High possibility major governments will BAN Bitcoin in the near future

[Silberman]

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.  

I think this will happen but it is not going to be as easy as you think, politicians are for the most part controlled by people with a lot of money and we are now seeing that institutional investors are coming to the market of cryptocurrencies, if enough of them come then they will never allow for bitcoin to be banned, they will allow regulation since that benefits them but never a ban, a ban will only be over the table once an economic crisis comes that devastates fiat currencies, but once that happens people will choose to disobey the law anyway as the only other alternative is to lose all your wealth you have worked so hard to obtain for most of your life.

[Mike Mayor]

Banning will be a shot on their foot, this will be like drugs, cutting off the supply will not be enough but instead will in turn increase the prices overtime. People have a history of resisting oppressive authority, banning bitcoin with the narrative that it does not help with the interest of the state will only spark a problem that does not need to exist in the first place, bitcoin never hurt anybody it's the people that does, don't shoot the messenger as they said. Banning will only make the prices higher and make more people flock to it, introducing the same concept will not work because shitcoins have existed.

No, Bitcoin isn't like heroin, cocaine or speed. If banned price would go down to almost nothing, probably in the hundreds of dollars, not in the thousand's like today. People would not flock to it, they would in fact avoid it.

Yet another noob know it all. You must have some special inside knowledge to know these things. I don't care if they ban it. There tons of other people that do as well. In fact, most users would ignore the ban and it would fall apart like the joke it is. Here we have "toll booths" where there shouldn't be. Legally you must pay but only like 2% of the people actually pay. My point is after a certain amount of people refuse to do what the government want there is not much they can do. I mean will they arrest us all? They know they need us.

[kawetsriyanto]

You are spreading FUDs as you have no strong reasons. Also, I don't know why you trump up this topic without any data or valid sources to support your reasons. Anyway, I don't really understand the main point of this topic. If you are talking about the policy of the USA, China, or other big countries in the world, it is always the same that they will fight financial crimes. But the financial crime doesn't specifically come from Bitcoin, instead Bitcoin brings new hope for an income source during the corona crisis. So, how can the governments around the world ban Bitcoin if it is needed by all people?

[imstillthebest]

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

killed completly but have a value of 1k ? but we always look forward for that moment or when btc hit 1k , not because we believe on what you are saying or we hate btc and wish btc to die but we love to take advantage of what btc has to offer  .
governments or countries creating their own cryptos already happened before , where you at that time ? but look at btc now , btc is unaffected and growing healthy .

[dunfida]

They can ban all they want but the fact the stopping or getting rid of it completely wont really be happening thats why some of them do accept it rather than on banning it.

It wont really change a thing because majority of them will be seeing bitcoin as a threat and some of them will be seeing it as a good alternative or add up.
We had already seen circumstances on countries do try to ban it but on what effect? It doesnt change a thing because demand is still consistent and able to
survive for a decade already in spite of those lots of issues that had been thrown out.

[Annie Bevan4578]

For big countries, Bitcoin does have the risk of affecting their national currencies and financial markets, but Bitcoin is also a means for people in small countries to protect their assets. If something you predict does happen, the price of Bitcoin may fall. , But it won’t fall much.

[Keila Faith Villanueva]

I don't think it's gonna happen. At best, the government will inpose tax on bitcoin, which will force the holders to sell, instead of labelling it as crime.

[AGD]

@A62662 I call that bet too. Any amount.

[WillieTruman]

Governments of all countries will have their own encrypted digital currency, Bitcoin will become their competitor, or some governments will rely on Bitcoin, of course, it will be some small countries

[takngantuk]

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.  

very low. the crypto community is not criminals, and they are not doing anything illegal. maybe there will be a ban, but to impose the punishment only for the holder, that is a mistake. there will be many who protest about this issue. after all, crypto provides benefits for all, and if you look at it, isn't it more profitable for the government, if crypto / bitcoin is legalized but on the condition that they are taxed. there will be a lot of income they will get considering the marketcap for crypto is huge.

[so98nn]

[..]
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.

Oh come on dude. Japan was the first country to legalise the crypto curreny use in their country and also world's leading OTC provider of the crypto's.


