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Cryptocurrency: How the government could access your bank account

Bitcoin allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties. It remains relatively little used, but holds big appeal for tech enthusiasts, speculators and criminals. (AP Photo/Jeff Chiu, File)
LISTEN: Will the Government Soon Be Able to take a Few Zeroes off Your Bank Account?

There’s a theory that if something can be done, it should be done. And some people seem to think that any sort of “progress” is good for human advancement. Not so when it comes to cryptocurrency.

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Now, I’m all for technology and the improvements in health and medicine. But I’m beginning to see a direction where technology is going, and where society should not go.

Tech people never see a downside to the advancements they build. They don’t see that things like bitcoin, a form of cryptocurrency, could challenge the monopolies of national moneys. The tech people need to realize that if cryptocurrency is going to rise to be powerhouse, governments are not just going to stand by and take it lying down. So you will see a push towards a cashless society. And once you have a cashless society, you own no monetary assets.

When we look at the future of our economy, how far in the future do you have to look before future governments decide to remove a few zeroes from people’s bank accounts?

I don’t trust digital currencies. But the GOP should get ahead of the curve and put rights in place for your digital money. They should be the authors of the new economy. And this could help reintroduce young people to the theories of small government and the fears of big government.

As always, please listen to the full audio clip for complete context.

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