Government policies help to grow the price of bitcoin

[Gozie51]

Doesn't the more news that raises a country's opposition to Bitcoin makes BTC even more famous? So that more and more people, institutions, and public figures are curious and interested in exploring it.

This is the point because it comes into the news often whether for positive or negative and it brings people interest into it to go for research and then the research opens people to more positive side of it. Yes I think the media is doing more good to bitcoin than we think. When the government makes a negative information about bitcoin, it is analysed both ways and people are knowledgeable enough to know what they want and they continue the use of P2P which is even getting very effective now.

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[jaysabi]

Those policies that are against bitcoin are obviously not helping it. Instead of them making easier policies for the adoption to become quicker, they're making it difficult and that's what they think to stop bitcoin's growth.

This very much so. If the US banned bitcoin and made it illegal, do you think that would help the price or tank the price? The obvious answer is it would destroy the price. A high price is predicated on it being easy to obtain and not bringing adverse legal consequences.

But regardless of the rules that they create, bitcoin will always catch up the trend and no matter how hard and bad the policies that they make and it's against bitcoin, it will continue to thrive on its market.

Much less convinced about this. If the US makes it illegal, it's going to destroy the price and a lot of interest in it.  It won't kill it off entirely, but it's not going to be a robust ecosystem when it has to function in entirely in the dark.

[Silberman]

what do you think

You're going to have to offer some examples on this. I'm not sure what you're getting at, there are too many ambiguities. Perhaps you could link to some direct legislation and explain their effects?

For instance, Nigerian government made a recent policy that band  crypto currency and its usage in the country,they even went to the extent of blocking all accounts that have ever engaged in crypto transaction but what did that lead to,it made it to be scarce in the country and all those who had it inflated there prices by adding additional amount to it and it became the most sought after crypto and its only sold on peer to peer level now

This happens with everything, governments think that by going hard against something they are somehow going to convince people to stop using it and this could not be more wrong, if there is a demand for a product for whatever reason governments cannot simply ban it and think everything is going to end there, this is simply going to create a black market that will drive the price of that product many times higher, this is something that is widely known and it is seems is happening in Nigeria as well for what we can see.

[justdimin]

You can also add that the Turkish government recently banned the use of cryptocurrency as a means of payment. Russia is doing the same and India intends to do the same. So it's not so simple with the circulation of cryptocurrency as money.
Governments are now taking a closer look at Bitcoin and cryptocurrency in general. It is possible that if the cryptocurrency will have an impact on the global financial system in the future, then the governments will unite in order to regulate it more stringently. Some high officials are already calling for this.

Those are all examples of how governments punish bitcoin (or crypto) and not help to grow it. If we are looking for any help to grow, we can guess because there are none that is well known. For example USA is doing fine, obviously it is state by state basis and federally there hasn't been much talk aside from not banning it at least. But while some see it as great, some do not support it or do anything about it.

It means places like Ohio, Miami, Texas and California grows in number of places that work with crypto because of how supportive those places are, while others do not see it as something great, they see it as a place that basically has legal law to keep it going but that's it. Which means even if nothing on law, if someone important in any nation, a president, a minister, anyone comes out and says something nice, even that helps out a lot for bitcoin.

[skarais]

You can also add that the Turkish government recently banned the use of cryptocurrency as a means of payment. Russia is doing the same and India intends to do the same. So it's not so simple with the circulation of cryptocurrency as money.
Governments are now taking a closer look at Bitcoin and cryptocurrency in general. It is possible that if the cryptocurrency will have an impact on the global financial system in the future, then the governments will unite in order to regulate it more stringently. Some high officials are already calling for this.

Government can regulate cryptocurrency tighter than it currently is but they still can't control it. Its use as a mean of payment is prohibited because they think it is inappropriate and violate applicable regulation, this has hindered the adoption of crypto, especially bitcoin in these countries. The same situation applies in my country, but they never forbid us from trading it because crypto trading activity has been legalized as a regulated commodity asset.

