Topic: Do you think at some point government will change its stand and adopt Bitcoin? (Read 435 times)

If the government finds out that it can milk money from Bitcoin, they will eventually think of ways how to accept it while not straying from their law.  The government adoption can also have the reason you stated that because there are sets of people who thinks that Bitcoin is beneficial to country then the government have to adopt and accept Bitcoin.  Things can always go either way so do not remove the possiblities of each side happening.

Change is the only constant thing in life. 
More governments will still acknowledge Bitcoin but I don't think it's going to be much.  The single fact that Bitcoin is decentralized will discourage a lot of governments from it. 
For governments of countries to accept Bitcoin then it has to be less a little less volatile and relatively stable. 
Bitcoin will keep convincing skeptical people little by little but it will take time.  Little by little more companies and business will begin to accept bitcoin as a medium of payment. 

No bro, I don't think so.
The government system is not operated by just one man there are many people who will stop Bitcoin from legal tender, my reason for this comment is because the government is not just only one person and there are different sets of people who doesn't wants the progress of each other, then imagine if only one or two persons out of hundreds of people decided to legalize Bitcoin, there will be trouble between them self and it will still give Bitcoin a bad reputation because of the bad misunderstanding they might have. Although anything can be possible as long as profits (money) are involved maybeeeeee the government will one day legalize Bitcoin in the society.

Every government has a different agenda. When small countries like El Salvador do something positive, that doesn't really affect the global financial markets. If developed countries one day look at Bitcoin more positively and somehow incorporate it into their own financial systems, then this would be a big deal. I'm sure that even in such an environment, our country will lag far behind in this adoption phase. This type of integration has a direct connection with the wealth and development level of countries.

Yes, I believe change is very possible but I think it will take a lot of time processing before things will turn positive about bitcoin. However, if bitcoin will stay decentralized over time, which means it could not be controlled by any third party, I don’t think the government will love the idea since the very aim of the government is to take control of everything just like what it did to fiat and its banks.

The fact that the government already possesses bitcoin is unknown to many. Those who anticipate a sudden shift in their position against bitcoin are unaware of the workings of the world. The government prioritizes control and has no intention of relinquishing it to its citizens. Though it may sound like a absurd, I have reasons to believe that there is a strong connection between BlackRock and the government.

Yup. There's no telling when or how but it's quite possible since bitcoin has this streak of changing the opinions of people over it in time. Way back then you'd hear Warren Buffett talk shit about cryptocurrencies in general and then the next thing you know he's selling some of his Visa positions so he could open up cryptocurrency purchases. It's all a matter of time until people realize how cool bitcoin actually is. What's a little sad though is that most of these people and entity buy bitcoins all because it's profitable, which is not necessarily a good thing but as a bitcoin fanatic it would've been nicer to at least see someone big in the industry buy bitcoins because of a reason other than "this'd make me even more rich". But oh well, beggars can't be choosers yeah?

Yes it depends, but I have a high hope that this will be adopted sooner or later they need to embrace the reality and they need to accept that we're living in a digital era where people already used to using digital currency and most of the people now are having interest on it. They just need to come up with a plan so that people in all areas can have access to it even the remote areas.

Some other governments see Bitcoin as an opportunity to loose control over the citizen’s finances. They wouldnt  place taxes on these commercial banks because bitcoin won’t be operating based on that mechanism. The government would run a loss, in my opinion so I don’t think they would accept for citizens to embrace Bitcoin.

And it would be a challenge on the illiterates. The government will have to educate the whole nation then cause my mama don’t know how to invest Bitcoin.

I'm not sure about how likely it is that the government will change its regulations on bitcoin and start adopting it as legal tender. But everything depends on the West and Europe, it's because of their economic strength.

Right now the government is aware of what bitcoin is for, its advantages and disadvantages, but they really don't dare to change the rules considering that several large countries have not adopted it. If one day a large country with a good economic status succeeds in adopting bitcoin, then of course other countries will follow.

A lot of governments wouldn't accept Bitcoin or cryptocurrencies at all, not because it's a new technology but because they know Bitcoin and cryptocurrencies will provide their citizens with alternative wealth storages and they might stop using banks as frequently as they used to do before them, and since they can't have access to accounts or financial activities of each user on the blockchain, they will lack control and they can never accept that.

That will surely be the reason why many countries will simply push Bitcoin and other cryptocurrencies away, although other cryptocurrencies are not totally decentralized as their projects and teams have total control over them, Bitcoin is the biggest threat for them since it's totally decentralized.

The Government sees Bitcoin as a trait, anything or asset that will deprive the Government of the power to control its citizens is seen as an enemy, so practically I don't see this dream coming through soon, the only achievable thing for now, is individual and institutional adoption. Bitcoin is a decentralized digital current, with this meaning, it implies that no one has the power to control each other or to make policies that are unacceptable to the people in the system or citizens involved, you are your bank, and you control your asset, and you have access to your money any day, anytime you wish to.

do you think the government would support and accommodate this kind of system where control and circulation will be determined by the unanimous decision of the system?

