After the emergence of Donald Trump calling the Treasury Secretary “Bitcoin”, 2018, controversy over whether the US government could take a step towards banning the biggest cryptocurrency has flared up again.
Bitcoin, the largest cryptocurrency with its market value, has gained a reputation as an unlimited value store in the past few years, free from government control and surveillance. As Bitcoin increases its popularity every day and expands its user base, the attacks increase at that rate.
The last example of this is the statements of US President Donald Trump. Trump first mentioned publicly about Bitcoin last year. The U.S. President wrote in his Twitter account that he is not a fan of Bitcoin and other cryptocurrencies, “the value of which is highly volatile and non-monetary,” and facilitates illegal behavior, including drug trafficking and other illegal activities.
Donald Trump asked Treasury Secretary Steve Mnuchin to keep up with Bitcoin in 2018, according to what was written in the book of former US National Security Advisor John Bolton’s memoirs in the White House.
Nigel Green, CEO and founder of the financial consultancy company deVere Group, interpreted this latest development as Trump has most likely launched an attack against Bitcoin. However, Green says that Trump’s voicing of his opposition to Bitcoin cannot prevent the biggest cryptocurrency and others from being accepted by the masses.
Can Bitcoin be banned like the gold ban?
As it is known, in 1933, a law passed with the approval of American President Franklin Roosvelt, the citizens of the USA were prohibited from holding gold coins, gold bullion and gold certificates. This ban continued until 1975.
Can the US government impose a ban on Bitcoin as well, especially considering its decentralized and digital structure?
Marshall Hayner, CEO of the early Bitcoin investor and cryptocurrency payment company Metal Pay, said to Forbes, “It is unlikely that the US government will impose a Bitcoin ban similar to that in 1933. Bitcoin is a non-government supported currency. I think the most likely move we’ll see is the decisions of FinCEn and OCC institutions to tackle aggressive money laundering and financing of terrorism on how to deal with digital assets. ” said.
He also stressed that it would be almost impossible to prevent Bitcoin transactions without implementing an internet censorship such as the Chinese Communist Party’s Great Firewall. He continued, “Even on the mainland of China, when I travel there, I have never had any problems doing cryptocurrency transactions. Access to Facebook is another matter entirely. ” used expressions.
Speaking to Forbes, former JPMorgan analyst and derivative trader Tone Vays also did not exclude the possibility of banning Bitcoin in the US, but given the rising mainstream financial asset. Vays said that if people keep their Bitcoins in Coinbase and invest through an ETF, it would be possible for the state to confiscate 50 percent of all Bitcoin in a text message, just as it did in banks.