Bitcoin Forum

This is unlikely, but Trump being Trump, anything is possible. So what would be the consequences of Trump via Executive Order

banning Bitcoin and Cryptocurrencies? A big Yawn? Ignored? A temporary dump in the price? A pump in the price?

I know it can't be killed by such, but what mischief in folks views here, would be a consequence of such an idiot attempt?

From this Tom Lee blurb:

https://news.u.today/news/fundstrats-tom-lee-suggests-bitcoin-could-be-banned-by-us-government-after-e-cigarettes (https://news.u.today/news/fundstrats-tom-lee-suggests-bitcoin-could-be-banned-by-us-government-after-e-cigarettes)

Again, just saying, Trump is all over the place, so wondering what folks think. Hopefully, this will just stay a 'thought experiment' :)

AGAIN...this is Trump making an 'attempt' to ban Bitcoin via Executive Order Only and the consequences to price, etc, above. Not saying he can do so.

Just the odds of him being dumb enough to try to ban Bitcoin and any backlash or fallout from the attempt. Feel free to post your views.

Take the Poll.

Brad

reserved

Of course, now it’s almost impossible for President Trump to order a ban on bitcoin. So far, their studies, as well as studies conducted in the European Union, indicate that cryptocurrency does not pose any threat to global financial stability. Therefore, the dollar has nothing to fear.
However, one can speculate what will happen if Trump does this by decree. Most likely, in the first few days, the price of bitcoin will drop quite a lot. However, I do not think it will be for long. It should be borne in mind that in the US there will soon be new presidential elections. In addition, it is imperative to take into account the opinion of both chambers of the SSHA Congress, and there they will certainly not be supported in this. Trump on many issues is not finding support in Congress. In general, the hype will be great, but over time, everything will inevitably return to normal.

I imagine it’d cause a fairly significant price dump for the short term. I don’t think it’s likely to happen though.

Trump is a very unpredictable person! So it is very much possible for Trump to ban bitcoin via whatever orders he seems fit! Even though the chance is very bleak, still let me illustrate the possible effects,

1. Heavy dumping - Americans are one of the most wealthiest peoples of the world and they love their country by nature! So it is highly unlikely a lot of people will continue to use bitcoin after the government ban. A majority of the law abiding citizens will dump their bitcoins during the exit window and the price would come down heavily because the supply will overwhelm the demand. A recent survey shows almost 11% of the Americans use bitcoin, so you can imagine the number of dumps.

2. Institutional interest on cryptos will go down to drain. Majority of the companies showing interest in cryptos recently are either from USA or European Union. A major chunk of the institutional investors will be officially discouraged by the ban and they will most probably move out their money from whatever research and development work they have been doing on cryptos.  

3. The Ripple effect -World will see it as an exemplary move by USA. This move will provide fresh oxygen to the governments who are already negative about cryptos. So these governments will start taking actions on a similar line. Especially countries like India, Bangladesh and majority of the South Asian countries will not mind to bring the same effect for their own countrymen. So more panic and dump will be created which will further lower the price.

I frankly do not see any positive effect on bitcoin if a country like USA actually bans bitcoin. Even though the effect will not last for very long time, but it will make a huge dent in the crypto market. The situation may go far worse that we can think right at this moment.

I give it about 50/50 that he'd try something like this. On the one hand adoption is at an all time high, the inertia on this train is nigh unstoppable. OTOH the world looks to the USA to lead in this area and if Trump does one of his famous idiotic moves with it then it will absolutely have a negative worldwide effect. I personally don't think it would be permanent but it would cause some intense pain for US traders. I suspect hodlers could successfully just wait it out.

Trump will not ban Bitcoin but if he decides to do that, he has 100% power to do it through executive order or even through the congress. Take for example the recent statement by Brad Sherman who is a member of the U.S. Congress. His statements below-

"An awful lot of our international power comes from the fact that the U.S. dollar is the standard unit of international finance and transactions," Sherman said at a meeting of the House Financial Services Committee last week.

"Clearing through the New York Fed is critical for major oil and other transactions. It is the announced purpose of the supporters of cryptocurrency to take that power away from us, to put us in a position where the most significant sanctions we have against Iran, for example, would become irrelevant."
PROMOTED

Bitcoin, which allows its users to move value around the world beyond the sight and reach of governments and law enforcement, is often criticized for its ability to help terrorists, criminals, tax evaders.

"So whether it is to disempower our foreign policy, our tax collection enforcement or traditional law enforcement, the advantage of crypto over sovereign currency is solely to aid in the disempowerment of the United States and the rule of law," Sherman added.

