Bitcoin Forum

I seen that cryptocurrency want to be highjacked by rich people, looking around  countries currently, its noticeable that bitcoin increase everyday, every week and every months, the more rich people are investing with cryptocurrency the more government attacks cryptocurrency, most countries that values crypto today is having challenges with government, since bitcoin is important to the extent that top people invest on bitcoin why can't government alone adoption of bitcoin.The Rich's are causing eradication of cryptocurrency
Across the world.

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
* What is the negative effects using crypto as currency?
* what harm does bitcoin contributes a country that can lead to ban?

No, the bankers are causing the cryptocurrency ban, they are technically rich people but generalizing is not a helpful aspect of the argument. How come rich people invest money in bitcoin, look at Grayscale, Microstrategy, Tesla, Square and other companies that bought bitcoin, they are rich people then how on earth are they causing the ban when they are buying a lot of bitcoin, it won't be profitable for them if their peers were to ban bitcoin, the only reason that the rich are banning bitcoin is they are suppressing those below them.
*They are or might be threatened that bitcoin will give the people financial freedom even though they are investing in it.
*There are no big enterprises that accepts it yet and your local market wouldn't bother integrating their measly stall with cryptocurrency payment option.
*If we are being real, the only threat is the ability to use it for money laundering, doesn't matter how some people say that bitcoin is "pseudonymous", it can still be used.

Lose of control. One way of countries having control over their people is through the local currency. If Bitcoin ends up booming in that certain country, they lose a significant amount of control. The fact that they would most definitely take a hit in terms of taxes getting collected alone would heavily incentivize them to enforce a ban.

From my views I think that government the reason behind all these, is that them taught bitcoin is another device which people adopt for money laundering as you said, and most especially rich people who are in official position, because looking at the rate different countries is emphasising at btc as even its a crime to transact with cryptocurrency, I don't know when this mess will stop.

You think that it is the government because they do the important announcements and they are always on the news, what you don't know won't hurt you right? The real showrunners are those that didn't pay to get listed top richest people in the world, the ones that pull the strings, the one who keeps the economy from tanking and at the same time making it hard for average citizen. Government entities are just a puppet for the bankers and rich clans to continuously control the world without the general public knowing about it, they see bitcoin as threat then they will pull the strings and let the authorities do the dirty work.

For the record though, not all government are banning bitcoin because rich people are investing on it. Maybe we can see regulations, but majority are still allowing bitcoin to flourish, with Japan and Australia leading the way.

Bitcoin may not be adopted by government simply because they have gold as their main commodity or reserve assets or even USD.

I dont believe that rich people want to ban cryptocurrency, because this might be a good instrument to get more money and become even more richer. Why loosing such an opportunity. This is same like running a marathon and in the middle of it taking 1 shoe off, while trying to reach finish.

Banks are the ones who are against cryptocurrency, because crypto is stealing a part of their profit. However, they are not fully against crypto, as they are not a simple intermediary between crypto owner and fiat money. Some banks might plan to introduce crypto in their banking services (for example buy crypto directly from banking account dashboard) and that would be great.

I think the opposite is actually true - the more institutional investors come to Bitcoin, the less likely it will get banned. We are witnessing not only the growth of the number of investors, but also potential lobbyists who would protect Bitcoin in parliaments around the world. It's easy to ban something that very few people care about, it's hard to do so with something popular.

the idea is simple.
if they cant control it themselves. then they have to control who accesses it
stage one is to ban the access. then they hold the control for stage 2
stage 2 is to then allow licenced usage if particular things are met.

yep thats how the NYbitcoin licence done it. first ban. then need the licence to use.

its not about stopping people forever. its to make a wall. then make a door
you cant have a door without a wall

Can you give us a proof,that governments are banning Bitcoin because rich people are buying more BTC?
Can you mention the countries,where governments are attacking Bitcoin,because of rich people buying BTC?
If you can't provide a valid proof,then your statement is pretty bold.
The countries,where the crypto industry is under attack are Nigeria,India and maybe a few other underdeveloped countries in Asia,Africa and Latin America.Those countries aren't attacking crypto because of the rich people buying more cryptocurrencies.They are attacking the crypto industry for two reasons:
1.To avoid export of capitals outside of their jurisdiction.
2.To get more tax revenue(but the end result will be less tax revenue). 

Some groups of rich people who came into the party late are the ones asking for the government for a temporary ban to 'license' the usage of such financial tools. If they cannot capitalize on being on the line early, they would have to control who gets the passes or not in order to save some seats for themselves. Not all rich friends have ties to the government, and those who do usually are the ones pushing or tipping their public official buddies to do something about a growing investment right even before it booms to explosion before they could even place their bets on.

Personally, I will not go with the topic of your thread saying rich people cause cryptocurrency ban. I am not seeing any correlation between the two when you are talking about rich people do you mean JP Morgan, Elon Musk, Mastercard, etc. The recent ban that happened was in Nigeria and as matter of fact, it was the people in government who supported the ban. And if I will say any factor that causes the ban will be an economic factor, not money affluence.

Government is the main reason for all of these things the reason why it can be listed in some exchanges, it cannot be purchase in some exchange and many more it is because government prohibited its citizen to use it, some Americans cannot buy in some projects because they are restricted and they cannot use some exchange because it is not yet accepted that is binance has a separate domain exchange for US.

For the Elites and people in control, the entire concept of cryptocurrency eradicates the control system that the government through the banks have on us the citizens. They are now faced and on the verge of loosing the control they have over our financial life because they can not keep track of transactions made in cryptocurrency, hence they need to fight this new innovation through bans and policies.

The public reasons depend on the country, but the main concern of all countries restricting bitcoin usage is about weaking their national currencies and consequently the local economies.
In Nigeria for an example, politicians fear that bitcoin weaks their fiat more than it already is.

Bitcoin has made the Naira almost useless, says Nigerian Senator (https://cointelegraph.com/news/bitcoin-has-made-the-naira-almost-useless-says-nigerian-senator)

Transactions which can take a long time to be completed if you don't pay expensive fees is the main negative side of bitcoin and crypto currency in general in my opinion.

Nothing justifies a bitcoin ban. Bitcoin can't harm a country which is already harmed by a weak economy and corrupt public agents. It only benefits a country's citizens on their individuality, by increasing their purchasing power for real, protecting their patrimony against corrosive inflation.

Read the paragraph of the text repeatedly so that you may comprehend the full gist of the content, because I did say that rich people want to ban cryptocurrency, the point is that based on rich people adventuring into cryptocurrency that should be one of the major reasons while some countries government is attacking cryptocurrency, because government is now seeing Bitcoin from my perspective as a source of shifting money or saving money without the awareness of banks, so banks is oppressing cryptocurrency with the directives of government.

They don't understand it. The main thing that they've heard about bitcoin is that it's used for illegal transactions, that's all they know about bitcoin transactions and they're close minded to it and won't change any impression after that.

I guess this time is the fee.

Maybe the same impression about illegal transactions.

Mate, is quit understandable but people don't want to understand the concept, the secret behind everything while government is eradicating crypto is because their mindset is that cryptocurrency is use for fraud, so that's the major concept I understood from their reactions, and is obvious that before existence of cryptocurrency illegal altitudes has been in existence, so it's a conspiracy from leaders.

