Bitcoin has often come under sharp scrutiny and criticism from the government. There have been efforts in the past to ban or increase the regulation of Bitcoin. Some lawmakers have been so vocal in pushing for the ban of Bitcoin. Such attempts have failed so far. Bitcoin remains widely popular within the US. You can use Over the years, Bitcoin usage has realized a significant rise. Today, there are over 68 million Bitcoin users in the country alone.
Since the US government cannot control Bitcoin like it does the dollar, this has made the government challenge it. The government has often perceived Bitcoin as a significant threat to fiscal policy and its power over it. Since users can move Bitcoin anonymously across the world, the government sees it as a significant problem because people can use it for criminal activities.
With Bitcoin, the government recently introduced regulations requiring crypto exchanges to notify users and IRS about Bitcoin transactions. However, this isn’t easy, and many entities still avoid reporting their Bitcoin transactions and assets. The government cannot find such entities easily because Bitcoin does not operate like traditional fiat currency.