[Miike]

Government policy or no policy all i want is Cryptocurrency in Nigeria should be legalized after all its not fraud

[tygeade]

Its use as a mean of payment is prohibited because they think it is inappropriate and violate applicable regulation, this has hindered the adoption of crypto, especially bitcoin in these countries.

You mean people will adopt more when government regulating hits on are other ways bitcoin can be used? I guess that is not a big thing for people these days as we have lots of resources to check and innovate where we need bitcoin and how to make use of it efficiently.

I guess most people will get to know bitcoins when governments start talk about it; yeah that is kind of situation in my country at least. Where people are lagging with latest technology, government policies make people to know what are happening in technological world.

[skarais]

You mean people will adopt more when government regulating hits on are other ways bitcoin can be used? I guess that is not a big thing for people these days as we have lots of resources to check and innovate where we need bitcoin and how to make use of it efficiently.

Of course, if the government legalizes bitcoin as a legal means of payment, then bitcoin adoption will automatically increase. However, because several countries such as Turkey, Russia, Indonesia and several other countries still prohibit it, bitcoin adoption there is hampered. But because bitcoin doesn't just function as currency, it's still possible for us to profit from trading.

I guess most people will get to know bitcoins when governments start talk about it; yeah that is kind of situation in my country at least. Where people are lagging with latest technology, government policies make people to know what are happening in technological world.

True, at least the government and its opinion about bitcoin have brought a lot of people here.

[icopress]

Of course, if the government legalizes bitcoin as a legal means of payment, then bitcoin adoption will automatically increase. However, because several countries such as Turkey, Russia, Indonesia and several other countries still prohibit it, bitcoin adoption there is hampered. But because bitcoin doesn't just function as currency, it's still possible for us to profit from trading.

The prohibition of Bitcoin in these countries is not related to the fear that Bitcoin could supplant the national currency. The countries listed by you have a rather large shadow economy, therefore, such measures are taken solely in order to slow down the outflow of capital to the uncontrolled financial sector, so to speak. Well, of course, this is also a question of psychology ... if you forbid people to do / buy something, they will do exactly the opposite.

[tanjiran]

Snip---

I guess most people will get to know bitcoins when governments start talk about it; yeah that is kind of situation in my country at least. Where people are lagging with latest technology, government policies make people to know what are happening in technological world.

if the government has discussed BTC, it means that the national media, both printed and electronic, will definitely highlight it. of course this will increasingly reach many people, and more and more people will know about cryptocurrency.
the good news, if the government supports cryptocurrency trading it will have a positive impact, on the contrary if there is a related ban it will usually cause a decline, especially if the news is issued by an influential country.

[BuNga_cute]

Snip---

I guess most people will get to know bitcoins when governments start talk about it; yeah that is kind of situation in my country at least. Where people are lagging with latest technology, government policies make people to know what are happening in technological world.

if the government has discussed BTC, it means that the national media, both printed and electronic, will definitely highlight it. of course this will increasingly reach many people, and more and more people will know about cryptocurrency.
the good news, if the government supports cryptocurrency trading it will have a positive impact, on the contrary if there is a related ban it will usually cause a decline, especially if the news is issued by an influential country.

Of course the government's decision will have a big effect on the price of Bitcoin, as you have said if it turns out that the government
supports cryptocurrency and reported by many media. So I believe the Bitcoin price will go up very high, because it will make a lot of people
more confident about investing in Bitcoin. And some people who are not familiar with Bitcoin, will slowly start learning Bitcoin and there will be
a very fast mass adoption. The role of the government is indeed important to make the Bitcoin price go up very high, therefore I hope
all countries can accept cryptocurrency. But the fact is that now there are still some countries that reject cryptocurrency.

[hulla]

Bitcoin and some other crypto currency come to stay because the trust the crypto community had in Bitcoin and how selfless Satoshi Nakamoto used when and after creating Bitcoin because the plan of some world leader that are against Bitcoin was to make it died that's why people like Paypal ex CEO compare Bitcoin to his autograph.