Yes, that's what I've said about illegal transactions. And that includes fraud transactions, we cannot help it if they don't want to understand the underlying concepts about bitcoin or just the basic knowledge and understanding about it.

Although we should also give credit to where it is due for those countries that have good governance towards bitcoin. And in fact, they have considered making good and favorable policy for it.

no its not the rich peoples fault on why cryptos are now hot in the eyes of the government because even before rich people came , the governments are already after on crypto and there was a proof to that if you search for countries that banned cryptos and when it was started  . dont tell me that we dont want adoption and price increase ? rich people can supply that because they have more power than us regular individuals . there is no harm in using a crypto but idk if what is the real reason why government bans them  . they are the ones that can answer these question accurately

The major reason why government ban cryptocurrency is because they can't control it.
Looking around the world one will discover one or two countries that have ban bitcoin and crypto transactions this is near to being connected as the currency of the internet which is called the dark world because its transactions can not be traced to an individual sometimes.

Bitcoin transactions getting taxed or not becomes the point of debate there. Without tax many government services cannot be offered for free because the taxpayer's money is used to fund different government projects, development and services. Therefore fiat will be there even if bitcoin gets accepted or a system for paying taxes in bitcoin needs to be developed.

The common notion is that ruling class always imposes stuff on the lower strata. This is not always correct, the educated people need to make a proper analysis before making such a statement otherwise what is the use of logic?

Still some countries will be against having bitcoin getting accepted - this will effect them and put their country's technological development 10years back, which I hope does not happen.

Would also like to remind the OP about a plot twist : the rich people already own bitcoin, more than what this forum users can amass.  ::)

From my point of view, I believe that the government's reason behind all these is that they taught bitcoin is another device that people use for money laundering , and most particularly rich people who are in official position, because looking at the rate that different nations emphasizes on btc as even it is a crime to deal with cryptocurrency.

Rich people always look for an opportunity to make themselves richer than before. When this is possible with bitcoin, there is no chance of rich ones causing the ban of cryptocurrencies. Ban on cryptocurrency happens for the following causes

1. Revenue loss for banks.
2. Governments fear over cryptocurrency usage, because any form of corruption can be clearly identified when adopted mainstream.
3. Increased usage of cryptocurrencies on darkweb.
4. Misunderstanding as a quick rich scheme.
5. It is hard to tax cryptocurrency precisely.

More reasons can be found, but these seems to stand major and I don't find anything wrong with the rich ones.

I agree with most of the replies posted so far. Rich people and the corporations don't want cryptocurrency to be banned because it gives them an opportunity to increase their wealth and to protect their wealth. On the other hand, it is the governments who have adopted a hostile stance against Bitcoin, due to the fact that they won't be able to print banknotes like crazy if cryptocurrency becomes popular. In simple words, rich people have a stance favoring cryptocurrency, while the politicians are opposed to it.

I see, bitcoin is still considered dangerous because of its fluctuating value, and if it is used as a means of payment it will be very risky. then anonymous bitcoin transactions are also very dangerous because they can be misused for illegal transactions. It is only natural that some countries ban crypto.

*Whenever parents can't control the children; then there will be restrictions from parent to children, 'this is likened to what is happening to our dear countries that had banned cryptocurrency'*. Take for instance my country Nigeria: due to lack of regulations around cryptocurrency made them raised restrictions in this regard in order to gain the control back from the citizens. The freedom the cryptocurrencies brought is such the government of the world won't accept easily, but with time they will come to the reality that the world is moving very fast into future.

* The rich bankers would not want bitcoin interfere with the current system, because that's the way how they earn. If that would be interrupted, they would not want that the stable process would be hindered by some currency that's decentralized.
* Main negative effect that I know would be that volatility. I think that's one of the reasons why the government still not use it for their country and make it official.
* I have seen some posts regarding doing illegal things and the transactions are made through bitcoin. No one would want that, of course, there is a law in a country and of course once they will found out that the criminals used bitcoin, there's a chance that there will be a discussion about it.

I agree. Today there is evidence that more than a million dollars of bitcoin are stored on 94,000 wallets.
https://twitter.com/glassnode/status/1361948460061237249
https://i.ibb.co/D7DwDHL/Screenshot.png (https://imgbb.com/)

It is generally assumed that the owners of such wallets are institutional investors. These are not ordinary people without fame and influence. Smart executives insure their assets against inflation by buying bitcoins. Others are hesitant to buy bitcoin, fearing regulators and bitcoin volatility. Regulators will certainly try to create barriers to the adoption of cryptocurrencies, but it is also difficult to prohibit what is popularized with such great force.

OP thinks otherwise, the only one that hates cryptocurrency is the ones that are going to be replaced. Rich doesn't care that there is cryptocurrency, as long as they still have their luxurious lifestyle they do not have a problem with it, the only time that the rich are going to take action is when you hit their lifeline which is the financial institutions like the Gamestop short squeeze and real estate. I do agree that it is politicians that hates cryptocurrency but don't you think that there is a far more powerful person behind the scenes that are making these puppets ban crypto?

Indeed, it has become more and more obvious lately that rich people are interested in ordinary people not being able to buy cryptocurrency, or simply getting rid of it altogether. They themselves are buying up crypto assets in large quantities while releasing news in which they do not recommend buying cryptocurrencies. Information about new bans on cryptocurrency is also spreading very quickly and apparently the rich want to completely control the entire crypto sphere and make it so that ordinary people cannot make money on it.

But people are still disputing the fact that rich people are not the problem we are having with cryptocurrency network, while I'm emphasising on rich people is because their the government and government is the rich, so any of them wants to oppose each other they will look for possible way to bring each other source of incomes down, so more going into cryptocurrency more their opponent is attacking them with government power.

* Government does have that common reason on why  they do hate out or tend to ban crypto or generally Bitcoin and thats because of decentralization and anonymity.
  These characteristics are the most hated things by centralized things like the government.Theyre trying to get rid of those things that they cant control on.

* Some said it would be a main currency but to think that nothing still beats out fiat when it comes to that.Crypto would really be just as an alternative but not would
  play out the entire role.

* Just like those typical news or events, due to anonymity where it do increases out criminal rate which is just a bullshit reasoning.

The statement about cryptocurrency being used for scams cannot explain everything. even Fiat can also be used for fraud, depending on how to use it. The existence of cryptocurrency was initially not wanted by some governments, but over time cryptocurrency was well accepted even though there were some who disagreed and it was still illegal. Many conspiracy leaders have been planned, cryptocurrency remains strong and is increasingly recognized by many people.

The rich does not by chance cause the eradication of cryptocurrency, they only support/join the movement but it the government that find it difficult to deal with since they are going to loose their power and control of their people.
The rich people did not hijack crypto either and what we are seeing now is the birth of mass adoption we prayed for.

The government operated in centralization system and most cryptocurrency that are widely used are decentralized crypto so they are using if you can not beat them ban them strategy.

Absolutely no negative than the market volatility in nature.

No harm but to help common people to be financial freedom. It the government that want to power to rule over their people than allowing them to have liberation.
We are in modern slave era.

To tell you frankly, they aren't people of what you think that have a threat to bitcoin.

