US President Joe Biden released the government’s economic report on Monday, in which Bitcoin plays a major role. BTC is mentioned as many as 75 times in the report, which attempts to denigrate Bitcoin and promote a Central Bank Digital Currency (CBDC) of the United States as the better solution.
In the section titled “The Perceived Appeal of Crypto Assets,” the White House spends many pages describing how Bitcoin works before denying the leading cryptocurrency the function of money by definition. Notably, BTC allegedly fails to fulfill two out of three characteristics of money.
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