In Bitcoin, everyone is involved directly, with no hidden fees or charges, everything is done transparently. The government won't be liking this idea because it is freedom unless a technocratic is in power, this technocratic may be opposed since the whole will go through the parliament to make a working process.
 
Some countries deem it necessary to hold the bull by the horn by adopting Bitcoin but when you check very well, some powers are still opposing that decision.

The Government knows that with the power bestowed on them constitutionally to make monetary policies, its citizens can be controlled through that process, but when Bitcoin is considered generally as a legal tender, some policies won't be taken seriously again, since they no longer possess the power alone to decide in respect to bitcoin, in conclusion, I don't see the Government Changing their stand on this in a haste.

Bitcoin's future as a global currency is debated. A universal cryptocurrency is appealing, but we must consider the consequences.

First, law. Bitcoin bypasses banks, but it's risky. It unleashes money laundering, black market trades, and tax evasion. Thus, while a Bitcoin utopia may be appealing, legal obstacles are huge.

Bitcoin may not be a "great asset" though. The currency's volatility makes it a dangerous investment. Bitcoin lacks consistency and stability, which economies need.

People's views about Bitcoin don't inevitably change governments' policies. Governments and individuals operate differently. A nation must prioritize economic stability above Bitcoin gambling. Bitcoin as a national currency is currently a political experiment.

Profitable in what sense exactly? Is it just taxes or do you think they might start mining BTC? In my opinion, taxes are the only thing they can profit from, because in less than 10 years 99% of all BTC will be mined and only a few will compete for the remaining 1% for the next 100 years.


The interest of every sovereign state is to have a strong economy and a strong national currency, and this will certainly not be achieved by doing the same as El Salvador, which does not even have its own national currency. What is important is that Bitcoin does not need to be accepted by a government in a special way in order to be successful in a country.

I live in a country where the average politician has no idea what Bitcoin is, there is no special regulation of it, but there are many companies that accept it as a means of payment, and there are laws that regulate the payment of tax on profits from the sale of cryptocurrencies. Honestly, I don't know what my government should do more for Bitcoin, because as I already wrote, the problem is not in most governments, but in people who are waiting for some kind of approval from those same governments to use Bitcoin. Satoshi did not seek permission from governments, banks or private companies to create Bitcoin, and no person should seek the same permission.

It will just be a matter of time. Just remember the early days of gold before. Everything on Bitcoin right now is still early, still room for growth.
I believe some governments will realize later on that they should have adopted Bitcoin earlier.

This is also another reason why I am not afraid to use and own Bitcoin, because these big companies are trusting billion of money to Bitcoin.

I like to think that way but also, if I were to be a little negative,
I think the government could see reasons to be more aggressive towards the innovation due to the fact that, they’ve got something to lose to this with the fact that, the government product which is fiat is being abandoned for a more compatible alternative.

Still, there is hope in the sense that, bitcoin has proven to be way above any interference but, not so much is mining and the various centralized systems that exists within the space as per exchanges.  Am just saying!

Yes, they may change their opinion, and this is the angle that I'm looking at in this topic on the government side, The government may also see a profitable way of taping into Bitcoin, and the government too may change their opinion completely with the way they see Bitcoin today as they say, change is constant.  


Remember that the government we talk about is run by individuals that have interests, the same as the people who run these private companies. If the government sees these big companies change their perspective on Bitcoin and are filing for Bitcoin ETF, don't you think it might draw the government's attention to find a way to have a review of how things can be sorted out with their stand on Cryptos?

So you started the thread talking about goverment and after that you put as reference a Blackrock article...

Well goverment in reallity moves slow in all and i dont think they have a stand or position on crypto they only repeat they dont know what really its and they need to regulated and bla bla bla.

About Blackrock, man dont take them seriously they only make money, they dont contradict themselves, they dont give a fuck about what its or morals, they said its a "index of moneylaundery" OK but can we do money from that index? that its the only question that matter for Blackrock or that kind of companies. They dont have a stand or thinks about X.

Do you have any evidence that bitcoin adoption is bringing economic growth to a country? Take El Salvador as an example because they were the first country to accept bitcoin as a legal tender. I am not saying that El Salvador has failed to accept bitcoin, but to be fair, bitcoin is just a speculative asset, how can it help the economy of a country go up? Even if an individual becomes rich by holding bitcoins, there is no guarantee that his wealth will be maintained if he relies solely on bitcoin and has no other business.

Most of the major countries in the world who have come to know what cryptocurrency is and what the Blockchain technology offers, understand that the idea has come to stay no matter how they try to ban it.
The funny thing is that you can't tell how much a person have as crypto currency because it seeks to protect identity and even if you want to use crypto to make transactions without letting anyone know, mixers can be used.
The government know they can't track all this money movement and with the way the economic price of gas, crude oil, taxes and other essential bills including health care, banks  have proven to be more of a money sucking machine than what it is thought to be.

The government will change its mind, like what UK did. The only if, is that government want to impose taxes and regulate crypto affairs. It defeats the purpose of a decentralized system. More countries would have to adopt it if their government agrees so.