*1 - Any country has nothing to do with having bitcoin transactions, everyone has the freedom to use bitcoin even though it is heavily banned in any country you are. But the problem is when it comes to a local exchange where you will hardly enough to exchange your crypto into fiat, alternatively, using P2P exchange.

*2 - Possible is money laundering, but for now, most of our law enforcers that assign cybercrime are very intelligent. Also, if you will make bitcoin for daily transactions will I guess you will have a problem charging the fee which is quite expensive.

*3 - Possible country I guess will usually ban bitcoin is the reason they had a fear that bitcoin will become their big competitor of fiat currencies and there is a price inflation increase.

Unfortunately, in the eyes of the government crypto is a threat to their financial capabilities because they can get taxes from its holders. They claim that it increases fraud and scams but they never think that there are more fraud and scams happening using paper money.
And just like @mk4 said, it is all about of lose control. They can't ride over crypto and they can't take benefit from it. They'll think banning is the best idea but they are totally wrong and so unfair.

The government generally hates bitcoin so they would take any slight chance they have to place a ban on bitcoin transaction, just like in Nigeria the government complained about money laundering and also about how the Nigerian naira keeps losing its value in terms of USD, in places like India i heard crypto was banned due to the rate at which their citizens got scammed after they invested in so many ponzi schemes,the government would ban it for many stupid reasons, but they can't stop it cause the citizens will keep using crypto more and more no matter the restrictions they place on it.

Well, if so, --and how about China?
They banned cryptocurrencies before but now they lifted such a ban because they saw a potential used of bitcoin and also they are planning to have their own cryptocurrency. I don't think rich people cause a crypto ban, in fact, those like big institutions are influenced government to be friendly on cryptocurrencies. Perhaps, not all cases of rich people can cause of a ban.

Many reasons to this in my own feeling.
It is a wicked world , you remember that? Many individuals don't want you to get to a level they are. So having that as a view, the ruling class always like to oppress. Study the theories of Karl Marx to understand the class system and capitalist.

The reason is that they don't wish to see more wealthy people and they believe that you need to labour physically to get rich.

They believe that bitcoin is easy for people to instantly getting to wealth without staying under the sun.

Apart that they think of bubble on bitcoin and trying to stop investors, they have hidden selfishness because people who are taking risk in bitcoin should be an individual decision.

One reason, they can't control Bitcoin thus, the ruling class fears that Bitcoin may affect their authority in a negative way.


Possible a single group or identity will control the economy of a nation that will use crypto as currency.  (Assuming it is not created by the government)



Authority believes that Bitcoin is used for fraud so to avoid that, they regulate Bitcoin and if they fail in regulating BTC, they will ban Bitcoin. 

Old adults really believe that cryptocurrency is a scam but with the level of advert of crypto I think some of the young adults is compromising to cryptocurrency, the only challenges now that will likely make them to dislike crypto or believe that cryptocurrency is a scam is the rate government is handling any issues concerning bitcoin especially in African continent and other countries in some continent, obviously bitcoin has gone far to the extent people in rural area started developing interest.

Yes sure, because they are losing the control

I don't agree that the reason the government has banned cryptocurrency is because many rich people are investing in Bitcoin. The government
banned crypto for fear of not being able to control the finances of its population, because as we all know the government wants to control everything.
While crypto cannot be controlled, so if many people start using cryptocurrency a lot then the government has difficulty controlling it, crypto could be
used for illegal activities. And also other things that make the government not support crypto are considered to threaten the existence of fiat.

I would like to disagree with the OP. The vast majority of the Bitcoin investors (at least until 2020) were from the middle class. And Bitcoin made many of the investors "rich". And this has caused a lot of aversion among those who are already rich. Some of the billionaires have spoken against Bitcoin, because of pure jealousy. Take the case of Warren Buffet for example. It took many decades for him to become a billionaire. And now before his eyes, individuals in their 20s and 30s are becoming millionaires and billionaires in just 2-3 years after investing in Bitcoin. He just can't fathom this and on a regular basis he derides cryptocurrency in his statements.

Another example is that of investor Rakesh Jhunjhunwala in India. Recently he realized that he has missed the boat. A couple of days back, he asked the Indian government to ban cryptocurrency. The reason is very simple - he said that he doesn't like cryptocurrency and therefore the government should ban it. Obviously you can't expect people like Jhunjhunwala (who has a shady past) to be as modest or humble as people like Warren Buffet. But these are just some examples of billionaires, who have recently lost their sleep due to the rise of Bitcoin.

The logic is very simple. Vast majority of the uber-rich not just want to increase their wealth, but also want the others to remain poor. Now Bitcoin is upsetting this equilibrium and it is creating a new group of rich people. 

It is possible that rich people can cause of bitcoin ban, just like what the author said if the rich people invest big amount of money in the crypto then, the government will feel bewilder because they cant collect taxes if millionaire people will invest only online so the government has no incime that situation will happen, in that way the government will make a plan on how to intercept crypto transaction or will leads that situation to ban crypto currency.

It's right. The more influencers and business structures invest in bitcoin and other cryptocurrencies, the more support it will have in the face of possible government attacks. Therefore, we need to attract more institutional investors to this market and we need more companies like Tesla to invest in cryptocurrency. Bitcoins and other will  be enough for everyone.

No it's not them. They are not causing the "ban" of crypto currencies. By the way, how can we "ban" something that is decentralized? You just can't. Look at p2p torrenting. Was the government able to "stop" it. Nope. It's still going on despite various attempts to stop piracy.

1. I have seen only few countries "imposing" those bans. What I have seen in common is that most of those country are somewhat "corrupted" and have no "major" reason to put a ban.

2. Negative effects? It would be ignorant of me if I say there are no "downsides". Google it and you will get to know. But remember, the advantages outweigh the downsides.

3. Same as every fiat currency.

It is not appropriate to blame all rich people and stereotype them.
Some of them don't even interested in btc like Bill Gates.
I firmly believe big crypto whales and exchanges do this price manipulation and make billions of dollars out of it.

It isnt like that.. SEC are just focusing on what people are into

I disagree with your assessment here. Yes sure there are plenty of very wealthy people whom have and are investing in bitcoin, but that same goes for any type of investment out there.  Rich people may be able to manipulate the market to some extent, but they are not to blame for government regulation.  It doesn't matter how we go to the current bitcoin market cap, it's simply that we go there..whether that was from "rich" people or from every day folks with small buys here and there.  So it's not rich people, it's the simple fact that bitcoin has grown in such popularity overall that made/makes governments take a second look, so to speak.

The Traditional Rich don't give a damn about cryptocurrency. Except those that have become rich DUE to bitcoin. For the first group, Bitcoin is just an investment giving great returns and they are being enables by companies like MSTR or Square. Tesla is the only exception to this trend and that is what we should want more of.

Control over the flow of value is their biggest asset. They decide who gets the cheap loans and huge funds in the name of public investments. If people around the world start paying for an earning services using crypto while bypassing all their walls, they will find that normal people can do just fine when left alone. Nobody wants that.

Nothing really. The only negative effect is that the government will have to actually do their jobs than engaging in demagoguery and politics to control people's sentiments.

It makes it easier for real and purported threats to actually come to the negotiating table because the financial knobs like "sanctions" won't work anymore. This will force the West to be fair and stop opting for the war-machine to solve the slightest of problems.

