Bitcoin Illegal Soon?

[PrimeHunter2023]

Bonus question / How much bitcoin will be worth the week before the CBDC is issued.

[Kavelj22]

But why do you assume that Bitcoin will become illegal in the United States after the launch of the CBDC? Then who told you that the launch of the CBDC will succeed in the first place?
Let me tell you that Bitcoin is actually illegal in the general sense because it is not recognized as an official legal tender or even as an electronic payment system, so there is no need to think about it becoming illegal because it is actually not legal yet. At the same time, Bitcoin is recognized as an investment tool after the approval of the ETF.

My opinion is that the CBDC is not a cryptocurrency at all, even if it is based on the basics of blockchain technology, and that in its centralization it is no different from the money that any of us has in our bank account or on our card. At the same time, Bitcoin has very distinctive characteristics that cannot be compared to the CBDC.

Better move this topic to "Economics" board or "Bitcoin Discussion".

[UFO Chaos]

Yes, BTC did gain some important legal status with the ETF success. I am concerned Governments will take aggressive action as fiat money continues to drop in value, and drown in debt. If there is a US CBDC ever announced, I am guessing the price of BTC will be $589,797 before the news, and $268,777 the week before they go live.
 

Bonus question / How much bitcoin will be worth the week before the CBDC is issued.

[Iamgoat]

Bonus question / How much bitcoin will be worth the week before the CBDC is issued.

I am more convinced that the future of bitcoin in the United States is uncertain because it is in the hands of the next president of the country. When you observe closer from both sides, there's more alignment to the adoption of bitcoin when Trump emerges this position as the president than Kamala

[passwordnow]

Bitcoin doesn't care about these CBDCs and it's even declared illegal in some nations so, it doesn't matter at all whether some CBDCs will become approved and legal. But do not be one sided just because they will be approved. With or without these CBDCs, Bitcoin will remain to be legal in those countries where it is legal and there are no laws about it. Why people think so much about it?

Bonus question / How much bitcoin will be worth the week before the CBDC is issued.

I have no idea but on this bull run, sky is the limit. When will be this CBDC will be issued and approved? is it going to be from the US? because there are also some CBDCs that has been said in other countries so, there's the impact if the US will issue it first but IMO I think it will make some positive impact as they are putting the tagline for CBDCs as a 'crypto'.

[XZERO1]

Bitcoin becoming illegal to use will only help its popularity among most, people generally are just distrustful of their governments, specially when it comes to anything related to health or financial decisions, that's why governments trying to front run the tech and decentralized currencies and be fast about adding new laws related to them so that they always have the upper hand.

At the end of the day no matter what new policies they choose regarding to crypto/bitcoin people will do their own thing and that will barely affect on people's opinion on Bitcoin and its usage among them, people might not be able to use it to pay for stuff daily then, but they sure will find a way to buy larger quantities of it and store it for mid or long term alongside the USD/national currency so that they don't get fucked over by their governments incompetency or their lack of compassion for common people to keep the inflation close to 0 and their buying power the same.

[Fiatless]

Bonus question / How much bitcoin will be worth the week before the CBDC is issued.

You should have done a little explanation so that your readers will get a clearer picture of what to intend to explain. Some countries have issued Central Bank Digital Currency (CBDC) and it did not affect the price of Bitcoin. The most dominant country in the crypto industry is the US and they have not issued any dollar-backed CBDC. The Federal Reserve made it clear on its website that they are still engaging in research to identify potential benefits and risks of CBDCs from a variety of angles and doesn't have any timeline for the issuance of CBDC.

Bitcoin and CBDC are different currencies, therefore they are not competitors. CBDC is just a fiat currency that uses the blockchain, so its issuance will not affect the price of Bitcoin.      

[o48o]

Bonus question / How much bitcoin will be worth the week before the CBDC is issued.

You should have done a little explanation so that your readers will get a clearer picture of what to intend to explain. Some countries have issued Central Bank Digital Currency (CBDC) and it did not affect the price of Bitcoin. The most dominant country in the crypto industry is the US and they have not issued any dollar-backed CBDC. The Federal Reserve made it clear on its website that they are still engaging in research to identify potential benefits and risks of CBDCs from a variety of angles and doesn't have any timeline for the issuance of CBDC.

Bitcoin and CBDC are different currencies, therefore they are not competitors. CBDC is just a fiat currency that uses the blockchain, so its issuance will not affect the price of Bitcoin.

Those 4 countries which launched their own version of CBDC are highly corrupted anyway and tech they are using is as bad as you would suspect, so i wouldn't even count them.

Bahamas: "Sand Dollar" (NZIA Cortex DLT)
Jamaika: "JAM-DEX" (DSC, Non-DLT)
Nigeria: "e-Naira" (Hyperledger Fabric DLT)
Zimbabwe: "ZiG" (I don't even know what this is)

Rest of the world are either just researching them, have canceled them, have proof of concepts, or they are running pilots while researching them.