[k@suy]

if the government has discussed BTC, it means that the national media, both printed and electronic, will definitely highlight it. of course this will increasingly reach many people, and more and more people will know about cryptocurrency.
the good news, if the government supports cryptocurrency trading it will have a positive impact, on the contrary if there is a related ban it will usually cause a decline, especially if the news is issued by an influential country.

Of course it is, the truth is the people inside a one country will definitely going to trust a one thing that was new in the system if the government itself introduce it to their peopl. So yeah the government has a big part to the grow of price of bitcoin if ever the government of the said country are open minded to welcome cryptocurrency as one of the means of currency circulating inside their nation.
But as also expected there are some countries that are not interested with adopting bitcoin like Russia and others.

[wahyu wida]

Bitcoin and some other crypto currency come to stay because the trust the crypto community had in Bitcoin and how selfless Satoshi Nakamoto used when and after creating Bitcoin because the plan of some world leader that are against Bitcoin was to make it died that's why people like Paypal ex CEO compare Bitcoin to his autograph.

The opposition that occurs against bitcoin is because the system used by bitcoin is contrary to the system used by the government, while the government does not want to lose control, therefore it is only natural that some countries oppose it, but time will prove that with the increasingly solid bitcoin community in the world who wants bitcoin to remain on purpose the main thing

[Mauser]

Crypto currency round the world has come to stay, to foster growth in business and build trust among its users but most world leaders are head bent on tackling bitcoin by making difficult policies to affect its stability, but little do they know that this policies of theirs make bitcoin to become more influential among other crypto ,making it scarce and the most sought after crypto currency thereby making the few people that have it to hod and inflate the price to which ever amount they wish to sale on peer to peer bases...what do you think

I think that after the recent rally in the bitcoin market many governments realised how big the market really is. There is no way to fight it anymore, better to regulate and tax it. So most countries want to get a piece of the crypto pie. Which is a good thing. For us investors it is good to have more certainty about laws. With the correct framework we are protected more and can plan better for the future

[SacriFries11]

Bitcoin and some other crypto currency come to stay because the trust the crypto community had in Bitcoin and how selfless Satoshi Nakamoto used when and after creating Bitcoin because the plan of some world leader that are against Bitcoin was to make it died that's why people like Paypal ex CEO compare Bitcoin to his autograph.

Some government sees the great thing about Bitcoin, and it helps their people. In my country, government are very active in the security of its people about cryptocurrency. They already make some regulations and created guidelines to avoid from being scams. They also make a list of legitimate companies registered to them in order for the people to buy and sell cryptocurrency. A lot of remittance centers and stores already accept cryptocurrencies here. Government’s decision has a big impact in the cryptocurrency. I hope countries see the significant thing about bitcoin and continue to support it.

[Findingnemo]

what do you think

You're going to have to offer some examples on this. I'm not sure what you're getting at, there are too many ambiguities. Perhaps you could link to some direct legislation and explain their effects?

For instance, Nigerian government made a recent policy that band  crypto currency and its usage in the country,they even went to the extent of blocking all accounts that have ever engaged in crypto transaction but what did that lead to,it made it to be scarce in the country and all those who had it inflated there prices by adding additional amount to it and it became the most sought after crypto and its only sold on peer to peer level now

Not clear enough. Does the price of bitcoin or any specific cryptocurrency in Nigeria higher than in other parts of the world?

In my country, the government only bans bitcoin from being used as a decent currency for payment. There is no legal protection for cryptocurrency investors if they encounter loss or cyber thieves. Nevertheless, bitcoin is freely traded without having any critical issue. The most surprising thing is that the price of any cryptocurrency (and usdt) is about 5 ~ 7% higher than the world price. I do not know whether it is because of the government law or it is a result of a free market.

