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

[Searing]

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

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

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[Searing]

reserved

[Tylev]

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.

[LFC_Bitcoin]

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

[avikz]

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.

[bkbirge]

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.

[dantee1]

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.

[LeGaulois]

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"

[DdmrDdmr]

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.

[crypthough]

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

[kryptqnick]

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.

The Constitution explicitly assigns the president the power to sign or veto legislation, command the armed forces, ask for the written opinion of their Cabinet, convene or adjourn Congress, grant reprieves and pardons, and receive ambassadors. The president oversees federal law execution by directing and removing executive officers. The president may make treaties, which need to be ratified by two-thirds of the Senate, and is accorded those foreign-affairs functions not otherwise granted to Congress or shared with the Senate. Thus, the president can control the formation and communication of foreign policy and can direct the nation's diplomatic corps. The president may also appoint Article III judges and some officers with the advice and consent of the U.S. Senate. In the condition of a Senate recess, the president may make a temporary appointment.

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.

[hatshepsut93]

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.

[gentlemand]

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.

[NoBanThx]

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.

[rdluffy]

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?

[figmentofmyass]

From this Tom Lee blurb:

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

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.

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?

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.

[Slow death]

reserved

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

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.

[dfox101]

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. 

[squatter]

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.

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.

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.

[Reid]

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.