Rich people causes cryptocurrency ban

[kooboat]

The rich always  control the world, this is    how the world is governed. If you want to have control over things  around  you, get money.  Money can buy power, so far majority  of the rich are not comfortable with  bitcoin, it's adoption  across the globe would always  be suppressed. A clear  example  is when Elon Musk  came out strongly to support  bitcoin with Tesla in the picture. This gesture  made bitcoin  to attain a new ATH.

[coolcoinz]

When you're rich you start looking for ways to allocate some of your wealth and once you did the obvious like some stocks, real estate, foreign currencies, you start thinking of alternatives like Bitcoin. It doesn't mean bitcoin will be "hijacked" by the rich. When some of us, early adopters decide to sell bitcoin and buy houses and cars, won't that that mean that we will become those rich people that you're so afraid of? One day Bitcoin will become a stable personal account for storing large sums of money and we won't change it.

[cfgdb]

Government is not against rich people.  They are in the same boat, or at least there is a big overlap between them.

[TheUltraElite]

why do these rich people see bitcoin as a threat?

Rich people dont see bitcoin as a threat. Some people think like that and is an incorrect question.

they can't stop people knowing about cryptocurrencies! with so much money, they can totally learn about bitcoin and altcoins and then invest in that now is a perfect time for crypto investment. I'm just confused

Yes you are. Because you assumed something that is wrong or possibly wrong. Some people are pro-crypto and some are anti-crypto. These people may be rich or poor, but both rich and poor are part of both the groups.

Just assume that many rich people have invested in crypto while many have not. Point remains the same - bitcoin is people's currency, it does not change going into hands of rich or poor. But logically speaking the rich people have a higher capital at hand and are more likely to buy crypto more than what a poor person can afford. Therefore the rich will accumulate more bitcoins and become even more rich while the poor will remain poor.

As long as bitcoin is going up, I dont see the tables turn at all.

[Alns]

Gov causes it because they hate money that they cant control, thats simple

[Trinx01]

Rich people are now adapting to bitcoin because of its continuous inflation, a lot of companies and big names are investing now in bitcoin and for sure it will it can go farther. The only government are those who want to ban bitcoin because they don't want decentralization and bitcoin is against the bank but no matter what they will do they cannot do it. They are doing it because they cannot control bitcoin and they cannot do something to get benefits from it.

[tsaroz]

It's the nature of bitcoin that we can't control how and who owns it. Everything has its advantage and disadvantage including the fact that more of the bitcoin is getting in the hands of the rich. They and the institutional investors are the reason for the impressive price growth.
Bitcoin has became the ultimate tool for money laundering and tax evasion and government can't fully ban it.

[FIFA worldcup]

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

With bitcoin, people keep the money in their personal wallets were government have no access. They cannot know how much wealth anyone has and hence they can't collect taxes. Without the tax money it will be difficult for the government to manage the country. This is one of the reason why govt does not want people to invest in bitcoins. There are other disadvantages too like with bitcoin money laundering is easy.
But there are good aspects of bitcoin too. If an underdeveloped country invest in bitcoin and in few years when the bitcoin prices 2x-3x, then can sell and get rid of their loans.

[iTradeChips]

Well, in my opinion, I think it is about ignorance. What the government don't fully know or understand, they will perceive it as a threat. That is already at play for many years now, even if you have noticed that Bitcoin is lately becoming the talk of the town. It was the talk of the town many years ago then it declined, but with the rise of many more cryptocurrencies, there is no stopping Bitcoin and cryptocurrency as a whole now.

[bandungan]

the past story if the issue of crypto is used for criminal matters can be used as one of the factors for the government to ban bitcoin and besides that in my opinion there are special factors for the government why it prohibits the rich in a country but the government does not publish this, so the ban is impressed secret.

[Vishnu.Reang]

Rich people do this.. rich people do that.. it is always very convenient and easy to blame the rich people. And the biggest joke is that if the people who blame the rich becomes wealthy themselves, then they will behave in exactly the same way as the rich do now. That means that the hatred for rich people arises out of pure jealousy. My only advice is to move forward in life and try to improve your own life, rather than concentrating on other's wealth.

And it is not the rich people, but the politicians who cause the ban on cryptocurrency. Here in India, one of the prominent businessmen to have come in favor of the ban is a criminal named Rakesh Jhunjhunwala. He is very close to the politicians and was accused of stock market fraud and insider trade. On the other hand, the richest people in India haven't yet made any comments against Bitcoin.

[k@suy]

the past story if the issue of crypto is used for criminal matters can be used as one of the factors for the government to ban bitcoin and besides that in my opinion there are special factors for the government why it prohibits the rich in a country but the government does not publish this, so the ban is impressed secret.