Sherman, who has previously called bitcoin and cryptocurrencies "a crock", added the U.S. should prevent people from buying or mining cryptocurrencies.

Who cares if he bans cryptos. Even the US citizens will continue to use it as they did before, they just won't mix with their bank account. If he thinks he can control this then this guy is really silly. People will continue to accept BTC and others will continue to use it to pay.

I can guarantee you that the price will decrease, no secret, and perhaps cut by 2, but it will be only for the short term. Whatever, the price will come back after some days or weeks. Why? Because Trump is shit and everyone knows it and with the time Bitcoin becomes immune to "bad news"

There’s this alleged Tweet from Trump agreeing with someone who twitted a forecast on Bitcoin being banned at 100K (see https://bitcoinist.com/donald-trump-will-ban-bitcoin-when-price-reaches-usd-100000). Nevertheless, I have not been able to locate the tweet itself, so I’m not certain where this info came from.

Even so, to reach 100K it would probably imply Wall Street pouring money in to BTC. That would mitigate the chances of Trump really pondering it seriously. Anyhow, most likely he won’t be president when (an if) the 100K mark arrives.

BTC can't be banned or destroyed. The technology will be used and will be existing either it's banned or not.

That's a nice thought experiment. Let's start with the powers of the US President, though. I realize that Wikipedia is not among the most reliable sources, but I find it fairly accurate is such formal matters.
Just as I suspected (because it's similar in my country), the President cannot intervene in economical matters. It seems that executive orders should be dedicated to important governmental priorities, so I am not sure that pulling this stuff with cryptos off is even possible. However, since thought experiments usually require us to accept the initial conditions, let's assume it's possible, and Trump does that. It's known that there are quite a lot of Bitcoin users that come from the US, but it's hard to determine how many. I think it would affect the price in a negative way, leading to a 20% drop or so, but eventually, Bitcoin would recover.

Bitcoin would crash around 30% in a few hours, then continue losing even more in the next few days. The US is a major part of crypto community - the data like exchange account registration, trading volumes, node count, etc. shows it. If you outlaw Bitcoin there, a ton of people will dump Bitcoin, because it's not worth the risk of being a criminal. But there still will be Europe and the rest of the world, so it's not a total defeat for Bitcoin, just a major setback. But any action from the US is also likely to trigger similar action from many other countries, because no one wants to get blacklisted as a country that allows criminal activity.

What does 'ban' mean?

At most they can shut down exchanges in the US and forbid businesses from accepting it. The idea of people being criminalised for owning software is pure daffy. Bittorrent must have cost the US untold billions in losses yet it's still fully legal.

A place to look to for an idea of what it would be like is the UK which has basically operated without any proper exchanges since minute one. Only in recent times have proper exchanges popped up and they're looking a bit wobbly. P2P has been the accepted norm and it ticks along adequately. It's certainly stunted compared to other countries though.

Every day that ticks past means more American businesses and people get involved with crypto. The idea of 'banning' it will seem ever more ludicrous the more entrenched it becomes.

https://www.bbc.com/news/world-us-canada-49106989
Trump uses veto to unblock $8bn weapons sale to Saudi Arabia. So he can override congress.
I mean if he is worried about vaping killing people, why is he selling 8 billion of weapons?

If he does it, nothing will happen, because unlike Executive Order 6102 done by Franklin D. Roosevelt. Bitcoin is not physical, Gold is Physical, so they could actually take it from you.
They cannot take your bitcoins if you do not give them your key. So they can`t cease it, even if they wanted to.

Why would they want to ban their trojan horse for fiat into the new world crypto ;) Unless like the genesis block for more reverse social engineering ;)
They only ban their competitors that they know have a chance to uproot them like facebook, Although facebookcoin would 100% end up like this
 https://www.youtube.com/watch?v=bCTJ_Cp_uOY Chinese New Face Recognition Vending Machine!!

When you have a database of everyone's face, you can use that with drones.

If face scanned does not match database country member +shoot gun on drone.

Yah we kinda fucked, China drones will wipe us all in the next 10 years, The nukes and military will not be able to stop it.

I am sure some rich religious fucktards are going to use this in the future because they think they are the chosen people or some shit.