I dont think if they saw a future in it then they would go rogue against it anytime soon.
More than 1000 bitcoin ATM's around the USA and Europe present just because it's free to trade, I mean without any restrictions.
Worlds largest Mining farm is in China, Japan and USA so bite me on that if they will close down suddenly. (Billion dollars!)

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.  

This is definitely not happening anytime soon. The prices won't fall because look at the market cap dude. It's huge and took almost decades of time to build it up. It can't go down in blink of an eye.

Moreover it will keep building more and more and soon hitting trillion dollar industry. You killing of the price? Not happening!!

[bryant.coleman]

The governments would like to ban cryptocurrency, but it is not possible in a practical way. It is just not possible to ban an asset that is decentralized. At the most, they can go after centralized businesses (such as exchanges, gambling sites, P2P platforms) that are linked to cryptocurrency. Users may be able to transact BTC with each other, but they may face issues in converting their coins to fiat currency (or vice versa).

[In the silence]

Just like gold, governments make it illegal then confiscated it. This is not new almost from the beginning the federal reserve is eyeing bitcoin and the governments seeks regulation and laws to dump it while injecting their paper money to bitcoin. What a tricksters.

[adzino]

-snip-
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.
-snip  

So you believe that the US government is the government of the world? It was the US government that did that. Not the world. And I guess you are talking about the executive order signed by Roosevelt, right? Yeah that was shit. Citizens were forced to give up their golds. The order was active for like maybe 40 years.
But I doubt that is going to be a case with bitcoin. Crypto currencies are decentralized. Hence they have no central authority to ban. I mean, no one can stop something that is P2P and decentralized. Look at torrents. Were they able to stop those? Nope.

[Kittygalore]

~

No, Bitcoin isn't like heroin, cocaine or speed. If banned price would go down to almost nothing, probably in the hundreds of dollars, not in the thousand's like today. People would not flock to it, they would in fact avoid it.

What I mean by that is, the prices will go up because even if it is illegal, the people will want to get a piece of bitcoin and the people that are going to sell it will definitely be marking up the prices which will in turn artificially pumping up the prices., if the demand increases then the prices will go up, even if there is a lot of bitcoin in supply. Banning bitcoin would not mean that the prices will go down, its not like everyone will suddenly sell their coins because it is prohibited to even own one. You should learn the economics of illegal drugs as to why they have high(no pun intended) prices because that is what is going to happen when they ban altogether bitcoin. The best solution is to take care of the demand first, don't fight the wave instead go with the wave, apply regulations that are quid pro quo for both parties.

[Dabs]

No bets so far. Enough said.

[mezzaluna]

China is the only major government that banned Bitcoin because it is both a Communist and Capitalist country. The government cannot control Bitcoin which resulted into banning them so I guess not every country would follow China because other countries are not that scared since most users are just using it as another income generator.

However, this possibility can always happen because of the wrongdoings that can happen within this industry and once it caters enough bad reputation.

[uneng]

China is the only major government that banned Bitcoin because it is both a Communist and Capitalist country. The government cannot control Bitcoin which resulted into banning them so I guess not every country would follow China because other countries are not that scared since most users are just using it as another income generator.

However, this possibility can always happen because of the wrongdoings that can happen within this industry and once it caters enough bad reputation.

As far as I know this ban in China means nothing because there are people there dealing with crypto currency daily and even though we hear about it since a long time ago there are also theories China is playing with bitcoin's price, what is contraditory with the baniment information.
I think there isn't any positive impact for governments in banning bitcoin. Why would they refuse income from crypto investors, consequently sending these people and their respective incomes to another countries which are friendly to bitcoin?

[In the silence]

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.

Major governments can compete with bitcoin by creating their own cryptocurrency since banning bitcoin would be a waste of time unlike if they can create their own cryptocurrency, oppose bitcoin and use their own cryptocurrency for to compete with other major governments who made also their own cryptocurrency.

[AGD]

OP, I'm waiting for an answer ... I say 'no major government will BAN Bitcoin in the near future.' Any amount. Escrow somebody?