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

[Mike Mayor]

Well Thinking Trump can't ban it in the US would be a mistake.
By using an executive order, he could make it illegal for all US citizens to own it and transact in it.
(He already block the crypto called petro.)
https://www.investopedia.com/news/trump-block-venezuelan-cryptocurrency-petro/

While their are a small minority that would break the law and keep using btc.
The Majority including the Major US Firms would not.
The consequences is that he probably give a few months for everyone to sell before that criminal penalties went into effect.
So there would be a massive sell off, and bitcoin price would be in the shitter, most likely below $500.
Which would cause another rash of miner bankruptcies.

While odds are 50/50 on what Trump does,

China is more likely to ban all crypto coins 1st ,
as they are coming out with their own State sponsored crypto coin, (which they will control).
https://www.scmp.com/news/china/economy/article/2111456/why-has-china-declared-war-bitcoin-and-digital-currencies
https://www.forbes.com/sites/michaeldelcastillo/2019/08/27/alibaba-tencent-five-others-to-recieve-first-chinese-government-cryptocurrency/#42a53c751a51

Many people believe bitcoin can not die, sorry to be the bearer of bad news,
but it most likely will die if all of the World powers turn against it.
With the production cost of creating new bitcoins in the thousands, a market price of below that is one of the scenarios that kills bitcoin.
Bitcoin lost it's ability to hide it's mining operations from government powers because of excessive power use.
Only staking crypto coins can hide well enough to evade government censorship, as they can be run on laptops behind tor or vpns.
The Power companies can not pinpoint their location like they can a bitcoin mining operation.

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

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

[nankers]

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

[rahmatullah9305]

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

[Searing]

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

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

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

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

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

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

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

Brad

[Bitcoininvestment]

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

[mazdafunsun]

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

[jake zyrus]

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

[Artemis3]

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

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

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

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

Our descendants might as well just wonder how could we be so primitive. The government has the power to make everyone poor overnight (see Venezuela). This has occurred over 40 centuries without bitcoin...

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

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

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

Read history (that book), you'll see this is anything but new. If/when this comes to you, you won't have time to move your fiat into bitcoin, as it happened to 99% of the people here.

[audaciousbeing]

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

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

[barbara44]

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

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

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

[BorisWCR]

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

[Herbet Fry]

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

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

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

[shoreno]

Donald Trump will not be banned but only limited to dislike cryptocurrency.

Donald trump is the president still he does not have all the power to completely place ban on cryptocurrency because he is not the only one in charge of it,

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

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