Reports are emerging that the European Union is planning some sort of "crackdown" on Bitcoin in the wake of the Paris mass shooting amid allegations that ISIS has some Bitcoins. This is in spite of the declared intention of ISIS and their actual movement to establish a precious metals based monetary system in their caliphate. Estimates floating around in the media suggest that if ISIS has a stash of Bitcoin, its value is roughly the equivalent of 3 million United States Dollars, a figure which is substantially lower than the value of some individual pieces of military equipment which has found its way to ISIS through the United States.
In the United States where mass shootings are far more common knee jerk reactions typically consist of proposals for new restrictions on firearms, though in Paris, France, and much of the EU more stringent firearms regulations are practically impossible due to the existing draconian restrictions. The United States has been desensitized to the mass shooting phenomenon to the point the success of such proposed legislation is normally low, as the low quality of life in the United States has lead to mass shooters emerging with regularity more typically associated with weather phenomena. Europe's relative inexperience and the added hysteria of alleged associations between the shooters and the emergent ISIS caliphate is likely to increase substantially the likelihood the European Union or particular EU member countries commit to paper some sort of regulations concerning Bitcoin in the name of "fighting terror" while Russia combats ISIS by unloading Tu-95 bombers full of ordnance over ISIS strongholds.
Bitcoin is beyond the point where it can be substantially hindered by the failing fiat states of Europe. The socialist states of the world have longed to insert themselves into every transaction between men so that they may more readily collect their share which they demand by force. Bitcoin provides an armor which allows actual persons to resist the bloodsucking proboscis of the parasite state. This, not "ISIS possesses Bitcoin equivalent to the value of one of the armored vehicles it inherited from the United States" would be the actual motivation for a "crackdown" on Bitcoin.
An attempted crackdown on Bitcoin by the EU and its member states would likely:
- Pose serious problems for any venture purporting to act as an interface between fiat currencies and Bitcoin in those jurisdictions.
- Begin a phase of intensified social engineering attempts in various forums concerning or purporting to concern Bitcoin.
- Involve the arrests of a few people in tax evasion and drug cases on flimsy evidence with most of the prosecution's cases having been constructed in parallel to the actual investigation.
- Reveal exactly how inept the socialist states of Europe are and how woefully incapable they are of coping with the present, much less the future.
A European crackdown offers little in the way of actual threats to Bitcoin. The parties who would crack down have far more to fear in their own failure than any amount of fear they can try to project into persons involved with Bitcoin.