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What are peoples thoughts on the likelihood of bitcoin being banned?

These articles warn of a bitcoin ban:

(Forbes) [Legendary Investor Warns Bitcoin Ban ‘Likely’ As Price Suddenly Soars Toward $60,000](https://www.forbes.com/sites/billybambrough/2021/03/26/legendary-investor-warns-bitcoin-ban-likely-as-price-suddenly-soars-toward-60000/?sh=57ffc1514850)and

(Small UK paper) [Amundi warns bitcoin in for ‘brutal’ price correction as regulation hits](https://www.fnlondon.com/articles/amundi-warns-bitcoin-in-for-brutal-price-correction-as-regulation-hits-sector-20210324)

What are peoples thoughts on the likelihood of this?



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  1. As far as my own opinion (strong emphasis on opinion), in the US wealth gets to make the laws. Politicians generally cater to their own interests and the interests of wealthy constituents, so they in turn “share the wealth” so to speak. Firstly, it’s very easy for someone who isn’t invested in bitcoin to say this would happen, but I think the bigger question is, is bitcoin a threat to anything that “legendary investor” is heavily invested in? Also, why does Forbes flip flop so much on what bitcoin “will do”? Do you think all of these large institutional investors would easily allow the government to ban something they are so heavily invested in?

    In the end, everyone with money and political influence has their motives. Some will want bitcoin gone because it’s a threat to their own income and others will attempt to protect Bitcoin as they are heavily invested and are making money from it. I’m not sure who will win in the end, but I don’t think outright banning bitcoin would be easy.

    Also, I realize I didn’t really address the other article, but that’s because I can only speak about the US.

  2. bitcoin is built a top of an architecture called peer to peer networks which is vastly different from the current infrastructure which is mostly client – server. As long as you can connect with a peer via internet(vpn or not) you will be able access your funds.

  3. It would be really stupid to encourage the latest round of minted millionaires and billionaires to leave your country to a crypto friendly jurisdiction. Cuz that’s what would happen. It’s very hard to secretly flee with your gold(or any other monetary asset besides crypto) without it getting taken. Whereas it is impossible to stop you fleeing with your Bitcoin. I wouldn’t want to live somewhere that isn’t free, and dodges potentially world changing technology because they are scared of the future anyway. A country like that is not headed towards a bright future regardless of whether Bitcoin succeeds.

    That ignores the main reason they won’t ban it though. It’s the nation state game theory that is Just starting to play out now that Singapore owns Bitcoin and a couple other countries are considering stacking Sats that will prevent other countries from banning. A country can afford to be bullish on bitcoin and be wrong. A country can’t afford to ban Bitcoin for any serious length of time and be wrong. They would never catch up to where they could have been.

  4. Well, it’s nothing new. It has always been in the mind of crypto investors, except now with the price where it is, we re everyday getting closer to a decision on that matter.

    Now, they just can’t outlaw something outright. There is a legislative and legal process. I doubt such ban would stand in court because it goes against the right of freedom while not actively undermining the current monetary system. you can certainly expect lawsuits out the wazoo against the government. That last sentence certainly applies for the US , but for the other pseudo free democracies of the world(Europe,…) I doubt such legal challenge would stand as their systems, with each passing day ressemble more and more the likes of what existed in the USSR…the right of the free man doesn’t matter

    Nonetheless, it would be a terrible signal sent to the common people who can’t have anything of value unless they abide to a system that is actively taking money away from them (money printing)

    As of right now it’s only FUD. Why would Dallio say something like that? What’s in it for him? A lower price to get in because his fund is massively underperforming?

    We re not there yet, price wise, before such talk become more common. My guess would be around 200k…but if we reach that price that’d mean more huge corpos got in which would make it less likely to happen. BTC needs to keep acquiring high profile adopters. It’s its best defense

  5. Same thing that happened when they tried to stop file sharing in the late 90’s / early 2000’s: a handful of high profile cases that amount to nothing and no lasting measurable effect on the practice.

    Prohibitionists never understand what they’re trying to prohibit. Statists are morons.

  6. Why would they do that when so many large companies are getting so heavily invested? The pushback from these companies threatening to leave the country and take their tax dollars with them would have a big impact

  7. The Forbes URL is a contributer article, just a penny blogger called Billy Bambrough, who has no credibility
    The Ray Dalio FUD has been discussed here in many threads over the past few days. Please contribute to those threads instead of starting more and more new threads

  8. Bitcoin is just a protocol like the bittorrent protocol or transmission control protocol and internet protocol. No one can effectively ban the bitcoin protocol, just like no one can effectively ban the bittorrent protocol or transmission control protocol and internet protocol. Bitcoin is a protocol and it’s all just based on math. No one can effectively ban decentralized math.

    Any country that attempts to ban bitcoin is just showing the world how ignorant they are. They will also be putting their own country in the digital stone age and losing companies, jobs, taxes, and bitcoin business will be driven underground and into the black market. First world countries wont make bitcoin illegal.

    The US government’s laws and stances have shown support for bitcoin for years now and [US banks are even allowed to offer cryptocurrency custodial services.](https://www.coindesk.com/banks-in-us-can-now-offer-crypto-custody-services-regulator-says) The [bitcoin source code is also protected by the first amendment of the USA.](https://www.forbes.com/sites/ktorpey/2019/07/02/the-overlooked-reason-the-united-states-would-struggle-to-ban-bitcoin/?sh=bda3755344a9)

  9. I don’t think they will. Think of the taxes on the profits made by crypto investors? Investors would move to overseas exchanges that don’t report to the government and people would be less honest about it.

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