I think no because many investors of the bitcoin are rich people because if them bitcoin price are high many of them acknowledge bitcoin as potential high income compare to other bitcoin.

They are opportunist people and they use their money power in order to take advantage of others but this is not the reason why some rich countries will ban crypto. Will, I agree that most of these rich people have illegalities, they might use crypto as well to evade taxes but the government not so mean with them coz for somehow they still pay taxes base on their local assets but these middle and low-class family, they are mostly in the blame.
I really don't know why but this is how money works. There is corruption and bribery happens.

We really can't blame people even they are rich or not they can accumalate more as long as they wanted, they can post or retweet it whenever they wanted it is up to them , the reason why crypto is being banned because of the government itself, they are too afraid of innovations they think that technology is a threat to the states even though it can help in the economy, rich people help us to reach more people in the other part of the country by using their tweets if they want to announce that they bought tons of bitcoin, we don't need to blame others.

We all know that cryptocurrency is the online globe and Bitcoin is the virtual currency. It is completely distinct from the common currency of different countries. Heretofore the identities are kept secret here, it is impossible to say who is committing what and when. In my viewpoint, cryptocurrency is being banned because of the rich people. Because rich people and people of all levels exchange more or less in the bank. But while not everyone can afford crypto, rich people do. They are reducing the transactions in the bank day by day to get more benefits here. On the other hand, if the transaction in the bank decreases, then the government is being destructive. This is what is working in my cranium because rich people are being banned. This time whether willingly or unwillingly.

No body can ban rich people not to participate or partake in cryptocurrency network, because no body knows who is rich when buying cryptocurrency,the only place I'm having double minded towards rich people is because of government officials who are into cryptocurrency, because looking in other way round is the same rich people that boost the increments of crypto by investment, I'm pointing fingers at them because their colleagues who are into government is seeing them using Bitcoin as a method of money laundering, which some countries today is been affected by restricting crypto transaction because may majorities of people representing upper and lower house, are investing in crypto today.

I am not aware of any instance where a country or a government banned the use of bitcoin because rich people started investing in it (at least none of the developed countries did that).
However, imposing stricter regulations is a must to prevent any kind of fraudulant activities such as money laundering and tax evasion.

One possible reason why some countries ban Bitcoin is that they think that its a threat to the central bank and its a medium to elicit activities. People should stop using it as currency intead they should treat it like a metal asset like gold purely for investment and store of value. Bitcoin can’t harm anyone, it depends on how someone will utilise this kind of technology.

It relates to the rules and regulation (also about laws regarding "money/a currency).
Adding a new currency as a currency is not as easy as we can do, it is not only about using that "thing" as a means of transaction, for payment.
But, it relates also to regulation, because government or country is responsible for any kind of "currency" in the country.

As what happens in my country, it is legal cryptocurrency as a commodity, but it is not legal as "currency" that is used for any payment method.
It will be difficult to control, manage, and also report, moreover because of the volatility and fluctuation.

I would agree to an extent. But the governments want investors (irrespective of weather they are rich or poor) to invest in mainstream assets such as equity and real estate. Because it will keep the economy thriving and the government will be able to take out more and more debt. If a considerable portion of the investment goes to decentralized assets such as cryptocurrency, then the government will lose out in the end. The investors may be ready to pay taxes on their capital gains, but the impact on the local economy will be quite detrimental.

I Agree on this at some point. Since cryptocurrency regulates as decentralized, there's a possible action that will serve as an illegal transactions and I think that's the reason that the government should be strict and not ban to ban it since cryptocurrency's features can be used by the whole industry.

Hi i am looking for help
I bought 100 euro lend in feb 2018 for approx .0637.1422 shares Bitcoin was 6650 approx.  Lend migrated to aave
Aave is now approx 230 euro
What should my investment be
I dont think it rose with bitcoin  just with aave

Not really that they are specific via rich people,no, we are just suggesting base what we saw and what we experience via people, I know vividly that the mind set of people is fraudulent activity via crypto, but I dont understand or know other reasons.

Probably, it is also governments who can't benefit bitcoin that's why they are banning it and let the bank prevails.

Taxes are the only way where authorities can benefit bitcoin but with that, they will surely increase the taxes for those who will invest on bitcoin.

Bitcoin will really have a hard time to become a traditional currency because most of the banks are against it and they are just relying on the use of fiat for its community.

On this note, i'll like to ask if, Bitcoin and cryptocurrencies aren't for the rich or
One isn't at liberty to invest as much as they want should they have the financing power?

Again, are the petty investors such as myself not there to benefit from these moves in the market?

 Let the rich do what they do and the government and masses perceive it the way they feel because, not minding how the bitcoin market flows, there would always be issues with those that don't agree more, not excluding government which is a major force to this aspect.

I believe you are talking about the bankers, which has a deep tie with governments all around the world. They are the ones that are doing their best to have cryptocurrencies banned since they will lose customers and money as soon as cryptocurrencies take over. Some rich entities are in the support of bitcoin and cryptocurrencies, so generalizing won't help.

In my opinion, the rich are not the ones who prohibit bitcoin in one government, but the government itself is afraid of things that are not desirable in their country such as terrorists, the smuggling of certain goods, which are paid for using bitcoin and other crypto currencies,
because the nature of crypto ownership is anonymous, it is difficult for the government to control who owns the crypto currency

Because they have no control over bitcoin and it can also be used by some criminals on the black market or to do money laundering.


I see no bad effects on using it except if it is banned on your country.


Like I said on your first questions, criminals can freely do any bad intentions using bitcoin leaving no trace. Their image or reputation to their people and to other countries won't be good if an issue spread about that incident. This could also result for other countries to ban bitcoin.

It is not actually the rich people who causes the banning of cryptocurrencies on different countries maybe it was just all a coincidence that occur and the real reason can be dig in deep into that. Lose of control to its people is one of the reasons why government wants to regulate usage of cryptocurrency or if they were seeing a potential threat that might be caused by crypto (activities of that are illegal who impose usage and taking advantage of crypto to use on illegal things) they are taking it down to prevent further harm. Government in general do wanted to regulate thing to keep them in control making them to ban those whom they cannot put under their control and not just because rich people are being into it. Maybe some factors might be affected by engagement of rich people but that is not totally the main reason for the banning.

* I think the major reason why in some countries government ban bitcoin because they can't control it and they don't have any single authority in bitcoin.
* The negative effect of using crypto is that not everyone can use it or have an access into it because not all people knows how to use bitcoin or even using cellphone and other gadgets that can be use in bitcoin. Also many people still live in a remote area without electricity and internet connection.
* Bitcoin can be use in illegal activities by the criminals which is also the reason why government don't want to accept and legalize the digital currency like bitcoin.

If you observe the trend, it's now the rich (institutional investors) are coming in, in their numbers so I doubt they'll do anything to sabotage their profit unless they're using a strategy that'll create fud at first so they can get cheap coins as noobs panic and sells then they begin to declare their holdings so as to create fomo and the price begin to spike high.

The rich has nothing to do with the ban ongoing instead the government, out of fear of losing funds to the crypto market are they ones causing the ban over over the countries that are affected. It's no news that more profits can be made in the shortest time possible in the cryptocurency market which is making many investors pick interest in the market.