Government is the really cause to everything that happens that's why in some countries they are prohibited to use crypto such as in India now, rich people can buy more and more bitcoin as long as they want even they are from some countries they can use vpn for their security and maybe there's the fact that bitcoin is widely used in illegal activities that's why maybe government don't want it because they cannot trace the one who will made the transaction.

[BIT-BENDER]

the past story if the issue of crypto is used for criminal matters can be used as one of the factors for the government to ban bitcoin and besides that in my opinion there are special factors for the government why it prohibits the rich in a country but the government does not publish this, so the ban is impressed secret.

The reasons to ban Crypto-currency in different countries can be of different reasons, countries that has been using crypto-currency for years now resolved in placing a ban to it, the reasons are not far from a present findings, I will not speak very much of other countries but Nigeria was as a vengeance from the government on the youth and government rivalries than is it to prevent crypto-currency underworld activities.

[pawanjain]

the idea is simple.
if they cant control it themselves. then they have to control who accesses it
stage one is to ban the access. then they hold the control for stage 2
stage 2 is to then allow licenced usage if particular things are met.

yep thats how the NYbitcoin licence done it. first ban. then need the licence to use.

its not about stopping people forever. its to make a wall. then make a door
you cant have a door without a wall

Wow, that makes so much sense now. I never thought of this before.
The current situation for crypto is the same in India. There's a FUD that Indian government might ban cryptocurrencies.
At the same time they want to embrace the blockchain technology and are planning to launch their own CBDC.
I was wondering why they are thinking to ban crypto at the first place while they can simply regularize it and profit from it.
Now I understand that they will first create a wall by banning cryptocurrency usage and then create a door by regularizing it hence having total control on their user base.

[angrynerd88]

Undoubtedly, it has ended up increasingly self-evident recently that wealthy individuals are curious about standard individuals not being able to purchase cryptocurrency, or essentially getting freed of it inside and out.It is found most are getting in crypto resources in expansive amounts while releasing news in which they don't recommend buying cryptocurrencies.Actually correct figure matters so approximately unused bans on cryptocurrency is additionally spreading exceptionally rapidly and clearly the wealthy need to totally control the complete crypto circle and make it so that conventional individuals may not get succes immediately.

[Viscore]

The rich people understand crypto but not the government that is why they come in here, put their money at risk, and boom. The Government is just milking us (can't deny that) by collecting our taxes. They come to oppose rich people to go into crypto, coz they know that they can no longer ask them to pay huge taxes if they were already there.

This makes the government hated Bitcoin and they find a way to stop it, banning, and arresting people who use Bitcoin. They blame Bitcoin as the reason for increasing illegalities which I believe it was not. Because what they want is to stop people using this and come back to fiat where are in control with.

[matchi2011]

The rich people understand crypto but not the government that is why they come in here, put their money at risk, and boom. The Government is just milking us (can't deny that) by collecting our taxes. They come to oppose rich people to go into crypto, coz they know that they can no longer ask them to pay huge taxes if they were already there.

This makes the government hated Bitcoin and they find a way to stop it, banning, and arresting people who use Bitcoin. They blame Bitcoin as the reason for increasing illegalities which I believe it was not. Because what they want is to stop people using this and come back to fiat where are in control with.

When there's opportunities, rich people will always be there. Knowing that with enough money it will be easy for them
to take part and take the shot to make some good profits.

In the otherside, government always  seek for money, they won't allow anyone to be freely earned without having cut
out from taxes, the very reason why cryptocurrencies are being strict to the point of banning it.

[Waleedzain323]

As the fact of nature is:
  

Every Picture has dark aspect as well as bright one

Well, some of the rich ones are using it to hiding their additional asset such as black money which is a negative impact on the world economy and country economy as well it will stop the equal flow of the money. it will flow the flawed line and destroy the world economy so poor will be more poor and rich will be richer near future  

[nightxglow]

i don't think that rich people is the cause, i mean even if bitcoin is not used by rich people, but used by so many people already, i think it can cause the ban. In my opinion, most country ban bitcoin because they can't control it, that make it harder if there's some problem coming from bitcoin. Most country also don't have rule about bitcoin yet, and it's still hard to understand and track bitcoin. So many people are getting profits from bitcoin, but i bet not many of them pay tax for that, since there's no tax regulation for btc yet in most countries. Of course government won't let that happen, it won't be beneficial for them. Not only it's hard to track and control, but bitcoin is often used for illegal things as well, so government had no choice but to ban them. If not, they have to try hard to adapt to this currency and try to find the suitable rules and regulation for it, which means more work to do.

[Skieleton]

* 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.

It is not so much about control as it is about sales taxes. Many countries do not have a method of accounting even when people want to do so.