Governments and central banks view Bitcoin as a threat to their control over the monetary system from "summary" of The Bitcoin Standard by Saifedean Ammous
Governments and central banks have a vested interest in maintaining control over the monetary system. This control allows them to influence the value of money and manipulate interest rates to achieve their economic goals. Bitcoin, with its decentralized and limited supply, poses a threat to this control. Unlike fiat currencies that can be printed at will, Bitcoin has a fixed supply cap of 21 million coins. This scarcity makes it immune to inflationary pressures that governments often resort to. Furthermore, Bitcoin operates outside the traditional banking system, allowing individuals to transact directly with each other without the need for intermediaries. This undermines the central banks' ability to monitor and regulate financial transactions. As a result, governments and central banks view Bitcoin as a challenge to their authority and control over the monetary system. In addition, the pse...
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