We have to think about which kind of ban to know exactly what would happen

If we think about the worse kind of ban, if someone with BTC, trading, making transactions etc could be arrested, so it will be a disaster to BTC and the price obviously will sink, USA is a strong country to BTC
Can you imagine all north americans selling BTC at the same time to not be against the law?

this isn't comparable to bitcoin at all. before the FDA finally acted, e-cigarettes were being banned by loads of cities because they've been found to cause severe pulmonary disease. people are dying---it's a public health crisis. that's why the trump administration is acting.

such a crisis is impossible with bitcoin.


it depends what form it takes. if it's like the executive order banning gold hoarding which forced citizens to sell their gold to the government, the market might recognize it for what it is: the USA treasury forming a pretense to take everyone's gold for their own reserves.

if it's a straight up ban, things will look different. outright bans by major world powers (especially if others follow the USA) will crush bitcoin's prospects as a legitimate investment asset, at least for a time.

https://i.imgur.com/8c5XjDr.gif

reserved for what?

and when I read this, "Tom Lee," I wonder what he is doing right now, a few months to go, and I wonder what argument he will use when his prediction fails:

Tom Lee: BTC Is Genuine Safe Haven, Potential New All-Time High by End of 2019 (https://cointelegraph.com/news/tom-lee-btc-is-genuine-safe-haven-potential-new-all-time-high-by-end-of-2019)

if bitcoin were banned in the US, the price would fall 50% and many other countries would follow the same path as the US and this would cause the price to fall further.

There are tons of business accepting bitcoin in US, and Trump is a businessman, so unless he really thinks bitcoin threatens the dollar or has serious impact on the interest of state, which is not the case now, he won't ban it. 

The idea of banning gold would have seemed crazy in the 30s, but that's exactly what the FDR administration did. They banned private gold ownership beyond 5 troy ounces. Everything else had to be sold to the state. The ban wasn't lifted until the 70s. So the government could theoretically criminalize the act of owning bitcoins beyond specified small amounts just the same.

Obviously this couldn't be effectively enforced, but neither could the gold ban. The fact is that most people fear the government and respect the law of the land, so they disposed of their gold then and would dispose of their bitcoins now. Forcing Bitcoin into the black market would quickly cut the market down in size.

Aren't those restrictions from exchanges already a view for a ban?
I mean, why go that far if there had been already like a regulation which is happening.
He just want to be on the news again.
This guy is like addicted to being seen on television and thinking he is good looking at it.

He better stop the non sense for there are too much who are hating him even those who sided with him in the elections.

It would be a bad move for trump because many Americans are Bitcoin traders and holders. It would lose him a lot of votes and make people feel betrayed. They were investing in Bitcoin like they were investing in gold and Trump's ban would make them outlaws all of a sudden.

I guess a ban like that would mean a crash early on until people would realize that it's not the end of the world and that a country banning a fiat currency hedge must be fearing for its fiat. For me it would be a sign to short USD.

Big panic will be created as more investors see the US Government as the top regulating country which is normal. The price of bitcoin will taste another bottom and maybe the worst case will be dead for time. The market recession is coming so I don’t think Trump will make a bad decision like this, we need more safe place to put our money and that is for bitcoin.

President moves can't be accurately predicted, he acts and later reviews his actions for necessary management or damage control, he is whom he his, that you can't take from him. On bitcoin, I am, certain he won't give any executive order on it. If peradventure it mistakenly happens, bitcoin will see a temporarily dump in price and spring massively almost immediately. The truth is that: USA is a very great nation but does not control the bitcoin network.

There's going to be a short-term dump in price in my opinion. While "banning" bitcoin is really impossible, making it illegal to have ownership of bitcoin is definitely possible, and would no doubt spread fear to those bitcoin holders that doesn't even understand that it's impossible to ban bitcoin. Pretty much the speculators that leave their funds on exchanges like Coinbase I'm guessing. In the case of a banning, I expect them to panic and dump their bags. Long term though? The price movement caused by the ban probably wouldn't matter. And of course, the more knowledgeable people would just continue to hold their bitcoin on their non-custodial wallets.

The president can intervene in economic matters. Gold was banned for a bit in the USA. Trump can by executive order to tariffs.

So he could 'ban bitcoin' on national security issues rather than economic to get around this.

Again, all this is unlikely and could be challenged in court, but lately, anything is possible in the USA if legit refugees are being separated with their children and kept indefinitely apart.

There is a wide world of silliness under Trump, so I'm sure, he could try to ban bitcoin on a whim, depends on how folk take such a threat. Either he'd be laughed at or in the short

term ignored or he could get away with dumping the price down to 100 USD and drive institutional investors away.

