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Nexo

Five Reasons Why Governments Won’t Ban Bitcoin And Can’t Stop Crypto

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
0
Advertisement

The founder of the world’s largest hedge fund and macroeconomic genius Ray Dalio recently revealed his concerns over governments banning Bitcoin. In response, we’re outlining all the key reasons why this simply will not happen, and even if it did, it wouldn’t stop the cryptocurrency from continuing on.

Why Banning Bitcoin Won’t Happen, And Governments Can’t Stop It

Ray Dalio is the founder and co-chairman of Bridgewater Associates, the world’s most successful hedge fund. His latest work entitled “The Changing World Order: Why Nations Succeed and Fail” dives deep into the failing fiat monetary system and a future where the United States and the dollar fall out of power.

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The topic has made Dalio a star within crypto circles, which is why his recent remarks about governments potentially banning Bitcoin, was especially jarring. Dalio clearly knows his stuff, and there is a precedence set already with gold.

RELATED READING | BITCOIN  REMAINS THE BEST PROTECTION AGAINST A DEVALUING DOLLAR

From 1933 to 1975, the US made it illegal for citizens to own over a certain amount of gold to prevent gold hoarding. It was done to push citizens increasingly toward paper dollars that were at the time losing purchasing power.

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Back then, the law was difficult to enforce, and only a few cases where gold buyers were prosecuted exist. It also serves as an example as to why the situation won’t arise again, the dollar isn’t pegged to Bitcoin as it was to gold when the ban was put into place.

Next, the sheer cost in resources and time required to add Bitcoin to the ever-growing list of “banned” goods like weapons, drugs, and more would be large, and wasteful. And if the “war on Bitcoin” is as large of a failure as the “war on drugs” or “war on terrorism,” Bitcoin will become part of everyday society whether there are wars waged against it or not.

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Another reason that would make a war on Bitcoin far more challenging, is because it lacks a physical form. The lack of a physical form and cryptography makes it difficult to confiscate.

bitcoin market cap btc

BTC market cap nears $300 billion, beyond $1 trillion it becomes unstoppable | Source: BTC Market Cap on TradingView.com

No one actually controls Bitcoin, so governments’ only chance at stopping the rapidly expanding cryptocurrency network is to ban citizens from owning it. But as gold has proven, it doesn’t work. Also, time is running out on any chance of that happening at all, the more major companies like Square, Inc, MicroStrategy, and billionaire hedge fund managers put their capital behind it.

RELATED READING | BITCOIN OVERTAKES PAYPAL MARKET CAP, SETS SIGHTS ON VISA, MASTERCARD, AND BIG BANKS NEXT

Billionaires, millionaires, and corporations, have considerably lobbying power. If companies continue to get behind Bitcoin in this way, and the market cap grows to $1 trillion or more, the impact of a government ban would be too considerable to warrant it.

The reasons could go on and on as to why governments won’t ban Bitcoin, and even if they do, there’s simply no stopping it.

Featured image from Deposit Photos, Chart from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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