Why do regulators want to regulate Bitcoin and other cryptocurrencies? We break down some of the basic dynamics below. But as cryptocurrency continues to soar in popularity - and becomes increasingly entangled in finance and commerce - it may no longer be able to escape Uncle Sam's watchful eye. In the wake of the 2008 financial crisis and subsequent bailout, Bitcoin was imagined as a digital alternative to fiat currency, such as US dollars, that allows users to circumvent the authority of banks and governments. Once a cumbersome, niche currency touted in the internet's dark corners by technophiles and privacy advocates, Bitcoin has become an investment asset you can buy and sell in seconds through popular money services like Venmo, Robinhood and Cash App.
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