The way the world is lately in denial in the USA with electing trump and denial of climate change etc, no idea...its all beyond the scope of me trying to keep track of. :(

utterly befuddled

brad

the only thing that nonsense like this can affect is the price. otherwise bitcoin is designed in a way to be resilient to these things. in case you have forgotten that is exactly what being decentralized means and that is exactly what bitcoin was designed to be. if it were to be affected by some government's decision then it meant that it were a failure.

As much as I agree that Bitcoin cannot be interfered with, plenty of users will be affected. Even if you ignore the price dumps, losing access to exchanges is a big blow to a lot of people. It's also going to affect the way it's used as a currency, as deals are going to have to be done in secret, and under threat of prosecution.

Some users can choose to be resilient, which I suppose is the beauty in it, but we have to acknowledge that authorities still have a high degree of influence over Bitcoin's ecosystem, even if they can't really touch the network itself.

no arguments there. US citizens will be affected for sure but bitcoin will continue on since the rest of the world isn't crazy! majority of countries in the world have already accepted bitcoin with some of them letting it be used as a currency (like for paying taxes in Germany, a legal currency in Japan,...). and it would be their own fault for electing such a crazy person for the office :)

I bet there would be huge pump. This is not common opinion, because most of the people here are commenting from states, but think about that. How many of you would love to have that one btc? That small dump would follow huge pump.

Well, the immediate affect would be a massive dumping of coins, because most speculators react quickly on any negative news that might affect their investment. The price will drop with almost 80% again, until people realize that they can still "hoard" bitcoins and use them in other countries where Bitcoin is not banned.

It will also spark new black market markets and platforms to buy and sell bitcoins for the Americans and people will just resort to illegal means to protect their wealth. <The same thing happened with Gold when it was made illegal to own it and also with the Prohibition with alcohol.>

The result of a ban for the USA, will be less tax income and also less Bitcoin tourists and more people taking bitcoins out of the country to use it in countries where it is legal.  ;)  (There will also be significant job losses, because there are MANY people employed in Bitcoin businesses now.)  ;)

anything can be happen if this man bad mouth bitcoin and other Altcoins. He is just not thingking. every nation that come across his guts is a worst country so he have them sunctions.
lets not hope that he will get eye on our bitcoin if he does i'm afraid that the consequences could be brutal.

No matter the way they order through executive to ban bitcoin  ... the result would'nt much affected cryptocurrency especially bitcoin in the long term, the cryptocurrency ecosystem been built too strong and nobody/ institutions can break it down to the dust easily.

I would glad to follow the dumping till the last dip if this scenario happened, as everyone else speculated and predicted here ... about it will only become a shock therapy temporarily.

Won't be a serious threat for me , it's become an opportunity instead ;D

If so, then most likely everyone will be engaged in trading clandestinely

There is a little chance that it will happen and once it will happen this will surely affect the bitcoin prices as US is the big contributor of bitcoin and other currencies.

There is a little chance also that US and it's companion countries will follow it's move so it will be tough for the crypto currencies to move forward. One thing that is sure also, there is 0% that crypto currencies will go down.

We have Tom Lee, Bitcoin, e-cigaretts and Trump in same sentence, and this is not only funny, but a little ironic. The famous Tom Lee which cannot forecast anything is now saying that Trump might one day ban Bitcoin just because some e-cigaretts are banned in US? Well that's actually good news, cigarettes cost the American health system probably billions every year.

I do not see any long-term problem if Trump is ban Bitcoin, China do the same few years ago and Bitcoin is become even stronger after that. If Americans want to be in trading war with most of the world, and to have such president again then go for Trump again next year.

Certainly, the United States is a country with a relatively high number of bitcoin users, if Trump has strict rules with bitcoin, the value of bitcoin going down is an easily recognizable signal, besides, whale groups always like such community events, support pushing prices down is one thing they are happy to do. Continuing from another perspective, the US has always been a strong influence, other countries will start to have similar views, immediate and future consequences are hard to imagine, don't expect this powerful man to make bold decisions

Won't this go against the States already regulating it? Can Trump also use an executive order to ban Cannabis again from the whole country?

Currently Trump is forbidding nearly anything to American citizens and companies regarding Venezuela, except for "humanitarian" things. Petro is a centralized coin, and it can only be used from a single server providing online wallets in Venezuela, i haven't tried but i guess you could connect to it via Tor. Not that you should, Petro is really bad an altcoin and should be avoided for several different reasons, not political but technical (think: State scam).

That said Bitcoin cannot die. Nope, not even if ALL states ban it (good luck with that). It would just go underground, number of transactions would decrease, perhaps mining as well, but it will not die. Price might even soar (remember, illegal = scarce therefore expensive).

