Rich people causes cryptocurrency ban

[Sithara007]

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.

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.

[1714974276]

1714974276

[1714974276]

1714974276

[1714974276]

1714974276

[1714974276]

1714974276

[1714974276]

1714974276

[In the silence]

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.

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.

[Johndoyle127]

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

[GeorgeJohn]

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.

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.

[AniviaBtc]

* 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?

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.

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.

[BevNation]

The Rich's are causing eradication of cryptocurrency
Across the world.

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.

[Twentyonepaylots]

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.

[TribalBob]

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

[xSkylarx]

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?

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.

* What is the negative effects using crypto as currency?

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

* what harm does bitcoin contributes a country that can lead to ban?

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.

[Yatsan]

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.

[Alert31]

* 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?

* 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.

[CryptopreneurBrainboss]

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.

[Igebotz]

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?

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.

* what harm does bitcoin contributes a country that can lead to ban?

• 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

[jrrsparkles]

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.

[ninabobo]

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.

[Shasha80]

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.

[Vishnu.Reang]

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. 

[Fredomago]

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.

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.

[CryptocurencyKing]

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.

[acener]

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?

They couldn't stop it and they couldn't track it easily.

* What is the negative effects using crypto as currency?

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.

* what harm does bitcoin contributes a country that can lead to ban?

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.