High possibility major governments will BAN Bitcoin in the near future

[A62662]

The major governments of the world have for some time been laying the groundwork for their own national cryptocurrencies. Does that matter? Yes, it matters a lot. Bitcoin will be a direct competitor.

Why do they do this? To remain in financial control and to stop financial crime like whitewashing of funds from happening. Is it likely to happen? Yes, the US banned holding gold privately in the 1930's. So that the US government was to be a monopoly gold holder in the US.

There is a clear danger that the US, Europe, China, Japan and others will get togheter and flat out ban and even criminalize the usage and holding of Bitcoin. Resulting in after the ban, if you are cought using and holding BTC, you would get a huge fine or jail term.

The price of Bitcoin would get killed completely, you would be looking at Bitcoin below $1000.

How likely do YOU think this scenario is? Although you might say this is only speculation, IT IS A FACT that these countries are working on cryptocurrencies of their own.  

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[mk4]

Sure, the government banning(or specifically, illegalization, because they can't really "ban" it) Bitcoin is definitely possible. But saying that bitcoin's price will get "killed completely"? Sure a crash is likely to happen, but "killed" is probably over exaggerated.

Although you might say this is only speculation, IT IS A FACT that these countries are working on cryptocurrencies of their own.  

Yes, and it doesn't matter. It's decentralized vs centralized money, and Bitcoiners wouldn't move to a centralized cryptocurrency just because a government created one.

[A62662]

Sure, the government banning(or specifically, illegalization, because they can't really "ban" it) Bitcoin is definitely possible. But saying that bitcoin's price will get "killed completely"? Sure a crash is likely to happen, but "killed" is probably over exaggerated.

Although you might say this is only speculation, IT IS A FACT that these countries are working on cryptocurrencies of their own.  

Yes, and it doesn't matter. It's decentralized vs centralized money, and Bitcoiners wouldn't move to a centralized cryptocurrency just because a government created one.

It will matter for the price. AND it will turn Bitcoin into an underground and little used tool. You can also say goodbye to 100% of any institutional and large buyers, killing the price in the process.

[mk4]

It will matter for the price. AND it will turn Bitcoin into an underground and little used tool. You can also say goodbye to 100% of any institutional and large buyers, killing the price in the process.

Sure, and I'm pretty certain that has always been a possibility since forever; heck, anyone who tried to think about Bitcoin's potential downsides as an investment could easily think of that. The question is, to what extent can a certain government "ban" it? Knowing that some institutional investors(that has a crap ton of lawyers, even from Blackrock alone), are already in, and are continuing to get in.

[Upgrade00]

The major governments of the world have for some time been laying the groundwork for their own national cryptocurrencies. Does that matter? Yes, it matters a lot. Bitcoin will be a direct competitor.

Governments do not need to have a digital currency built on the blockchain inorder to ban Bitcoin, theyncan attempt to restrict its usage even if hey had no alternative, as some countries have already done. The reason they would want a CBDC is to give users an alternative to Bitcoin, which would give them the qualities it has (although, this would not be the case).

Why do they do this? To remain in financial control and to stop financial crime like whitewashing of funds from happening.

Control is really the only reason. Financial crime is mostly funded by fiat and Bitcoin does not facilitate it.

How likely do YOU think this scenario is? Although you might say this is only speculation, IT IS A FACT that these countries are working on cryptocurrencies of their own.  

I think it is highly unlikely, Bitcoin is still at its budding stage but has gained lots of adoption by individuals and businesses, an outright ban would not be very practical as it could negatively affect the integrity of the government as well as push holders to other regions. A more likely scenario would be government agencies seeking for more control by strongly regulating centralized platforms linked to bitcoin.

[A62662]

The government can really ban bitcoin whenever they like but still, they cannot kill bitcoin, because bitcoiners will not agree if they suggest killing this bitcoin. Maybe they will ban bitcoin because there are so many illegal activities that the bitcoin is involved in although we all know that bitcoin isn't illegal, but still, people are exaggerated to this matter especially when it comes to legalities of everything.

It will have to be coordinated between the major powers of the world if it is to be effective, they are probably holding talks about this behind closed doors.

You are right, they cannot kill Bitcoin itself, but they can kill the price and most of the usage. After the ban you won't be looking at a price of $31,300, and not even $3000, but closer to $300.

[DannyHamilton]

. . .The price of Bitcoin would get killed completely, you would be looking at Bitcoin below $1000. . .

Silly rabbit.

People have been saying this nonsense for more than 10 years.

I can prove that even you don't believe it.

Let's make a bet.  You are CONFIDENT that this will happen in the "NEAR FUTURE". I assume that "near future" means less than 2 years?