We could all transact p2p using tor or similar, and no gov would ever know. ISPs can detect tor activity, but not what activity is going on in it. You could be reading some manifesto or sending bitcoin. Mining can simply shrink down as i predict will do anyway after some more years (due to economic reasons).

An American cannot come here and say they don't deal with Petros without confessing a "crime", but i have no reason to believe they cannot do it anyway. Its like saying people don't do drugs in the States.

China and Russia is more likely to try, or perhaps they have already seen the futility of it. Once upon a time, they also believed in central planned economy, but decades of famine convinced them otherwise. So in those countries they might try and see how futile is it, and end allowing it after a few years. Even Cuba is backing down some of its half century old policies, their communist party officially stating in 2017 that some amount of market and private ownership is needed, ie. following the likes of Vietnam and China.

Trump might get pissed some fellow Americans could be dealing with China secretly in bitcoin, and thus avoiding his little tax war with them. But so far i see most good citizens declaring and paying their (new) custom fees, perhaps helping pay for the mythical Mexico wall that will end all the problems for Americans, somehow?

But if America decides to join the likes of Russia, China, maybe India, Bolivia etc; i don't think people would keep calling it "land of the free"... Or, i don't know, people could vote in next presidential elections...

Welp, surprise surprise! Trump has already bad mouthed bitcoin(and a little mention of Libra) soooo..

Fun fact though, bitcoin's price rose by a bit that day. Though I'm definitely not saying that the small price rise was due to his tweet, as it could be due to whatever reason. But then again, any publicity is good publicity. :P

People always relate bitcoin with unregulated usage and illegal activities. Here Trump too is not an exception. He too states without any perfect data, before giving some negative statement regarding bitcoin or other cryptocurrencies it is always good to analyze whether there is usage of unregulated things and illegal activities even before the existence of bitcoin or cryptocurrency.

Trump badmouthing Bitcoin is actually a good thing as weird as it may sound. Most things he does and say isn't taken serious at all because people just don't like him. It goes the one ear in and the other ear out.

The positive side is that his tweet made Bitcoin gain exposure throughout globe. I don't even think an ETF approval (which is a big deal) would generate Bitcoin that much exposure. It was intense.

As for the little price surge, it was more related to the volatile nature than Trump's tweet, but then again, when a lot of people believe that it was his Tweet and for that reason buy, it can accelerate the upwards movement further.

It seems people hate Trump since after badmouthing BTC it goes up in price.  But banning Bitcoin through executive order is a different story.  I can say if that happen, a massive sell out will happen and the cryptocommunity will be shocked about the price crash.  Several country follows US lead so, that ban will have a massive effect on Bitcoin.  Ripple effect, after US banning Bitcoin, several allied country will follow then you know what will happen next. I just hope that he won't think about banning Bitcoin since we cannot say if he will ban Bitcoin or not since he is very unpredictable.

Yeah, makes a guy wonder. Just one tweak away from him mentioning banning bitcoin, true or not, and we are down like $3k IMHO.

Just the clusterf*ck of someone just offhand tweeting something this silly with no intention of ever doing stuff would be enough. Too much irrationality

in current Trump Administration would magnify, unlikely to 'how the f*ck should I know if Trump is serious or not?

He has all that executive power that just don't give a f*ck, don't ya know. People would freak on a toss away tweet or even serious tweet in the same panic'd

manner IMHO.

I should probably sell some, for the hell of it. But what is the fun in that?

 I figure at best I have 25 years left in life, if I don't HODL now and take chances well, will it really matter when I'm in the Nursing Home. So WTF. HODL.

So even an off-hand tweet stating he is considering banning bitcoin could have serious (hopefully short-term) ramifications.

Not like things are getting better politics wise. The whole setup is off the rails completely, far worse, than I ever expected the country to be at this point in time.

Whatever, in today's world, 'perception is reality' or at least till Trump would be 'distracted' by the next twitter rant, so it could get ugly indeed, again, short-term

I'd assume? That 'maybe' such a tweet/plan would die a slow (too slow) death eventually as a policy. But it would be... say an ugly month for crypto and bitcoin.

brad

If Trump decides to ban bitcoin, I think that will be a dump in the market for temporary because people from the US will want to save themselves. Besides that, they don't want to break the law which prohibited bitcoin in their country. But we don't know if that will happen or not because the US government still allow people to use bitcoin. But I hope that will not give a bad effect to the bitcoin and I hope that the price won't get a deep dump.

