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Binance CEO Speculates Coordinated Efforts To Destabilize Crypto; Is Bitcoin Under Attack?

Binance CEO Speculates Coordinated Efforts To Destabilize Crypto; Is Bitcoin Under Attack? WikiBit 2023-03-13 10:27

There is speculation that the increasing number of attacks targeting the cryptocurrency industry, as well as the challenges faced by traditional banking institutions in this area, may be part of a coordinated effort to undermine the stability of the crypto sector.

The crypto market experienced a tumultuous year in 2022, and it seems that the challenges are likely to persist in the current year as well. Due to regulatory hurdles and the collapse of prominent companies, the crypto industry is facing a difficult situation that appears to be a deliberate attempt to undermine it.

Binance CEO Raises Concern On Crypto

Binance CEO, Changpeng “CZ” Zhao, shared a similar view. In a recent tweet, he suggested that the current situation in the cryptocurrency space may be a coordinated effort to shut down banks that are supportive of crypto, which could have negative consequences for the industry in the future.

Despite the impact of attempts to hinder the cryptocurrency industry, traditional financial institutions are currently struggling while blockchain technology continues to operate due to its decentralized nature. This decentralized approach prevents any central authority from taking control. As an example, Bitcoin has maintained its $20K value despite facing regulatory obstacles, negative press coverage, and media scrutiny.

Recently, several influential authorities in the United States, such as the Federal Reserve, the OCC, FDIC, SEC, NYAG, NYDFS, DOJ, and members of Congress, have been making efforts to destabilize the growing cryptocurrency industry, which has been challenging the traditional market for some time. This endeavor, known as “Operation Choke Point,” is rumored to be making it increasingly difficult for crypto businesses to operate and sustain.

Does Crypto Pose A Threat?

Cryptocurrencies have emerged as a viable alternative to several conventional financial products and services in the United States. For instance, while American banks offer savings accounts with interest rates as low as 0.1%, cryptocurrencies offer staking features that can enable users to earn up to 25% in annual rewards. Nevertheless, the Securities and Exchange Commission (SEC) recently imposed a penalty on California-based crypto exchange Kraken and even compelled the firm to halt its staking operations for US customers.

Although there is no concrete evidence of a government conspiracy to use political power to eliminate cryptocurrencies from the US banking system, the recent series of crypto crackdowns and developments in certain scenarios have cast doubt on the matter. This is difficult to pass off as a mere coincidence.

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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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