There's a difference between the elite and the rich, all elite are rich but not all rich are elite so probably if you have used the word elite then your reasoning would had been more accepted although I understand what you're trying to say.

They are trying to avoid what e-mail did to postal offices, they are trying as much as possible to save their banks from being unbanked, they are trying so hard to keep all transaction activities under their reach as crypto is untraceable.

• Used as payment method of illegal arms dealing.
• Used to launder money
• Used as a means of funding terrorism
• Crypto is mostly used on the silk road

Simply saying rich people is not the actual one who is trying to ban the cryptos because even cryptos made lot of millionaires with this bull run, so people in the ruling power who knows that decentralization can become more harm to those people because they are sucking the people's blood all the time by printing more and more money every year for whatever reasons and reducing the purchasing powers of the money in the savings account.

I think the inverse is in reality evident - the more institutional financial backers come to Bitcoin, the more outlandish it will get restricted. We are seeing not just the development of the number of financial backers yet additionally potential lobbyists who might ensure Bitcoin in parliaments around the planet. It's not difficult to boycott something that not very many individuals care about, it's difficult to do as such with something mainstream.

There is no evidence to suggest that the rich were the cause of crypto being banned. In my opinion, the reason that makes the most sense for crypto
to be banned is because the government considers crypto to be widely used  for illegal activities. In fact, if they do research properly, the most widely
used for illegal activities is fiat.

But the government will never admit it, because after all the government always supports fiat. So it would be unwise to blame the rich,
because there is nothing wrong with rich people buying crypto. They are free to use the money they have to buy crypto, so it's sad if it's true
that the reason the government banned crypto is because many rich people buy Bitcoin.

It is always a convenient excuse put up by the government that cryptocurrency is used in a large number of illegal transactions. The argument is simply not true. Analysis by various research firms have calculated that less than 1% of the Bitcoin transactions can be linked to any sort of illegal activity. Also, the proportion of transactions with such connections are going down at a steep pace (closure of dark markets might have played their part).

The real reason why the governments don't like Bitcoin is due to the fact that it is widely used as an alternative investment asset and as a store of value. The attractiveness of Bitcoin is that it is protected against inflation and this gives it an advantage over "traditional" investment assets such as stocks, treasury bonds, bank deposits and real estate. And the government tax collections get affected as a result of this. 

Agree to that! those who are in power who doesn't want to see themselves getting poor due to this new system, they are the one wh have the real authority to prevent this chain.

They don't want to lose control as the benefits that they are gaining from the institutional financial market may harm by more interest to crypto industry we can't blame those rich people chances that they may also invest is possible, and for sure if that happened the authority will be more furious in banning or stopping the functions of this system from their jurisdictions.

I don't blame the rich o their choice of the volume they choose to invest in the bitcoin market at any certain point. I believe every person in their shoes would do the same should they have the funds for such investment. Besides, the pump is what every one stalking bitcoin wants or is waiting for and these rich guys make it come around so, its merry for all. It also goes a long way to create publicity for the coin as, it's amazing highs and price becomes a thing of wonder for most persons. Luckily for us, there is only but a few government can do and that is limited to regulations and nothing more.

They couldn't stop it and they couldn't track it easily.
I don't really see any negative effect on it unless it would get you too addicted and could destroy your life like risking it all in crypto and couldn't handle it properly.
Illegal activities like money laundering which is pretty famous and it is the reason why government is against it,
Also being used as currency in black market for drugs and all sorts of stuff.

The rich always  control the world, this is    how the world is governed. If you want to have control over things  around  you, get money.  Money can buy power, so far majority  of the rich are not comfortable with  bitcoin, it's adoption  across the globe would always  be suppressed. A clear  example  is when Elon Musk  came out strongly to support  bitcoin with Tesla in the picture. This gesture  made bitcoin  to attain a new ATH.

When you're rich you start looking for ways to allocate some of your wealth and once you did the obvious like some stocks, real estate, foreign currencies, you start thinking of alternatives like Bitcoin. It doesn't mean bitcoin will be "hijacked" by the rich. When some of us, early adopters decide to sell bitcoin and buy houses and cars, won't that that mean that we will become those rich people that you're so afraid of? One day Bitcoin will become a stable personal account for storing large sums of money and we won't change it.

Government is not against rich people.  They are in the same boat, or at least there is a big overlap between them.

Rich people dont see bitcoin as a threat. Some people think like that and is an incorrect question.

Yes you are. Because you assumed something that is wrong or possibly wrong. Some people are pro-crypto and some are anti-crypto. These people may be rich or poor, but both rich and poor are part of both the groups.

Just assume that many rich people have invested in crypto while many have not. Point remains the same - bitcoin is people's currency, it does not change going into hands of rich or poor. But logically speaking the rich people have a higher capital at hand and are more likely to buy crypto more than what a poor person can afford. Therefore the rich will accumulate more bitcoins and become even more rich while the poor will remain poor. ::)

As long as bitcoin is going up, I dont see the tables turn at all. :P

Gov causes it because they hate money that they cant control, thats simple

Rich people are now adapting to bitcoin because of its continuous inflation, a lot of companies and big names are investing now in bitcoin and for sure it will it can go farther. The only government are those who want to ban bitcoin because they don't want decentralization and bitcoin is against the bank but no matter what they will do they cannot do it. They are doing it because they cannot control bitcoin and they cannot do something to get benefits from it.

It's the nature of bitcoin that we can't control how and who owns it. Everything has its advantage and disadvantage including the fact that more of the bitcoin is getting in the hands of the rich. They and the institutional investors are the reason for the impressive price growth.
Bitcoin has became the ultimate tool for money laundering and tax evasion and government can't fully ban it.

With bitcoin, people keep the money in their personal wallets were government have no access. They cannot know how much wealth anyone has and hence they can't collect taxes. Without the tax money it will be difficult for the government to manage the country. This is one of the reason why govt does not want people to invest in bitcoins. There are other disadvantages too like with bitcoin money laundering is easy.
But there are good aspects of bitcoin too. If an underdeveloped country invest in bitcoin and in few years when the bitcoin prices 2x-3x, then can sell and get rid of their loans.

Well, in my opinion, I think it is about ignorance. What the government don't fully know or understand, they will perceive it as a threat. That is already at play for many years now, even if you have noticed that Bitcoin is lately becoming the talk of the town. It was the talk of the town many years ago then it declined, but with the rise of many more cryptocurrencies, there is no stopping Bitcoin and cryptocurrency as a whole now.

the past story if the issue of crypto is used for criminal matters can be used as one of the factors for the government to ban bitcoin and besides that in my opinion there are special factors for the government why it prohibits the rich in a country but the government does not publish this, so the ban is impressed secret.

Rich people do this.. rich people do that.. it is always very convenient and easy to blame the rich people. And the biggest joke is that if the people who blame the rich becomes wealthy themselves, then they will behave in exactly the same way as the rich do now. That means that the hatred for rich people arises out of pure jealousy. My only advice is to move forward in life and try to improve your own life, rather than concentrating on other's wealth.

And it is not the rich people, but the politicians who cause the ban on cryptocurrency. Here in India, one of the prominent businessmen to have come in favor of the ban is a criminal named Rakesh Jhunjhunwala. He is very close to the politicians and was accused of stock market fraud and insider trade. On the other hand, the richest people in India haven't yet made any comments against Bitcoin.