"IF Trump via Executive Order Banned Bitcoin, what are consequences if any?"

The part I bolded is the one that matters to me and I think there won't be ANY. Already, his people (US citizens) are excluded from registering and participating in some crypto exchanges and sites. The worse than can happen with what Trump said will be what happened when China banned Bitcoin in 2017. It dimmed the price just a few days and continued uptrend as if nothing happened. Let the Trump(et) continue with his loud mouth, his threats mean nothing, really.

Even though cryptocurrency in India has not been legally banned, but it has been banned verbally butt yet, the number of Indians participating in cryptocurrency presently cannot be counted and government has not been able to do something about it, so if trump opens his mouth to ban crypto either via executive order, he would just not get any reaction because people will just ignore him knowing completely well that bitcoin transaction is an anonymous one in such a way that it cannot be traced, so there is no pint in him just wasting his time to ban it, and if it would even have any slight effect, it would be on the American citizen because it's their president and not mine, they have no authority over our economy and what we do in my country.

I dont see that coming in anyway as every country has one or two right to dealnin their own respective jurisdiction without them and if he try to do that then his country is where he will concentrate on and not definitely the world as we have many that are in to crypto and not going back now, even France is in to it with China and likes of Malta , even British is going gradually base on the football team using btc logo on their jersey now.

He is not a president for life, he could ban it in his terms, but he will earn the ire of many business and investors for banning something that is already part of Americans everyday life, I don't think supporters of Bitcoin, individual or personnel, will follow Trump there will be protest in the business sector if he chooses to do it.

His party will have major loss of support from one industry which is the Cryptocurrency community, I don't think his party will let him do such an act, people will retaliate against his party.

Don't worry, not being a fan and openly going against something is a different thing. Trump is most likely not a fan of Putin, but he's not trying to start a conflict.
I'm younger than you but think in similar terms. It's all or nothing in this life, no middle ground. I have enough to live by and if I lose this "bitcoin opportunity" I will still have  a pretty much normal life, but this normal life wouldn't go from normal to super nice if I got scared and sold in 2018 or now. All it would give me is a nicer car and a nicer house, but is that really what an opportunity of a lifetime is there for? To improve your life just a little? No, it's there to change it.

As WWE chairman’s Vince Mcmahon’s theme song lyrics says, “No chance! No chance in hell!”

It’s highly no chance that Trump would ban Bitcoin and other cryptocurrencies in the country. Despite that he says that Bitcoin and cryptocurrencies are a major concern in the upcoming elections, it’s unlikely that he would ban it completely.

I may not be a US citizen, but I had lost respect to him when he became president. He may be a respected business tycoon, but not as president. No matter if he wins another term or lose it to someone “better” than him, Bitcoin is here to stay and Trump cannot stop it. Period.

P.S. I want Vincent Kennedy Mcmahon to be the next president and says “You’re fired” to Trump’s face in the president’s office. Lol

Banning of Bitcoin means banning of the crypto market in the U.S. will hit large investors heavily and people will leave the U.S. to continue doing business related to the BTC. Also, the Bitcoin ban will cause a wave of discontent with a possible revolution like in Hong Kong was, because a Bitcoin ban means a human freedom ban

This is just an assumption. Although Trump has repeatedly expressed his dissatisfaction with Bitcoin calling it speculation. Perhaps Bitcoin will be banned in the US, however, this may have irreversible consequences like revolution and even economy recession

And this goes to show people are just in for the money and not for the technology, otherwise why will a tweet from Trump affect and influence people to sell what they claim to believe in, clearly crypto community still have a long way to go in terms of their beliefs. If you believe crypto is here to make a difference why worry so much about a mere tweet?

I guess there is going to be a huge impact on the price but a short term effect. The price will get dumped by people living at the US (as usual when any negative events take place) as they will try to get out from bitcoin investment with minimum loss. This dump will cause further more dumping as people around the world will sell their investment as they will start to fear about there investment. Then whales will jump in to buy btc at lower rate, thus slowly causing the price to recover.
BTC is a global currency. The price is not defined by one single country's action.

With such moves, Trump will achieve early elections of the US and will be overthrown by the people. Bitcoin is a kind of symbol of independence, if Trump prohibits it, people will be very angry and negatively inclined

Although renowned to be a madman in this age, I seriously doubt Trump would do something as stupid as banning Bitcoin in the States. First up, it's literally more taxes so it benefits the government and secondly, there's absolutely no harm in using it.
With that said, if he actually does it like an actual madlad, the markets would come crashing down like a house of cards and the recovery period would be 6+ months with a bearish market.