When there is not much of competition in the market with low liquidity then the traders will set the prices higher than the actual market price and it happens on local exchanges and peer to peer platforms, while where cryptos are highly used and banks try to ban the exchanges then peer to peer is the only choice when the price will be too high than compared to normal prices due to increased demand.

[nightxglow]

Those policies that are against bitcoin are obviously not helping it. Instead of them making easier policies for the adoption to become quicker, they're making it difficult and that's what they think to stop bitcoin's growth.

This very much so. If the US banned bitcoin and made it illegal, do you think that would help the price or tank the price? The obvious answer is it would destroy the price. A high price is predicated on it being easy to obtain and not bringing adverse legal consequences.

But regardless of the rules that they create, bitcoin will always catch up the trend and no matter how hard and bad the policies that they make and it's against bitcoin, it will continue to thrive on its market.

Much less convinced about this. If the US makes it illegal, it's going to destroy the price and a lot of interest in it.  It won't kill it off entirely, but it's not going to be a robust ecosystem when it has to function in entirely in the dark.

Yes i'm pretty sure that if US is the one who made negative regulation or policy regarding bitcoin, then it will really end bitcoin. Many countries already ban or made bitcoin illegal, but still bitcoin can be as high as it is now. But since US market is so big, and they're so influential i bet their regulation will really impact bitcoin as well. Good thing that so far US has not done anything to ban bitcoin or made it illegal. Government regulation will surely affect bitcoin, but how big the impact is determined by the influence of the country too i guess.

[Silberman]

You can also add that the Turkish government recently banned the use of cryptocurrency as a means of payment. Russia is doing the same and India intends to do the same. So it's not so simple with the circulation of cryptocurrency as money.
Governments are now taking a closer look at Bitcoin and cryptocurrency in general. It is possible that if the cryptocurrency will have an impact on the global financial system in the future, then the governments will unite in order to regulate it more stringently. Some high officials are already calling for this.

Government can regulate cryptocurrency tighter than it currently is but they still can't control it. Its use as a mean of payment is prohibited because they think it is inappropriate and violate applicable regulation, this has hindered the adoption of crypto, especially bitcoin in these countries. The same situation applies in my country, but they never forbid us from trading it because crypto trading activity has been legalized as a regulated commodity asset.

This shows what they really fear from bitcoin, they are not afraid of bitcoin becoming a valuable asset, they are not scared of bitcoin becoming a store of value and displacing gold as the main form of protecting your wealth, what they are really scared about bitcoin is of bitcoin behaving like a currency and that eventually displaces their own fiat currencies and they lose all the power those fiat currencies confer to them and as such they lose the tight control of the economy they have now.

[hulla]

Bitcoin and some other crypto currency come to stay because the trust the crypto community had in Bitcoin and how selfless Satoshi Nakamoto used when and after creating Bitcoin because the plan of some world leader that are against Bitcoin was to make it died that's why people like Paypal ex CEO compare Bitcoin to his autograph.

The opposition that occurs against bitcoin is because the system used by bitcoin is contrary to the system used by the government, while the government does not want to lose control, therefore it is only natural that some countries oppose it, but time will prove that with the increasingly solid bitcoin community in the world who wants bitcoin to remain on purpose the main thing

Absolutely, the operating system of Bitcoin which is contrary to the government is the reason why most communist and corrupt government don't want to support Bitcoin but the solid growth of the Bitcoin community is not what's changing the mind of some government that was once against Bitcoin.

Bitcoin and some other crypto currency come to stay because the trust the crypto community had in Bitcoin and how selfless Satoshi Nakamoto used when and after creating Bitcoin because the plan of some world leader that are against Bitcoin was to make it died that's why people like Paypal ex CEO compare Bitcoin to his autograph.

Some government sees the great thing about Bitcoin

To be sincere, all the governments understand and see the great thing in Bitcoin because the IMF boss has told them that digital currency is the answer to the economic meltdown and they were also advised by the IMF boss to consider crypto but they just don't like the decentralization of Bitcoin.