Bitcoin crackdown could be coming – a warning from Kraken CEO


TL; DR Breakdown

  • Kraken CEO intimates that authorities could move to stifle cryptos
  • The Bitcoin market has been booming
  • Governments would find it very hard to totally ban cryptos

The CEO of the fourth largest crypto exchange thinks governments might be trying to go after Bitcoin. The crypto market has been booming of late, with BTC setting a new ATH just above $60k a few weeks ago. The pioneer coin still has some bullish energy with it as it’s currently trading at around $61,200 after reclaiming the $60k range following weeks of being stuck under the mark.

However, Kraken’s CEO, Jesse Powell, now thinks that the authorities might soon start a crackdown on cryptocurrencies. The CEO shared his opinions during an interview with the CNBC.

Government officials courting anti-crypto rhetoric

Powell’s concerns rise just as some notable government officials continue to fiercely air their anti-crypto opinions. Just recently, Janet Yellen was on record speaking against Bitcoin. Janet is the US Treasury Secretary. The President of the European Central Bank, Christine Lagarde, has also been quoted claiming that Bitcoin and other cryptos could be used for illegal activities – including financing terrorism and money laundering.

Some governments have done it

The concerns about anti-crypto sentiments by governments have been around for long. Some notable governments have already instituted strict anti-crypto policies. For instance, India is trying to draft a law to totally ban and penalize the possession or use of cryptos by Indians.

Is it really possible to totally ban Bitcoin?

While reports of a possible crackdown on Bitcoin and other cryptos are worrying, there’s history to look back to when matters arise. Before Bitcoin became popular and gained acceptance across the world, there were numerous efforts to stifle it. These efforts failed, and the top coin is currently being sought after even by the largest investment funds in the world.

Indeed, according to Jesse Powell, the mere action of trying to ban cryptos makes the industry stronger by making them even more attractive as a means to show defiance against seemingly repressive intent by the authorities. During a recent interview, a SEC commissioner Hester Peirce said it would be counter-productive for governments to try to ban cryptos.  

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