Why Bitcoin is unaffected by government policies?
Bitcoin is the first peer-to-peer payment network that involves no central authority or middlemen. It is completely powered by the people who use it. Bitcoin is a very powerful cryptocurrency. It has the leading market capitalization. The government has a little fear of cryptocurrencies due to the lack of presence of a trusted central authority heading the cryptocurrency. The government issues conventional currencies which are mainly called “FIAT”. The government controls the fiat currencies entirely. If bitcoin or any other cryptocurrency is thoroughly used, the existence of a banking system becomes completely irrelevant. Thus, it is believed that the cryptocurrency can easily take over the banking system which makes the government a little afraid about the existence of cryptocurrencies. The government does not trust the cryptocurrency since it is not a secure medium of transaction. Therefore, none of the policies of government apply on bitcoin.