The bitcoin price, now hovering around $8,000 per bitcoin, double what it began the year at, is often closely tied to public awareness of cryptocurrencies and the latest bitcoin bull run beginning in early April re-started the public debate on bitcoin. Now, U.S. Democrat Congressman Brad Sherman has urged his colleagues to consider banning bitcoin and cryptocurrencies due to the threat they pose to U.S. international financial power, saying bitcoin needs to be "[nipped] in the bud." Bitcoin, which allows its users to move value around the world beyond the sight and reach of governments and law enforcement, is often criticized for its ability to help terrorists, criminals, tax evaders. Sherman, who has previously called bitcoin and cryptocurrencies "a crock", added the U.S. should prevent people from buying or mining cryptocurrencies. While his understanding of the technology’s potential is accurate, it appears that the Congressman does not understand the improbability of being able to ban ownership of these decentralized digital currencies.

Source: Forbes May 15, 2019 08:36 UTC