Yes, more or less. Some of the above posters seem to overestimate America, and even if their government declared it illegal, i doubt everyone would get rid of theirs. Its like when they ordered everyone to handle their gold...

Like you said, any price fluctuation caused by such wouldn't last long. Indeed not just whales, people from other countries will see a chance to buy cheap. You think everyone would blindly follow America in something like this? Actually America would be the one following China by going this route...

Bitcoin not only is global and not defined by one single country, its not controlled by any or all of them. Even if they banded together against Bitcoin, it would not be the end of it.

The Stateless/Bankless side of Bitcoin should not be underestimated. It was designed to survive State hostility, precisely this scenario. Satoshi probably thought all countries might go together against it, forcing it underground where it would keep working for decades until the fools realized illegalization wouldn't kill it and that many people are actually keeping secretly their savings in it.

There are tons of business empire accepting Bitcoin in the state as means of transaction, thus having to put a ban on Bitcoin implies that such businesses will seize to exist and if not lose a large of profit within couple of weeks. Trump is a big time businessman and I doubt he would do anything if such that would jeopardize the business sector at large.

The consequences if trump made an executive order that bans cryptocurrency will be felt in US first all bitcoin start ups that already started in US will shut down and that will lead bitcoin price in the dip but i don't think that will affect bitcoin significantly since Europe and Asia are have most bitcoin start-ups anyway and the largest exchanges are outside of united states and besides cryptocurrency is decentralized people will just go tor or vpn networks just to buy bitcoin outside of the country. it will just like happen the banning of cryptocurrency in china the price of bitcoin dips and whales saw this opportunity to buy bitcoin at cheap price which made the bitcoin skyrocketed in epic bull run 2017.

I think it will have little effect. However, it will not be a huge loss. Because there are so many web sites and organizations involved with it. It will not stop. Thousands of people and organizations are involved here.

If this really happens, the most effected people by this orders will be the citizens of USA. There might be a slight dump in the bitcoin price but it will be temporary. Trump can only make bitcoin ban in his own country and not in the whole world. So for the rest of the world they can still use bitcoins. This is the biggest advantage of decentralized currency that the big nations have zero control over it.

Wow some shit you can talk. "Thinking Trump can't ban it in the US would be a mistake." taking a superior stance are we?
"While their are a small minority that would break the law and keep using btc." really?? Banning drugs seemed to do the opposite. Banning nexer works. Piracy didn't stop either so sorry for you.

You actually are insane. There quite a few of you in this forum. You all think you experts in law but really know nothing. Ok dude let me see someone come to arrest me for crypto??? They don't have the man power. please think before typing such shit.

Trump, trump and trump again. I think, what does he really want? hate bitcoin and always trying to ban bitcoin. as US president, Trump can indeed do that (banned bitcoin) but he will never be able to stop all bitcoin transactions. you can see, in some countries that prohibit bitcoin, all bitcoin transactions in that country continue as usual. I think, no major changes will occur in the world of cryptocurrency if this really happens. but i am sure if this news will have an impact on the price of bitcoin and altcoin, so i suggest you to take this opportunity to get profit for your self ;D

Donald Trump will not be banned but only limited to dislike cryptocurrency. Because they only want to have one real currency in the US, and are stronger than ever. The company insists it will provide a stable currency and be present on smartphones, so that adults without a bank account or those who use services outside the banking system to meet the needs of the financial system.

Unfortunately, being a US Citizen, Trump could slam/ban on twitter or just make 'noises' that he wants to ban bitcoin/crypto ...just like Trump's claimed 'peace talks' making progress with

North Korea. All would be for naught, but he could cause a LOT of damage to price and perception of Bitcoin as a result. Look at climate change. A large part of the USA thinks it is

just a plot and not true, a way to stop Capitalists! Thus, again, he can't ban bitcoin IMHO, but he could cause yet another mess in the Bitcoin/Crypto markets as he has meddled

in other stuff. Anything is possible, IMHO, since the 'unlikely' election or Trump and his co-enablers with crony capitalism in the Senate as his legislative blocking force. I guess

it depends on how much push back there would be from the business community on this. In other words, is 'real money' with 'real political power' already in at what we/they assume

are cheap Bitcoin prices...compared to the future. Time will tell. But with Trump, it is always drama about something. :(

Brad

It would affect bitcoin and cryptocurrency big time and a huge noise since it's US but bitcoin can still function in other countries. But I don't think Trump would do that. There's a possibility but a low possibility. He just mentioned his thought on crypto before but I don't see it as a threat or as a sign of him, banning bitcoin in the US.

