over the global financial market, and are trying to suppress the freedom and decentralization that cryptocurrencies offer.
A Coordinated Attack on Cryptocurrency
To retain the dominance of traditional finance around the globe, governments, regulatory authorities, and media agencies are working in collaboration to sabotage the progress of cryptocurrency.
The key objective of these institutions is to undermine the progress of cryptocurrency and to stop it from offering decentralization and complete freedom in the financial sector.
Spreading Fear, Uncertainty and Doubt
Governments also use fear, uncertainty, and doubt (FUD) to change the public’s opinion on cryptocurrency. To decrease people’s trust in digital currencies, they use fake headlines and exaggerate security breaches to make cryptocurrency users uneasy, and potential investors run away before taking the first step into the world of cryptocurrency.
This agenda works to keep new users from trying cryptocurrency, thus crippling the crypto industry in the long run.
The FUD spread by mainstream media and governments creates skepticism, thus affecting the fast adoption of cryptocurrencies.
Using Regulations To Hinder Growth
To protect their vested interests, financial institutions, and regulatory bodies are rapidly strangling cryptocurrency regulations, and are imposing taxes to gain an advantage.
These regulations hurt cryptocurrencies, and keep potential users away from the industry, thus affecting the adoption rate. That’s why there’s a need to address the regulation problem to help cryptocurrencies regain their momentum.
Even the innovation in the cryptocurrency market and startups are facing strict regulatory pressure. This drives up the cost of operating crypto startups and makes the barrier to entry pretty high. This is what keeps most investors away from investing in the crypto field.
Tarnishing the Image Through Media
The mainstream media also seems to be promoting the narrative against cryptocurrency. They do this by downplaying the problems with traditional finance, and by exaggerating the issues with cryptocurrency.
They do not promote the beneficial features of cryptocurrency and avoid covering the latest innovations in the field, thus keeping the general public from getting educated about the benefits of investing in cryptocurrency.
Moreover, the mainstream media sensationalizes stories regarding hacks and security breaches in the field of cryptocurrency. This decreases the public’s confidence in crypto projects and keeps them away from investing in the crypto market.
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