Congressman Brad Sherman: The Continual Critique of Cryptocurrency

The Stance Against Crypto

In a delightful twist of irony, Congressman Brad Sherman has hopped back onto the anti-cryptocurrency bandwagon, just when the market seemed to need a scapegoat. Known for his strong aversion to anything that could potentially dethrone the U.S. dollar from its comfortable throne as the global reserve currency, Sherman once again decided to let his opinions fly during a recent hearing regarding Facebook’s Libra digital currency.

Nuanced Views on Digital Coins

During the October 23 hearing, Sherman decided to emphasize his long-standing criticisms against cryptocurrencies like Bitcoin. He likened his skepticism to a family tradition, quipping, “I’m not here to be anti-Facebook; I was anti-cryptocurrency back when you were anti-cryptocurrency,” in a little jab aimed at Facebook CEO Mark Zuckerberg. Because who wouldn’t want to reference old grievances like a nostalgic family reunion?

The Dollar’s Dilemma

At the core of Sherman’s argument lies a tantalizing dilemma: cryptocurrency either fails miserably, rendering investors financially crumpled, or it successfully threatens to disrupt the empire of the U.S. dollar. It’s as if he is flipping a coin – what a theatrical way to make a point! As he stated, “Cryptocurrency either doesn’t work, in which case investors lose a lot of money, or it does achieve its objectives perhaps and displaces the U.S. dollar or interferes with the U.S. dollar being virtually the sole reserve currency in the world.” Talk about raising the stakes!

Not a Fan of Facebook’s Zuck Bucks

In an effort to solidify his anti-cryptocurrency credentials, Sherman added that he is no fonder of Libra, calling it the quirky “Zuck Buck.” It’s not enough to denounce Bitcoin; he’s going after Facebook’s digital currency too! His comments come during a period when Bitcoin was undergoing some turbulence, plunging 8% to levels not seen since before the inception of Libra. Was it bad luck, or is Sherman actually the harbinger of doom for digital currencies?

Misguided Conclusions?

As Sherman lamented the use case for the U.S. dollar among criminals, he demonstrated a misunderstanding of trends in financial fraud. Contrary to his proclamation, studies have shown that traditional currencies still reign supreme when it comes to illicit activities. Yes, folks, the criminal world does enjoy its cash. Perhaps instead of pointing fingers at Bitcoin, Sherman could use this opportunity to take a closer look at the well-established evidence of crime’s fondness for good ol’ paper bills.