Why do the democrats want to declare Bitcoin illegal? They are pointing out its encroachment on the US dollar.

I don’t know about the intentions of the democrats but basically bitcoin endangers the current financial systems.

There are just too few fiat/paper dollars collected by crypto-exchanges and stable coin issuers to match or cover the market cap of bitcoin -> 20+ mil. bitcoins multiplies by $30–40k USDx .

Pension funds and large companies which did invest in bitcoin can find tens or hundreds of millions of dollars evaporated.

For details please check this article -
The danger in the stable coins (thought experiments and the real price of Bitcoin)

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