Government is the really cause to everything that happens that's why in some countries they are prohibited to use crypto such as in India now, rich people can buy more and more bitcoin as long as they want even they are from some countries they can use vpn for their security and maybe there's the fact that bitcoin is widely used in illegal activities that's why maybe government don't want it because they cannot trace the one who will made the transaction.

The reasons to ban Crypto-currency in different countries can be of different reasons, countries that has been using crypto-currency for years now resolved in placing a ban to it, the reasons are not far from a present findings, I will not speak very much of other countries but Nigeria was as a vengeance from the government on the youth and government rivalries than is it to prevent crypto-currency underworld activities.

Wow, that makes so much sense now. I never thought of this before.
The current situation for crypto is the same in India. There's a FUD that Indian government might ban cryptocurrencies.
At the same time they want to embrace the blockchain technology and are planning to launch their own CBDC.
I was wondering why they are thinking to ban crypto at the first place while they can simply regularize it and profit from it.
Now I understand that they will first create a wall by banning cryptocurrency usage and then create a door by regularizing it hence having total control on their user base.

Undoubtedly, it has ended up increasingly self-evident recently that wealthy individuals are curious about standard individuals not being able to purchase cryptocurrency, or essentially getting freed of it inside and out.It is found most are getting in crypto resources in expansive amounts while releasing news in which they don't recommend buying cryptocurrencies.Actually correct figure matters so approximately unused bans on cryptocurrency is additionally spreading exceptionally rapidly and clearly the wealthy need to totally control the complete crypto circle and make it so that conventional individuals may not get succes immediately.

The rich people understand crypto but not the government that is why they come in here, put their money at risk, and boom. The Government is just milking us (can't deny that) by collecting our taxes. They come to oppose rich people to go into crypto, coz they know that they can no longer ask them to pay huge taxes if they were already there.

This makes the government hated Bitcoin and they find a way to stop it, banning, and arresting people who use Bitcoin. They blame Bitcoin as the reason for increasing illegalities which I believe it was not. Because what they want is to stop people using this and come back to fiat where are in control with.

When there's opportunities, rich people will always be there. Knowing that with enough money it will be easy for them
to take part and take the shot to make some good profits.

In the otherside, government always  seek for money, they won't allow anyone to be freely earned without having cut
out from taxes, the very reason why cryptocurrencies are being strict to the point of banning it.

As the fact of nature is:
  

Well, some of the rich ones are using it to hiding their additional asset such as black money which is a negative impact on the world economy and country economy as well it will stop the equal flow of the money. it will flow the flawed line and destroy the world economy so poor will be more poor and rich will be richer near future  

i don't think that rich people is the cause, i mean even if bitcoin is not used by rich people, but used by so many people already, i think it can cause the ban. In my opinion, most country ban bitcoin because they can't control it, that make it harder if there's some problem coming from bitcoin. Most country also don't have rule about bitcoin yet, and it's still hard to understand and track bitcoin. So many people are getting profits from bitcoin, but i bet not many of them pay tax for that, since there's no tax regulation for btc yet in most countries. Of course government won't let that happen, it won't be beneficial for them. Not only it's hard to track and control, but bitcoin is often used for illegal things as well, so government had no choice but to ban them. If not, they have to try hard to adapt to this currency and try to find the suitable rules and regulation for it, which means more work to do.

It is not so much about control as it is about sales taxes. Many countries do not have a method of accounting even when people want to do so.

The reasons may seem different but the underlying truth tends to be the same. Governments want to seize some authority over this decentralised resource and they find it more and more difficult to achieve that control. People in themselves make the matter worse by agreeing to what the media feeds them, they, themselves not really knowing what cryptocurrency is.

It feels to me that it is an exploitation many don't see because they're too ignorant to understand/learn, while others in power take advantage of their ignorance to keep them in the same self-isolated circle- an economy with a majority not minority!

There are many reasons but one conceivable reason why a few nations boycott Bitcoin is that they think that its a risk to the central bank and its a medium to evoke exercises. Individuals ought to halt utilizing it as money intead they ought to treat it like a metal resource like gold absolutely for speculation and store of esteem. Bitcoin can’t hurt anybody, it depends on how somebody will use this kind of innovation.

By reading OPs thread title, i was thinking if does these rich people do causes a cryptocurrency ban? So far what i have know was one of the reason that causes cryptocurrency to ban was the mere fact that the government are seeing this blockchain technology as a threat to the economic growth of their country which is for now was made as speculation and no evidences that proven about the statement. But one thing for sire that was made bitcoin now as a good crypto was the fact that some other countries already seen yhe great opportunity that a bitcoin could offer

Any one can say anything base on what you understand and what you saw in your domain because right my research concerning all these also pointing at political leaders who is trying to condemned the images of cryptocurrency especially bitcoin, so Rich people is really our problems we have into cryptocurrency, so no point for argument because it has become obvious people that so called rich people are against cryptocurrency.

There is no clean money, no matter how hard they try to launder it. As a rule, official words are needed only to mislead, to say one thing, but to do something completely different ...

At these point we are not saying that Bitcoin is a dirty money or  is a dirty source of getting money, what we are our really concerned of, is the people after Bitcoin, because right now many people is turning up into Bitcoin transaction and network but they are still set of people castigating Bitcoin not to elevate or accelerate, the only thing I found out is that Bitcoin increments does not depends on rich people,and them don't power to bring Bitcoin down.

Is it the wealthy who are the problem, or the government, which refuses to acknowledge cryptocurrency, deeming it a threat to the economy? So I doubt that the wealthy are behind this because it's another way for them to make money; they have a big head start and can make a lot of money. The government, on the other hand, needs wealthy people to pay taxes on a regular basis because they are wealthy, have a lot of money, or own a company.

According to many articles I've read, the government is always the first to oppose cryptocurrency because they are the only ones who will not benefit to this. People are wondering why the government refuses to invest in bitcoin.

Very simple.

The government prioritizes tangible assets such as gold because, in the circumstance that anything catastrophic occurs in our digital world, gold will still exist, whereas the government is unsure whether this crypto will survive in the period ahead.

Rich people are not the main cause of bitcoin ban, I think there are other factors that cause bitcoin ban. nowadays if we think rich people are also using bitcoin and get profit from bitcoin, so this is just an issue that is not fundamental. the government in each country is one of the main factors regarding the ban or approval of bitcoin.

If I may ask what is the major reason while some countries ruling class ban bitcoin transaction?
they can't track it properly, so they can't put taxes on it.

What is the negative effects using crypto as currency?
no rollback, once it leaving your wallet, it's gone, unless you have an agreement with the recipient.
volatility is not a problem anymore because we have stablecoin now.

what harm does bitcoin contributes a country that can lead to ban?
money laundering activity, massive illegal activity that involves bitcoin, etc.
(bitcoin mining power consumption issue soon).

It is not surprising that the rich are against cryptocurrency. They are more comfortable with other assets such as stocks and real estate, because they can manipulate these sectors through insider trading and other methods. But with a decentralized asset such as Bitcoin, this is not possible. The billionaires (apart from a very few) have missed the boat with Bitcoin investment and that explains their hatred towards this innovation.

