Regulators can Shut Down Bitcoin Anytime: Bloomberg Editor

Law enforcement authorities can shut down bitcoin anytime, according to Bloomberg Digital’s executive editor Joe Weisenthal.

The media talent warned institutions against creating bitcoin-based investment products, stating that they could become a tool to take capital from fiat markets. Citing Bitcoin exchange-traded funds, Weisenthal said no regulators would want to approve fiat onramps to pump money into the bitcoin ecosystem. First, the move would make fiat unattractive to investors. And second, it would increase the amount of illicit financial transactions.

Weisenthal thinks bitcoin has only one critical use case: to facilitate trades that the governments and regulators – or “the MAN” – do not want anyone to make. That makes the cryptocurrency an ideal tool designed to serve criminals – and criminals only. Creating new markets to inject more into bitcoin, therefore, would increase the number of financial crimes. So, one way or another, an average law enforcement agency…