So, how about a bet of $2000 USD? I bet that the U.S., Canada, Mexico, or any country in the European Union will NOT pass a law before Jan 1, 2023 which demands any jail time or a fine of more than the equivalent of $100 USD for any private citizen solely for the acts of sending, receiving, or holding Bitcoin.

Notes, this doesn't apply to:

• "using Bitcoin to launder illegally acquired cash".  That law already exists.
• "Using Bitcoin in the activities of a Money Service Business without a license"  That law already exists.
• "Failing to report transactions of high value to the appropriate reporting agency" That law already exists.
• "Using Bitcoin in the act of fraud or theft" That law already exists.
• Or any thing else which is already illegal without Bitcoin

This bet specifically applies to a NEW law that applies not to a business or other non-person legal entity but rather to individual citizens.


Your click-bait subject line says that this is a High possibility, so this should be an easy bet for you to win, right?

EDIT: If you accept this bet, I'm happy to digitally sign a statement of agreement to the bet as well as place $2000 worth of bitcoin (or whatever smaller amount you wish if you aren't willing to bet $2000) into escrow with a trusted third-party member of this forum.

[A62662]

Let me ask you this; have the major governments been in the endphase of having their own cryptocurrencies during the last 10 years. Well, no. But they might soon. That's what's make all the difference and why the BTC ban is probably imminent.

[hatshepsut93]

The major governments of the world have for some time been laying the groundwork for their own national cryptocurrencies. Does that matter? Yes, it matters a lot. Bitcoin will be a direct competitor.

Not really. CBDCs will be competitors to stablecoins and traditional payment networks, not Bitcoin. Bitcoin will remain volatile and hard to use, perhaps even still having scalability issues by the time CBDCs will launch, so CBDCs and Bitcoin will have very different users.

If governments wanted to ban Bitcoin because it's a threat to them, they would have done it a long time ago, when it was much easier to do so because there was less adoption and awareness. Sure, authoritarian governments like China and Russia can do it at any time still, but western democracies wouldn't be able to ban Bitcoin without backlash.

[A62662]

The major governments of the world have for some time been laying the groundwork for their own national cryptocurrencies. Does that matter? Yes, it matters a lot. Bitcoin will be a direct competitor.

Not really. CBDCs will be competitors to stablecoins and traditional payment networks, not Bitcoin. Bitcoin will remain volatile and hard to use, perhaps even still having scalability issues by the time CBDCs will launch, so CBDCs and Bitcoin will have very different users.

If governments wanted to ban Bitcoin because it's a threat to them, they would have done it a long time ago, when it was much easier to do so because there was less adoption and awareness. Sure, authoritarian governments like China and Russia can do it at any time still, but western democracies wouldn't be able to ban Bitcoin without backlash.

It would make much more sense to ban Bitcoin once they have a working cryptocurrency of their own, and that is coming.

[DannyHamilton]

Let me ask you this; have the major governments been in the endphase of having their own cryptocurrencies during the last 10 years.

Yes.

Well, no.

No? Oh, ok.  Then no.

But they might soon.

Might?  I thought you said "IT IS A FACT that these countries are working on cryptocurrencies of their own".  It only takes a few seconds to fork the open source code.  Any team of qualified programmers can then modify that code into yet another alt-coin in a matter of days.  Either it's a "FACT" and therefore happening right now, or you're just spewing nonsense.

That's what's make all the difference and why the BTC ban is probably imminent.

Probably?  Or "High possibility"?  Make up your mind, which is it?

Are you accepting my bet or not?  Do you truly believe what you are saying? Or did you read some nonsense somewhere, and now you're using that nonsense to geet your post count up higher for some signature ad campaign?

What a load of bull.

[A62662]

The governments of the world can't agree on anything. I wouldn't even consider it being an option of any of this happening until the institutional investors and the wealthy dump all of their Bitcoin. China has their cryptocurrency going...do you think that they consulted any governments before they did that?

Anyway, with all of your questions you subsequently dismiss anyone's responses and talk about Bitcoin dropping to nothing. Why even ask?

They have a hard time agreeing when they have opposing views. In this case they share the same view of stopping Bitcoin to protect their own national interests and currencies. So I wouldn't hold my breath.

$300 is something, it would still be worth money, it won't go to zero. But I would consider going from 31K to 0.3K getting killed.

[Cnut237]

There is a clear danger that the US, Europe, China, Japan and others will get togheter and flat out ban and even criminalize the usage and holding of Bitcoin.

I'm not sure. There are conflicting elements here. The higher the price goes, the more seriously governments will consider BTC and potentially legislating against it. But the higher the price goes, the more institutional adoption there is. So the situation is that the more pension funds and other institutional investors buy in and become exposed to BTC, the more the government wants to take action... but they'd be taking action not against the cliched money-laundering bitcoin criminal underworld, but rather against Wall St and friends.
So I don't know. The time to ban a thing is before it becomes a part of the fabric of society, i.e. before it becomes a threat. But governments are notoriously reactive rather than proactive, they are slow to move and pathologically short-termist.
Obviously it could go either way, but I take incoming establishment money as a good sign, and one that makes BTC's long-term survival and success more probable.

