Could Donald Trump ban Bitcoin?
Bitcoin yet again graced global headlines last week, after the President of the United States, Donald Trump, took to Twitter to declare himself “not a fan” of cryptocurrencies, “whose value is highly volatile and based on thin air.”
The ensuing discussion largely celebrated the global attention and the fact that bitcoin is now important enough for one of the most powerful men in the world to make a public statement about it. And the crypto markets seemed to shrug it off, signaling with their relative indifference that they have bigger things to worry about.
One potential conversation that has been largely overlooked is how vulnerable bitcoin is to governments the size of the United States. Now that bitcoin has Trump’s attention, will more incendiary statements follow? Will he declare it a “bad idea” that needs “dealing with?” That would not be out of character.
The knee-jerk reaction to the possibility of a bitcoin ban is “yeah, just try it.” Many believe that a ban would be unconstitutional. Most insist that, even if passed, it would have no impact.
These assumptions are bold, largely unchallenged, and deserve a closer look as they mask confusion over what bitcoin is, and how far the influence of the world’s largest economy reaches.
In essence, Trump can try to ban bitcoin. If successful, the ban could have a material impact on the technology’s value. But, he won’t.
To read more, please click on the link below…
