I am hearing a few (not many) politicians express fear over Bitcoin (Sherman, ECB head). Their worries are misplaced. And in the case of Sherman, his actions are the result of corruption (Sherman is paid for by transaction companies).
They need to be educated that Bitcoin is the same competition as any other international currency presents today; there should be no fear from states/central leaders. Americans and other national residents can own various foreign exchange currencies, there is no reason this should differ for Bitcoin.
Bitcoin is not a challenge to the US dollar. It aims to accomplish liberty for citizens outsize of the fiat use case. In the USA, as long as the US Dollar is used for bonds and tax collection and must be accepted by merchants, then that is the currency of the land. And the US and other countries can also dictate which large markets (oil, commodities, etc) must be settled in what currency. That is never going to change and Bitcoin does not aim to change that.
Bitcoin is a store of wealth asset and you can also barter (transact) with it if you wish (just like anything else), its nothing to get antsey about. And at least with bitcoin the leading crypto is transparent with a visible blockchain, legislators should like that as opposed to threatening to ban it where surely anonymous cryptocurrencies will take over. Given enough time cryptocurrencies will create higher velocity commerce and higher velocity tax collection for states. They should embrace innovation over succumbing to irrational fear.
Luckily more informed bodies seem to understand this and there are many pro crypto innovation legislators trying to form rules and regulations to guide the industry in a positive direction including Bitcoin: https://www.coindesk.com/crypto-friendly-us-congress-members-join-new-fintech-task-force
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