The U.S. Treasury Secretary Made A Dire Warning Over The Future Of Bitcoin

Bitcoin and cryptocurrencies have been catapulted back into the public consciousness over recent months, not only because of the soaring bitcoin price but due to interest in bitcoin from some of the world’s biggest technology companies, including social media giant Facebook—which is planning to launch its own cryptocurrency next year.

The bitcoin price and cryptocurrency markets remained unfazed when U.S. president Donald Trump unleashed a scathing attack on bitcoin and crypto earlier this month, taking aim at Facebook’s libra project plans, but the year-to-date bitcoin rally was halted in its tracks by global opposition to libra.

Now, U.S. Treasury secretary Steven Mnuchin has warned that bitcoin will not be widely used in ten years time, while the Internal Revenue Service (IRS) is cracking down on cryptocurrency holders it thinks haven’t paid their taxes.