Posted on 04/10/2021 8:35:52 PM PDT by E. Pluribus Unum
Any of the government’s efforts to ban Bitcoin would be “foolish,” said Hester Peirce (aka “Crypto Mom”), a very Bitcoin-friendly commissioner at the U.S. Securities and Exchange Commission (SEC), during a MarketWatch virtual conference earlier this week.
“I think we were past that point very early on because you’d have to shut down the Internet,” Peirce said, adding, “I don’t see how you could ban it. You could certainly make the effort. It would be very hard to stop people from [trading Bitcoin]. So I think it would be a foolish thing for the government to try to do that.”
The statement came on the heels of Ray Dalio, a billionaire investor and founder of Bridgewater Associates, arguing that there’s “a good probability” that governments around the world would ban Bitcoin and other cryptocurrencies.
“Every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing, because things can get out of control. They outlawed gold, that’s why also outlawing Bitcoin is a good probability.”
However, according to Peirce, the main issue for authorities—at least when it comes to cryptocurrencies—is to find an approach to regulation that would be productive and non-restrictive at the same time. She noted:
“We’ve seen other countries take, I would say, a more productive approach. We really need to turn that around. And I’m optimistic, with a new chairman coming in with a deep knowledge of these markets, that is something we could do together—build a good regulatory framework.”
At the same time, Peirce also pointed out that she doesn’t know when—or if—a Bitcoin exchange-traded fund (ETF) will finally be approved in the U.S. Recently, we’ve seen a new wave of major investment companies, such as Fidelity Investments, SkyBridge Capital, and VanEck, filing their applications for Bitcoin ETFs with the SEC.
The regulator, however, never approved a single filing of this kind so far.
After what I’ve witnessed over the past year, I wouldn’t be surprised if they did.
They would only have to trace the pathways if Bitcoin and shut down the relative few that use them.
They would only have to trace the pathways of Bitcoin and shut down the relative few that use them.
Ping!
That would nuke Big Tech too.
“...according to Peirce, the main issue for authorities—at least when it comes to cryptocurrencies—is to find an approach to regulation that would be productive and non-restrictive at the same time.”
In other words, the government gets their grubby hands on it and gets their piece of the pie up front.
Also, they can figure who is compromised and use that against the people.
It doesn’t have to be banned. Once FedCoin is made the official digital currency, bitcoin becomes illegal.
And those holding the bag of bitcoins will be a bit short.
All investments are a gamble.
Affirmative.☺
Fedcoin is just a debit card without the plastic in your wallet. Just a joke representation of the same old dollar.
I cannot see the value in bitcoin other than as a momentum play that will sooner or later crash.
In 1998 I might have said the same about free speech on the internet.
Can you imagine if Myspace tried to be an arbiter of truth back then?
That’s the problem with Bitcoin: it can’t survive without the internet, and coordinated strangers maintaining the ledgers.
“No internet” wasn’t that long ago, and may not be far ahead.
“All investments are a gamble.”
That’s what William Proctor told his business partner.
Can Amazon survive without the Internet?
Just shutdown the energy hungry mining operations.
It wouldn’t be hard to stop.
Plus ten percent for the Big Guy.
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