I am not an expert in law but since there already are some derivatives in market approves by SEC, maybe it means that some federal judge could overrule his order as it has been with other his stupid orders?
Maybe exc. order means that noone can touch him tough.

It's so unlikely to happen that Trump would ban bitcoin. He stated his dislike towards bitcoin so I don't think he would give interest about it. There's a lot of issue need to be given attention than bitcoin and crypto. But I'm not saying completely no possibility. There is, it's just low...

Any country that bans bitcoin is refusing wealth that will go elsewhere. Be it India, Bolivia or America... I doubt he will do such a think, EVEN if he doesn't like it, its not like he can make it disappear either. Properly studied, he will have to reach the same conclusion others (such as Japan) did.

Rather than an unsuccessful ban, rather try regulation as best as you can. And yes, neither can achieve perfection, but one choice harms you more than the other, but yea, you are harmed either way. Bitcoin separates money from State, so you lose your chance to manipulate the money, something new in history.

Perhaps as deep impacting as when they separated church from state...

Our descendants might as well just wonder how could we be so primitive. The government has the power to make everyone poor overnight (see Venezuela (https://en.wikipedia.org/wiki/Crisis_in_Venezuela)). This has occurred over 40 centuries (https://mises.org/library/forty-centuries-wage-and-price-controls-how-not-fight-inflation) without bitcoin...

Just because (so far) you had "nice" governments that didn't decide to make you very poor every year (they only make you slightly poor so you don't rebel), doesn't mean they don't have the power to do so.

Bitcoin removes them that power, forever. Government/institutional control of money can only lead to disaster. Its only a matter of time...
Do you want to live under a time bomb? Defuse it, go bitcoin.

Nobody thinks of this until it happens, but then its too late. Yes the people of Venezuela once upon a time, had savings in the banks after decades of honest work they expected to retire and enjoy, and then it happened...

Read history (that book (https://mises.org/library/forty-centuries-wage-and-price-controls-how-not-fight-inflation)), you'll see this is anything but new. If/when this comes to you, you won't have time to move your fiat into bitcoin, as it happened to 99% of the people here.

We have read about sanctions to individuals of particular countries by the United States and their economy starts crying for help and they begin to feel the impact of such sanctions. Some few weeks back, there was tweet from the President and we saw some crashing and it was linked to the tweet of the president. Another point of note is that for the US government to issue an Executive Order there is a sure way they know that they can effect the order in a way we might not have thought of. Another effect to note is that when the government issue a sanction against a certain company, all other organisations starts cutting ties with it which means with the executive order several companies that are looking to adopt bitcoin or anything in pipeline regarding such moves will be suspended.

Summary is that the impact will be felt maybe in the short term before the market adjust to the new reality.

Donald trump is the president still he does not have all the power to completely place ban on cryptocurrency because he is not the only one in charge of it, even if he places ban on it which I doubt, it will only be restricted within his country and may never extend to other countries.

Moreover, they have assembly that would need to first discuss the issue first before they can think of that idea and you know we have so many top people and top politicians that are already in the cryptocurrency business also and many of them have their investment, and also there are still so many opportunities in cryptocurrency for countries which their financial advisers would have also seen and advise them on how to utilize such opportunity to their own advantage.

Various record sheets states a positive opinion from Trump towards it and he is even aware of it. If the executive order banned bitcoin then there will be 99% chance to Up Vote him in the next elections as the leader should mostly be convening and compromising and many presidents have also raised a green flag towards LGBT which is acceptable so even crypto currency is now demanding and popularized globally.

I think he inflates huis and the USDs importance in the crypto world. We don't need it he can have it. We are happy with our crypto and couldn't care for crypto while he gets upset over crypto and claims he loved the USD so much but he knows it is flawed.


You should never have to give the LGBT community. "the green light" they should be allowed to be as they are. In the same way, bitcoin should be allowed to be as it is. Both break basic human rights if an issue is made from it. Besides just look how well Americas war on drugs is going? They managed to increase drug trafficking instead of reducing it.

who are the other in charge ? afaik a president is the one that can do orders because he is the one that on top  . he have the power to ban or unban cryptos but he can only do that within his countries range   .

 he dont have the ability to ban crypto all over the world  .  if cryptos such as btc were banned i think the consequences that we are going to face is we can experience a price decline  . decline time's can varry depending on the ban duration   . some countries only ban bitcoin temporarily and then they unban it again  .