This is a transcribed excerpt from the “Bitcoin Magazine Podcast,” hosted by P and Q. In this episode, they’re joined by Andy Edstrom CFA, CFP, and Swan Bitcoin Advisor to talk about government regulation, how to expose your family al bitcoin , the right time to buy and what is happening with the world economy right now.
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Q: I would love just your thoughts on the ongoing debate between the work test and the status test right now.
Andy Edstrom: Yeah, I think it’s partly a story of people in Congress and their staffs catching up on how this all works. I think it’s partly a case study of a major change to a network, which is also classified as secure versus not.
I think it needs to make people sharpen their pencils. I believe and hope that Bitcoin will remain a non-partisan issue, relatively speaking, as I hope we continue to have support on both the Democratic and Republican sides. However, he admits that it is very possible that it will swing one way; we could probably guess which way it is. I also think this is good for Bitcoin in the long run because I think Bitcoin’s ethos of self-reliance, freedom, don’t get trampled on and the right to own your assets and function in society as a free person, I think that all it plays with what it means to be American. I think it will be a long battle. It will be a long, drawn out process.
People keep talking about legislation coming, this will be like sweeping across the board and cover all of crypto or even cover some sub-segments. I don’t see it likely that we will get this legislation, even given the fact that the White House made this study request and reports have been issued.
In a sense, the engine of legislation has been moving slowly. The engine of executive orders and things the president could do has been moving, but I really don’t see a solution anytime soon in terms of how everything is regulated. If you’re talking about specific bans or limitations, that’s where you’re starting is that Bitcoin exists. A lot of people like it. They find value in it, they find it useful. Every time you try to restrict, limit or ban this, you will see the march of the “Orange Army” to the rescue, we will mobilize the troops.
It’s a big enough intolerant minority at this point. I think any group in any part of the government that tries to crack down too much on Bitcoin will run into a lot of opposition. We’ve already seen this with various attempts to limit access to it or treat miners as brokers. I think that was that event that happened, I mean almost two years ago, and it mobilized a lot of major letter-writing campaigns and people calling their Congress. We’ve already seen the political power that Bitcoiners can wield, and I think that power will only increase with time.