It's obvious that crypto does more good to a country there is actually little or no negative effect, it's just so bad that bank and government sees crypto as a treat, banks are afraid of crypto taking away their customers because crypto services seems to be more preferred and even save users some stress there get from banks services while government dislikes crypto because there can't get full control of it and also find It difficult on laying taxes on crypto users not only that most rich people in government are just too jealous when there see the young ones making it big from crypto, their crave to be superior makes them hates crypto because it can't make anybody rich within a certain period of time.

Well, that has always been the drill. Those with money can make more money because they are not so risk adverse as the people who have little to spend.

Governments can deterministically and in the long-term have a ban on the use of cryptocurrencies. This will cripple their economy and after the pandemic, a slow moving economy is  the last thing they want. Plus, with more organisations likely entering the crypto space governments will have a very difficult time putting in place such a drastic measure.

I'm not generally one to feed the conspiracy theories but the government, in general, in most places in the world, is put in place as a system and structure by and for the elites -- the wealthy, the powerful, the privileged, less so for and by the people.

I disagree that blaming the wealthy alone is the problem, since most of us subscribe and empower the structures propping up the elite anyway, knowingly or unknowingly.

But they are certainly at fault for setting the world on its current path. Bitcoin is a divergence from that path.

First of all, they will not use another currency especially crypto currency as mean of payment that legal in their country. Because, they will think that the utilzation of their money fiat will be divided in two, and may seem disrespectful of the money fiat that they have made through a lot of processing.

Other than that, using money fiat is more easy than using crypto currency. When using crypto currency you have to find a merchant that accept crypto currency as mean of payment. Also, the fee transaction is already high as well especially for bitcoin. Comparing to money fiat they only spend the money that they need without fee transaction.

Mostly, not all governments are lenient and liberal to allow different modes of transactions like that. You have to blame the normal human nature for this.

Rich people can though influence the government and they are doing it with a pro-bitcoin sentiment, this much I have seen in many countries where bitcoin or its usage is a grey area. This is only an anecdotal evidence that these rich families are also accumulating bitcoin and they are bullish on it.

Take this as a good or bad sign, new money into the market is a good thing for the short term. Remember that the bigger bag holders also get to manipulate the market for short periods too. Even then there are people who will help correct the movement.

Just by considering the fact that cryptocurrency are decentralized currency, we can already claim that the government wouldn't tolerate the use and legalization of it. Indeed, rich people are the one that has the capability to make crypto gain attention from the government as they continuously keep on investing on it. Aside from the fact that crypto is gaining much attention right now, another reason could be because of the illegal transaction being made with the use of it. Each transaction can be made anonymous which entertains illegal dealers to use it as a mode of payment which can be detrimental for the country. I can't see any threat posed by bitcoin which may cause it to get banned, only if people would start choosing crypto over fiat cause the government wouldn't be making any money out of us anymore.

A lot of rich people especially those who have big names or popular persons are now being involved with cryptocurrency and they are started buying it which triggers more the government to ban cryptocurrency because they know how influential those people that may give a mass adoption on it but those rich people are not the problem and it is the government who keeps on making a wrong decision by banning cryptocurrency.

I don't give a chance for the reason being rich people. And banning Bitcoin also has no benefit for governments. Regulation comes into play here. If they regulate Bitcoin, they will be able to impose a tax on it. And they will be in profit also.

The reason behind wanting to ban Bitcoin could be its totally different system than fiat and trying to prevent people from using it. It is decentralized in the end. And they will want people to use their digital currency (which they will develop in time) more than Bitcoin or any other cryptocurrencies.

From what I have learnt their main reasons that they ban Bitcoin is because of money laundering and also because they believe it is being used in sponsoring terrorism. I don’t believe that the government can completely ban Bitcoin, although there are some areas they can tackle, just like the mining companies, but banning Bitcoin and stopping people from making use of it wouldn’t be that easy because of peer to peer exchanges which are so many these days.

I think it’s even best if the government allows the use of Bitcoin and not ban it, because that means that a lot of people will be using centralized exchanges, and these centralized exchanges can help the government in keeping an eye on all these transactions.

Rich people who buy Bitcoin is a normal thing because they think how to benefit themselves, but if the government in a country does not accept Bitcoin and legalize it. It is a complex thing because almost all countries are currently implementing a capitalist economic system, so anything must be controlled and  centralized.  On this basis, the government can easily control the inflation that occurs.  This is opposed by the concept of Bitcoin, so it will be understandable because of the fundamental difference in government thinking because money as a transaction tool shows the sovereignty of the nation.

We can't blame rich people for buying and purchasing more Bitcoin because they aim to gain a bigger profit out of their huge capital and that's how work investment work for them. I think it is the government who has a problem. They are targeting cryptocurrency because they see it as a treat and they only want to benefit from it. If they only know how it would be beneficial for the economy and the users, they will surely regret banning it.

It is true that these people make things easier for Bitcoin adoption. But I also agree that governments which aim to ban BTC are doing a big mistake. They will have no benefit from this situation. And I don't also think that they will be able to prevent people from using BTC anyway. Because it is a decentralized crypto in the end. How would they detect Bitcoin users and prevent them?

It could become a threat to a country since BTC could be used illegally due to its nature of the transaction which is unknown for the government and they cannot track all the transactions done using the blockchain technology. From what I know, that's one of the reasons why other countries banned BTC. Also, it uses peer-to-peer technology so the government won't be able to control and regulate due to independent transactions.

The first thing I want to say is that I’m tying from phone otherwise I would have quoted properly 😅
The ruling class wants to ban bitcoin because it doesn’t like the idea of their power being changed or challenged.
I don’t think there are any negative effects of using crypto but there are regulation issues if you want it as a world currency.
The harm bitcoin does is to classic banking systems and taxes of the government.

More and more wealthy people holding cryptocurrencies are not good for the government. These rich people have made money in their own country to buy overseas cryptocurrencies. This will allow the funds to flow overseas, which is not for the country. It is beneficial, and the purchase of cryptocurrency by the rich will make ordinary people think that it is a very reliable investment and exacerbate the outflow of funds, so the government and the country do not want to see such a situation!

I don't think that the rich can hijack cryptocurrencies now or in the future. Cryptocurrencies will never be special for a certain group of people. There is no way that only the rich will own all of the Bitcoins in the circulation. Every kind of people will always be able to buy whatever amount of Bitcoin they would like. Therefore, I don't think that 21 million is a small amount.

In my own opinion, I don't think the rich people are likely to be the reason behind these cryptocurrency bans in some countries. It's just that the government can't control cryptocurrency transactions (with the exception of government regulated exchanges and wallets) as there is no third party involved no matter how much money we send.

Most banks are anti-crypto, because they can't control the funds of their customers. However, some banks are embracing crypto in open arms like Unionbank of the Philippines, coz' they know how to join the ride rather than being against it.

As if the government really wants control, sadly it's impossible for them to do that. Even if they have banned crypto, they can't stop us from doing transactions in non-custodial wallets, P2P, etc. But they can regulate of course. Just my opinion.

They may or may not but the fact is that they can influence pretty well.

It's not all about that they can own all the bitcoins or other cryptocurrencies but they can manipulate each market at their own will. And for them to do that plays a big amount out of their pockets or corporate budgets.

