CHINA USING BITCOIN TO INFILTRATE U.S., FEDS CONTEND
Yes, the latest Fed conspiracy surrounding Bitcoin is that the Chinese are using Bitcoin mining operations located in the U.S. to somehow glean intelligence.
Wyoming is home to one specific mining location that has been named by sources as concerning to U.S. officials, according to Coinotag News. (“Bitcoin Mining in the U.S.: What US Officials are Monitoring,” 14 Oct 2023.)
The crypto outlet reported that U.S. officials have noticed this mining activity is close to a Microsoft data center that aids in the running of the Pentagon.
Despite the fact that Microsoft hasn’t seen any obvious evidence of hostile activity from this mining business, the location of unknown Chinese nationals close to a Microsoft data center and a U.S. strategic missile station has caused some alarm and highlighted possible security issues, Coinotag said.
The mining operation’s operator, Bit Origin, turned an abandoned pig-processing plant into a cryptocurrency data center.
China’s restriction on cryptocurrency mining in 2021, well covered by The Trends Journal, predictably resulted in mining operations flowing elsewhere, including to crypto friendly states in the U.S. like Wyoming and Texas.
TRENDPOST: We have periodically detailed legit concerns over Chinese IP theft and attempts to ideological influence the U.S. via educational institutions.
See, for example:
- “CHINA BUSINESS ESPIONAGE NETS $500 BILLION A YEAR” (29 Jun 2021)
- “OPERATION HARVEST MALWARE OUT TO STEAL AMERICAN IP AND MILITARY SECRETS, SAYS MCAFEE” (21 Sep 2021)
- “CHINA ‘TALENT PROGRAM’ GIFTED AT STEALING AMERICAN IP” (26 Oct 2021)
- “ASML IDENTIFIES CHINA IN IP THEFT OF ADVANCED CHIP FABRICATION TECHNOLOGY” (28 Feb 2023)
- “PENTAGON: CHINA STOLE TECH FOR ITS FIFTH GENERATION FIGHTER JET” (14 Mar 2023)
But the vague accusations surrounding the Bitcoin network, strikes us as just a little too convenient.
The government is currently accruing national debt at a clip where 1 trillion might be added to the pile every 45 to 60 days.
What was 32 trillion 6 months ago is now 33.5 trillion.
That’s insane, and many believe it’s only a matter of time before ANY relatively reasonable-sounding store of value, whether it be a rare metal, commodities like oil and food staples, or rare digital asset that has proven resistant to tampering, blows through the roof.
Doubt about the dollar, along with concerted efforts of rival powers Russia and China to wean themselves off reliance on the “petro-dollar” standard, and decouple their financial destiny from American financial weaponization, is more than palpable at this point.
And that background has to figure into anything the Feds say about bitcoin.