Governments can never ban Bitcoin. And here is why?
Tags: Bitcoin, Opinions, CEO, Btc, Crypto

Governments can never ban Bitcoin. And here is why?

Most recently, renowned billionaire Ray Dalio voiced his concerns about a potential government ban on cryptocurrencies. In his opinion, government agencies simply cannot afford to develop an alternative to the modern financial system. His comments sparked a storm of discussion in the cryptocurrency community. This is how crypto enthusiasts reacted to his statements.

Recall that Ray Dalio criticized Bitcoin and used the theses already voiced earlier for this. According to him, cryptocurrency retains value poorly and at the same time is not suitable for daily use in paying for goods and services. That is, in fact, it practically does not cope with any tasks — at least according to an expert. Therefore, he recommended messing with gold instead of cryptocurrencies.

Naturally, this sounded unconvincing. Especially considering Bitcoin’s timeline over the past month — here it is.

Bitcoin rate for a month

Banning Bitcoin? Impossible.

The majority’s point of view was perfectly summed up by an entrepreneur under the pseudonym Moon Capital, creator of the platform for tracking crypto assets SatWorth. Here is his line, quoted by Decrypt.

Moon Capital tweet

The crypto enthusiast also noted the shortsightedness of comparing a potential Bitcoin ban with the 1933 US citizens’ restrictions on gold ownership. He continues.

Moon Capital tweet

Another argument in favor of criticizing Dalio’s words is the lack of funds to completely ban the cryptocurrency. Here’s another quote from the analyst.

Moon Capital tweet

Here the expert means nodes, that is, full-fledged nodes of the Bitcoin network. They approve of blocks and their inclusion in the existing chain, while at the same time enforcing the rules of the network. If at least one node is running, the network will perform its functions.

Moon Capital’s tweets have been posted on the pages of many other crypto enthusiasts. They were also shared by Raul Paul, CEO of Real Vision. He noted that even the bans on gold at the beginning of the last century did not in any way interfere with trading in precious metal now. Here is a quote from him.

Raoul Paul’s tweet

The investor believes that it will not be possible to stop Bitcoin. And even if someone tries to do it, he will be defeated.

Erik Voorhees, CEO of ShapeShift trading platform, also joined the discussion. He agreed with Dalio that governments could indeed try to outlaw Bitcoin. But he added that such a ban would ultimately fail.

Erik Voorhees tweet

That is, the analyst assumes that the usual investment instruments are waiting for the consequences of inflation, with which cryptocurrencies are able to fight at the same time. And if you try to ban the latter, it will have a bad effect on the author of this initiative.

We believe that the response from representatives of the cryptocurrency community sounded clear and convincing. Obviously, now is not the best time for advice on choosing gold over Bitcoin. And it’s not so much about profitability as about the current state of the coins. After the large investments of MicroStrategy and Square, as well as the appearance of BTC on the PayPal platform, cryptocurrencies clearly ceased to be something suspicious and unreliable.

So Ray Dalio clearly needs to reconsider his attitude towards coins on the blockchain. Otherwise, he also risks passing by a serious income.

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