Well they call it the Big Finance. Bankers and Financial experts who are still tied to the old school way and see Bitcoin as a threat to their power. I don't know their real motives though. We all saw that non-bankers somehow made news that made Bitcoin price so low, they bought lots of it, then made some hype to increase the price, and possibly sold their assets at a profit. Big profit that is. So if you think of it there might be attempts to make the price lower so that they can also enter the market.

To answer your questions,

First, the reason behind banning cryptocurrency in one's country is mostly because the government does not want its citizens to achieve financial freedom. They want their people to rely on them and to the opportunities, they are giving them. They don't want their constituents to patronize a digital currency more compared to their local currency. The government is threatened in every way crypto can take their people's trust and funds. Most of the politicians are greedy. They want the good all for themselves.

Second, using crypto as a currency will be quite challenging because right now, there are very limited establishments that are accepting payments through cryptocurrency. The legality of crypto and the taxation plays a great role in why it is disadvantaged. If you will use crypto as a currency most especially to those countries that are not open about it, you can experience some trouble. In addition, most transactions made with crypto are time-consuming and require a little more transaction fee than usual. You'll have to bear in mind the processing time it will reflect and the fee depending on the network and exchanger used. The convenience isn't much really felt, although they are looking into improving it for sure.

Lastly, some people use bitcoin and crypto, in general, to make their way out to money laundering. This is one of the things the authorities are avoiding to happen as much as possible that is why most centralized exchanges require KYC to verify their clients' profiles and to secure that they are not doing some illegal activities. It's easy to money launder when your transactions aren't really monitored because it is decentralized. Hence, some countries decided to ban bitcoin to avoid such conflicts.

Most of them of who are against are those who don't even know what crypto is and labeling it as a scam. Another thing is that they are afraid if most of its citizen is a crypto holder/trader because they cant control them. So that is why they are encouraging others too who are not knowledgeable but rich/ influential to criticize it too. But some of them are making crypto as a way to hold their assets.

greedy rich people, of course want to adopt bitcoin for their personal interests, they want to hoard all bitcoins, so those of us who are in the lower class are very difficult to invest in bitcoin, sometimes every post from millionaires, greatly affects the price of bitcoin, if they post negative things by itself the price of bitcoin falls, and vice versa,

I don't think that rich people want the crypto currencies t be banned because they are the ones holding them. Basically the people in the government don't want crypto to grow as they do not want to lose the power of money. If they don't have control over money, they won't be able to rule the people.

Firstly I argue the line rich people highjacked cryptocurrency . You will definitely appreciate that rich people's investment grow cryptocurrency and they are the reason of green market cap because when they invest in new coin in the market the price grow and when they avoid any coin to invest that coin price don't grow up .this is the truth I give an example for better understanding . When Tesla car company agree to transection their money by BTC that time the price suddenly pump and then when the monster deny the BTC price gradually low so we can say rich people movement effect in cryptocurrency but not highjacked or ban

I have said this previously, Those people in power right now don't want their traditional ways to be changed so they will do everything in their power not to change their present methods even if that means banning bitcoin or any other cryptocurrencies.

Mostly because they're comfortable in old ways.

Your point is valid right now they are completely controlling everything, and they don't want to lose their supremacy because they feel fear with this crypto and bitcoin if this is going to be adopted in high levels surely they are going to be in trouble with their lifestyles and their luxuries which are available just because of their own system which is controlling by them for many centuries.

Blockchain and Cryptocurrency is bringing few many good things for better and transparent life for common peoples and these rich never allow this, so just because of this they are using every shit way to stop this and having their strong hold on this hypocrite system.

I can't think that rich people causes cryptocurrency ban because it is modern and digital currency. Rich people can buy and trade Bitcoin which make them richer and it is big benifit.

The rich are bitcoin whales, since they own greater percentage of bitcoin I don't see a reason why they will want to lose their investments by banning Bitcoin

Not only that.  They don't want richer ones to hide their own money without them being involved nor have knowledge what's going on behind every traces of transaction.
Government has a lot of alternatives to make cashless transaction and crypto won't be able to just change the minds of the government to make them adopt crypto nor make crypto the "traditional" medium of transactions. They know that they don't have the control and that's why they're against it.

Bitcoin is crypto currency the government cannot hold it unlike with the usual currency. I think that is one of the reason why a lot of country doesnt like bitcoin.

Lol, so, rich people should stop investing in Bitcoin? IMO, it's doesn't make any difference. Whether they stop investing or not, the ban that has been put can only be removed when the governement realizes how important Bitcoin is as a cryptocurrency.

They ban Bitcoin because they are jealous of how Bitcoin can make one operate anonymously!

The negative effect are the same effect as normal fiat. Anyone can use it as if it were fiat, so there's no special negative effect that it comes with.

Like I said earlier, they are just jealous. There's no special harm, after all, not everyone uses it, just some percentage so why does the government have hate/jealously? IDK.

However, when they see that they can't control it anymore, they will have to choice but to remove the ban.

The purchasing of bitcoin of rich people does not cause the bitcoin ban because its purchasing increases its value. If more people and banks will involve in its selling or purchasing its graph will rise and credibility will be strong. The need of today is that its usage for crime should be stopped. That is very important for its survival. The framework of rules and regulations should be designed to eradicate its usage for crimes. Because its positive use is very fruitful for all communities of the world.

Rich people are easy to become influencers for middle and lower class people, they are often considered an investment signal. Their influence (the rich) can be a threat to the government where fiat can erode the number of users.
In addition, because the rich are contributing a lot of state income from their corporate taxes. Cryptocurrencies have grown into thousands of alternatives, of course it is a good tool for relinquishing control and "hiding" assets to avoid tracking owner's wealth.

Bitcoin isn’t that bad. And from what I have seen so far, the governments that has banned cryptocurrency don’t really have an excuse that is good enough. Reasons they give are usually not enough good reason why they should place a ban on it. Some of them would say it is because it can be used to fund terrorism, which they don’t even have any proof at all for that.

Most of these terrorists attacks are usually being funded with fiat, and the government isn’t doing anything about banks that are letting these things slip through their watch, which is very bad. Now because they feel that bitcoin is uncontrollable, they now want to ban it.

For me, the main reason why the government has banned bitcoin is the fact that its decentralized. And there is no way that they will allow it knowing it won't be controlled by them.  And those reasons that it can be used for terrorism funds or any scam activities are only their excuses so that fiat will still dominate the market and won't lose its value in the long run. Rich investors has nothing to do with crypto ban, although they are mostly behind the market manipulation.

It's not about how rich people could buy the cryptocurrency but it's because rich people who influence other citizens and shares how they could got profit from cryptocurrency, this kind of act will lead to the people in a country starts buying crypto also and the government must be not uncomfortable if the people are moving their assets into digital assets which couldn't be track to cut thir taxes.
If i'm at the government, i also feel the same thing. So in the future we need some technology and a system which can track crypto ownership from it's people, but it's hardly to happen

Well, fortunately, or unfortunately Rich people will always or are always looking for what is the next viable Business venture to engage in to further increase their wealth and Bitcoin has proven to be that investment in the past years. So I don't see them as the problem to cryptocurrency and especially Bitcoin, however, the Government do understand what Bitcoin and the general cryptocurrencies stand for, Financial freedom from the Government and they don't want that to happen hence the constant attack on crypto.