And those pilots most likely won't amount to anything tangible any time soon. And even if some first world countries would launch them, it's like you said, they are not competitors, so why it would be illegal then? If they wanted it to be illegal, why isn't it illegal now? For some reason people have this crazy idea that CBDC would overthrow bitcoin.

[Olatundespo]

Bonus question / How much bitcoin will be worth the week before the CBDC is issued.

What does Bitcoin have to do with CBDC? Through this a country starts flowing from its reserves into the market in the form of digital currency. It is the digital form of fiet that corresponds to the total wealth of a country. Its relationship with Bitcoin is that the concept of digital currency comes from Bitcoin. Many countries are trying to implement Bitcoin as a CBDC as an alternative to fiat, but due to the volatile nature of Bitcoin's value, alternative methods are being explored.

[Hispo]

I believe Bitcoin will continue to exist and thrive in a world in which there are CBDCs in the most important countries, at least in the civilized countries of the west, it won't get banned from circulation, because there is a lack of legal standing to van a digital asset like Bitcoin.
When those centralized digital currencies start to appear, I would only expect the volume of on chain transactions to go down a little bit, but nothing which could be translated to the end of the Blockchain and the community behind it.
Digital currencies are supposed to be a medium of exchange, Bitcoin at become to be not only a medium of exchange but also some sort of asset for people to speculate with and try to profit out of.

In short, I am very confident Bitcoin will be okey after important countries like the USA and the European Union issue their respective CBDCs.

[PrimeHunter2023]

But why do you assume that Bitcoin will become illegal in the United States after the launch of the CBDC? Then who told you that the launch of the CBDC will succeed in the first place?
Let me tell you that Bitcoin is actually illegal in the general sense because it is not recognized as an official legal tender or even as an electronic payment system, so there is no need to think about it becoming illegal because it is actually not legal yet. At the same time, Bitcoin is recognized as an investment tool after the approval of the ETF.

My opinion is that the CBDC is not a cryptocurrency at all, even if it is based on the basics of blockchain technology, and that in its centralization it is no different from the money that any of us has in our bank account or on our card. At the same time, Bitcoin has very distinctive characteristics that cannot be compared to the CBDC.

Better move this topic to "Economics" board or "Bitcoin Discussion".

All of the evidence indicates that the current wave of crypto, btc etc, is intended to acclimate people to digital currency.

1) When btc started the U.S. shut down its two main competitors, including Liberty Reserve before the 2013 pump.

2) Many features of crypto are necessary in CBDCs. For example 'staking' until 'coins mature' introduces the concept of controlling monetary velocity which will be a key feature of CBDCs.

https://en.wikipedia.org/wiki/Liberty_Reserve

https://en.wikipedia.org/wiki/Velocity_of_money

If the U.S. can get the market cap of crypto high enough before the rug pull, it will benefit by reducing the money supply. Market cap of $1trillion then rug pull reduces dollar money supply by $1 trillion. It's like the U.S. selling bonds it does not have to pay back. Easy way for the U.S. to reduce inflation at the expense of 'deplorables' and foreigners.

[eristica.com]

In short, I am very confident Bitcoin will be okey after important countries like the USA and the European Union issue their respective CBDCs.

What is CBDC Bitcoin? Isn't this the centralization of cryptocurrency?
 

[tvbcof]

All of the evidence indicates that the current wave of crypto, btc etc, is intended to acclimate people to digital currency.

That's kind of a stupid argument actually, at least with regard to Bitcoin.  People have been doing on-line banking and using plastic for a very long time.  Nothing can be more 'digital' than that and people are very used to it.  Besides, L1 Bitcoin sucks as an exchange currency and few people use it for that.

1) When btc started the U.S. shut down its two main competitors, including Liberty Reserve before the 2013 pump.

About the only thing that 'proves' is that LR sucks and BTC doesn't.  BTC services were under heavy attack for the same reasons in the 2013 timeframe.

2) Many features of crypto are necessary in CBDCs. For example 'staking' until 'coins mature' introduces the concept of controlling monetary velocity which will be a key feature of CBDCs.

POW, like Bitcoin, don't do staking.  Later powers-that-be friendly solutions such at Ripple, very few of which make self-custody and distributed infrastructure very practical, very well could have been invented and funded into existence as training-wheels for the plebs.

https://en.wikipedia.org/wiki/Liberty_Reserve

https://en.wikipedia.org/wiki/Velocity_of_money

If the U.S. can get the market cap of crypto high enough before the rug pull, it will benefit by reducing the money supply. Market cap of $1trillion then rug pull reduces dollar money supply by $1 trillion. It's like the U.S. selling bonds it does not have to pay back. Easy way for the U.S. to reduce inflation at the expense of 'deplorables' and foreigners.