[ene1980]

The major governments of the world have for some time been laying the groundwork for their own national cryptocurrencies. Does that matter? Yes, it matters a lot. Bitcoin will be a direct competitor.

Who cares if every government comes out with their centralized coin, there is a major difference, bitcoin is a decentralized currency and it is not even a competition. 

There is a clear danger that the US, Europe, China, Japan and others will get togheter and flat out ban and even criminalize the usage and holding of Bitcoin. Resulting in after the ban, if you are cought using and holding BTC, you would get a huge fine or jail term.

China does have its restrictions, but Japan already legalized bitcoin and they cannot jump from a pro bitcoin country to anti bitcoin because there are businesses that run as well, Europe will not criminalize bitcoin.

The price of Bitcoin would get killed completely, you would be looking at Bitcoin below $1000.

I would like to see the price of bitcoin around $1000  .

[BrewMaster]

by "major government" you mean Venezuela and India. then yes they had been laying the groundwork for their own cryptocurrency and Venezuela already created their own and was a big failure. they didn't ban bitcoin though, that part is just a FUD that always comes at times like this when the bitcoin market is getting ready to see another big rise. the real "fact" is that people started buying more bitcoin when their government started talking about cryptocurrency of their own!

[Dabs]

Oh, a bet? Let me know if there is an actual bet, I can hold it for y'alls.

[bekti3]

Silly rabbit.

People have been saying this nonsense for more than 10 years.

I can prove that even you don't believe it.

Let's make a bet.  You are CONFIDENT that this will happen in the "NEAR FUTURE". I assume that "near future" means less than 2 years?

So, how about a bet of $2000 USD? I bet that the U.S., Canada, Mexico, or any country in the European Union will NOT pass a law before Jan 1, 2023 which demands any jail time or a fine of more than the equivalent of $100 USD for any private citizen solely for the acts of sending, receiving, or holding Bitcoin.

I love your bet,  
and it's really not easy for the country to control us who have lived with bitcoin for a long time, and are trying to ban our bitcoin ownership.

This will not happen, while we are still vigorously moving bitcoins, and we and bitcoiner will agree with you too.
let us see, as thought or just as a sleeping flower ....

[crwth]

Do you have any reference that the government is treating Bitcoin as how they treat gold in the 1930s? I don't think it will ever be the same because they can't cease the crypto that different people have possibly multiple wallets even. It's just unnecessary for them and probably know that they are not going to be able to completely stop it with its technology.

They are basically digitizing fiat, what's the difference now? It's still won't be internationally accepted easily unless those two countries would be in partnership or something. It's mostly like how fiat is being traded but not being directly accepted by the masses.


I can't wait to watch those kinds of bets happen. Dabs have offered escrow already. Make it official!

[0t3p0t]

The major governments of the world have for some time been laying the groundwork for their own national cryptocurrencies. Does that matter? Yes, it matters a lot. Bitcoin will be a direct competitor.

Why do they do this? To remain in financial control and to stop financial crime like whitewashing of funds from happening. Is it likely to happen? Yes, the US banned holding gold privately in the 1930's. So that the US government was to be a monopoly gold holder in the US.

There is a clear danger that the US, Europe, China, Japan and others will get togheter and flat out ban and even criminalize the usage and holding of Bitcoin. Resulting in after the ban, if you are cought using and holding BTC, you would get a huge fine or jail term.

The price of Bitcoin would get killed completely, you would be looking at Bitcoin below $1000.

How likely do YOU think this scenario is? Although you might say this is only speculation, IT IS A FACT that these countries are working on cryptocurrencies of their own.  

Ban it or not government has not full control of Bitcoin pity for them because we can still use it no matter what. If these countries are working on cryptocurrency of their own then there is no reason for them to ban Bitcoin because without it their shitcoin won't work the way they create and want it to be.

[Lucius]

People have been saying this nonsense for more than 10 years.

And it will certainly continue to do so for the next 10 years, it is simply something that is in the nature of the human mind. Beginners who have no idea about the basics of Bitcoin or anything related to finance in general live in some conspiracy theories all the time.

Let's make a bet.  You are CONFIDENT that this will happen in the "NEAR FUTURE". I assume that "near future" means less than 2 years?

If the OP is really convinced of their claims then it would be easy money - but I don't think the kids really have $2000 or even 10 times less to bet on something like that.


CBDC is a reality, but it’s just a digitized fiat and nothing more. Of course governments have mechanisms to harm Bitcoin, but wouldn’t it have been easier if they had done so long before the whole thing became so popular? The genie is out of the bottle and I would love to see who will bring it back.