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National Policy and Bitcoin

In: The Bitcoin Dilemma

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  • Colin L. Read

    (SUNY Plattsburgh)

Abstract

Satoshi harbored great skepticism about large financial institutions, especially in the wake of the artificial mortgage-backed securities-fueled asset bubble of 2007 and the ensuing financial meltdown that led to the Great Recession. The failure to sufficiently regulate banks and insurance companies too-big-to-fail cost Wall Street and required significant taxpayer-funded bailouts. But while Wall Street was saved, and these same institutions soon grew even larger, Main Street suffered. Ineffective regulation that fell far short of rapid innovation in the financial sector left citizens picking up the pieces and plunged economies worldwide into the worst recession since the Great Depression. The same concentration of financial wealth and power is now occurring in cryptocurrencies, with similar potential for economic harm.

Suggested Citation

  • Colin L. Read, 2022. "National Policy and Bitcoin," Springer Books, in: The Bitcoin Dilemma, chapter 0, pages 129-136, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-09138-4_13
    DOI: 10.1007/978-3-031-09138-4_13
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