$1T?  that's a couple of drops of piss in the bottom of a barrel compared to the problems the fiat monetary systems and governments have.  Reminds me of the Austin Powers extortion demand.

Currently it seems to be in vogue for people like Fitts, Webb, etc to try to dog on Bitcoin using the fact that 'it works' as proof positive it was a Fed thing.  They rightly estimate that almost nobody has a fucking clue about how it works, what a private key is, what self custody is, etc, so they can spew all kinds of vague nonsense.

I continue to doubt that early Bitcoin itself had anything whatsoever to do with the Feds/TPTB because I have seen so little actual evidence for it, and a LOT of the design decisions and operational elements of it don't comport.  I do believe that TPTB _tried_ to convert Bitcoin with the bloat-wars circa 2015.  Happily they failed.

[damnrancho]

Time will tell, it's too early to speculate.

[DeathAngel]

Bitcoin is unlikely to be made illegal in the US. Too many rich, powerful people are now interested in Bitcoin as an investment. Blackrock is the biggest asset manager in the world & they’re actively pushing their IBIT Spot Bitcoin ETF to clients. If Bitcoin was going to be banned they’d have done it already, it’s too late now that Bitcoin is a major investment vehicle, engrained in the legacy financial system.

[Hispo]

In short, I am very confident Bitcoin will be okey after important countries like the USA and the European Union issue their respective CBDCs.

What is CBDC Bitcoin? Isn't this the centralization of cryptocurrency?
 

No, you are getting it wrong. Bitcoin will continue to be Bitcoin and work as it has to this very day, CBDCs are completely different financial instruments issued by the central banks or governments of countries, those are supposed to function as the future replacement of cash for everyday transactions and (because of their electronic nature and their centralized nature) there are serious concerns on their role when comes to massive surveillance of the population. They do not have anything to do with Bitcoin.
When digital cash or CBDCs start to become mainstream in the most important markets of the planet, Bitcoin will continue to exist and co-exost with those new centralized coins. Bitcoin will continue to be decentralized and peer to peer as it was always supposed to be since his creation. So there is not much to worry about it.

I would recommend you to read what  the definition of CBDCs are, and the possible effects on the economy of countries like the USA and the European Union.

[NicNacCoin]

Bonus question / How much bitcoin will be worth the week before the CBDC is issued.

It's really hard to predict how Bitcoin will fare a week before the CBDC is issued.  But currently Bitcoin is going up and seeing this upward position we can say that if CBDC is issued Bitcoin will definitely occupy a good position.  However, it is understood that if the CBDC is issued, Bitcoin can reposition between 65 thousand and 70 thousand dollars.

[PrimeHunter2023]

Bitcoin is unlikely to be made illegal in the US. Too many rich, powerful people are now interested in Bitcoin as an investment. Blackrock is the biggest asset manager in the world & they’re actively pushing their IBIT Spot Bitcoin ETF to clients. If Bitcoin was going to be banned they’d have done it already, it’s too late now that Bitcoin is a major investment vehicle, engrained in the legacy financial system.

Corporations like Blackrock are nourished by bureaucrats because they are willing to do whatever necessary to prop up the dollar.

After the bitcoin rug pull Blackrock loses nothing, not even credibility since unknowingly people will consider them a victim.

Who loses? Small investors whose money tends to have high velocity i.e., turn over quickly. The main thing the U.S. tries to accomplish with bond sales and other derivative tricks is to get money to flow from high velocity holders to low velocity corporations that will prevent those dollars from feeding commodity inflation. 

[Frankolala]

Bonus question / How much bitcoin will be worth the week before the CBDC is issued.

CBDC is centralized and has nothing to do with Bitcoin and its value because bitcoin is solving a lot of problem for individuals and gives them privacy because of its decentralized nature. CBDC still have the same value of local fiat currency of any country that is created their own CBDC and that does not change anything when inflation comes, the value will still depreciate.

Bitcoin is not just a currency but also an investment since the value is increasing overtime and that will make more people adopt bitcoin and dump their country's CBDC only if they're forced to use it by their government. Bitcoin has come to stay and the price of bitcoin will keep on increasing in value overtime due to its potentials and freedom that it gives to users. Digital cash cannot make bitcoin worthless because it is not the same as bitcoin but rather both of them will work hand in hand.

[cocadalcan]

In short, I am very confident Bitcoin will be okey after important countries like the USA and the European Union issue their respective CBDCs.

What is CBDC Bitcoin? Isn't this the centralization of cryptocurrency?
 

CBDC is a central bank digital currency that a country's government releases a part of its country's FED in the market as digital fiat and that country's government centralizes all security measures.

Cryptocurrency is decentralize whereas CBDC is direct centralize currency.