What government are we talking about? If you ask whether the US government will do it, I doubt it. Will some other countries do it, the way El Salvador did? Of course they will.
The problem with bitcoin at this point is that it's functioning more like a payment system for large transactions, so it can be used along, but not instead of fiat money. Also, replacing a fiat system with bitcoin would require that the government has to provide necessary infrastructure for all its citizens to be able to transact, so everybody would at the very least need a phone with Internet access. Most countries cannot do that.
I don't expect countries to adopt it as an official payment system, but I believe that they'll at least recognize it and make laws to protect people's right to own, transact and mine bitcoin.
Topic: Do you think at some point government will change its stand and adopt Bitcoin? - page 3. (Read 435 times)
July 09, 2023, 03:23:41 PM
July 09, 2023, 03:14:15 PM
The government may seem aggressive today on Bitcoin and cryptocurrency adoption, and tomorrow change their stand due to high pressure and demands from their citizens to use a technology like Bitcoin in the coming years. If BlackRock CEO criticized Bitcoin in the past and later turns to embrace what he kicked against, the government may do so because the government is run by friends of these individuals or people who own these companies, and they may have influence When it comes to government matters.
El Salvador is a leading example of government in the front run of Bitcoins adoption and when more countries' governments follow suit in the race, other ones will not want to be left behind, they too will join the queue.
Let's have a general discussion, what is your standpoint?
Third world countries may follow El Salvador's example and actually adopt bitcoin but countries that already have "strong" currencies like US dollar, euro, rmb, yen, etc it's a totally different story. They won't be against bitcoin, maybe bitcoin may even be used on a large scale but I see it unlikely that it could replace a currency the government has total control over it. They would lose a lot of power. El Salvador is a leading example of government in the front run of Bitcoins adoption and when more countries' governments follow suit in the race, other ones will not want to be left behind, they too will join the queue.
Let's have a general discussion, what is your standpoint?
July 09, 2023, 03:09:05 PM
Of course, yeah. What is a government, after all? For all intents and purposes, it is nothing but the leader or leaders that are in it. If Biden, for example, is against Bitcoin, it doesn't mean the US government will remain anti-Bitcoin forever. What if RFK Jr., a Bitcoin supporter, wins in the next election? The US government might change its stand and support Bitcoin.
The stand of the government is nothing but the stand of its leaders. My government was pro-US and then it turned anti-US and then pro-US again. And that's because elections give us different leaders.
I agree with your point, it sometimes depends on the kind of leader that a particular country or government has in place at a given time that will determine if that government will be Anti-Bitcoin or Bitcoin friendly. What brought El Salvador to where they are today is that have Bitcoin enthusiasts as their present and such a scenario may occur in the future. The stand of the government is nothing but the stand of its leaders. My government was pro-US and then it turned anti-US and then pro-US again. And that's because elections give us different leaders.
July 09, 2023, 12:42:21 PM
We live in a world where traditional currencies are in jeopardy. Countries are printing too much money, not just the US. So here is an opportunity for bitcoin to take advantage of this dire situation unfolding. Even if the government wants to seize complete control over bitcoin and all cryptocurrencies, as long as their people are still using them for whatever purpose it is, that is better than ever running out of them. Still being used will still exist, so let's hope that in the not too distant future we can live in a bitcoin world true to the original purpose for which it was created.
When fiat currencies fail, governments launch an economical plan which aims to replace the currently fiat currency by a new one, which has a new name and number of zeros reseted. For people from first world countries it may sound strange, because they deal with the same fiat currencies for decades or centuries already, taking Dollar, for an example. But in third world countries every few years or decades we have a new currency, trying to fix the economical mess the country finds itself in.So, it's really unlikely a government will try to use Bitcoin as a solution for the local economical crisis, as they can simply create a new fiat centralized currency under their total control. Especially now, as they incorporate the features of Bitcoin they think to be interesting to their CBDCs, while completely ignoring BTC as currency and its decentralized feature they hate so much!
July 09, 2023, 12:35:08 PM
We live in a world where traditional currencies are in jeopardy. Countries are printing too much money, not just the US. So here is an opportunity for bitcoin to take advantage of this dire situation unfolding. Even if the government wants to seize complete control over bitcoin and all cryptocurrencies, as long as their people are still using them for whatever purpose it is, that is better than ever running out of them. Still being used will still exist, so let's hope that in the not too distant future we can live in a bitcoin world true to the original purpose for which it was created.
July 09, 2023, 11:54:54 AM
I think many are changing their minds over time, as Bitcoin keeps growing and gaining more attention. I think it's way less common to say Bitcoin is a scam than it was around 5 years ago. Instead, weaker stances are taking its place, such as that mining is bad for the environment or that many can lose their finds due to volatility.
But as for governments, I think it depends on a particular country, what we count as pro-Bitcoin, and which authorities we consider. My country is thankfully largely pro-Bitcoin, although it's nowhere near El Salvador.
But as for governments, I think it depends on a particular country, what we count as pro-Bitcoin, and which authorities we consider. My country is thankfully largely pro-Bitcoin, although it's nowhere near El Salvador.
Whatever the stand of Blackrock is where the stance of the US government since it's their biggest money maker. And CEO Larry Fink already express Bitcoin is digital gold. One side of the story is that China's BRICS money is about to launch in 2 weeks and is backed by Gold. and because the US is not going back to the gold standard, the US will be going for Bitcoin-backed currency. I can only say all those lawsuits are BS and Gensler is one of those BS, just wearing my tinfoil cap.
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July 09, 2023, 11:52:38 AM
Currently bitcoin is known by everyone, both small communities and people who have been influential in the field of investment,
Nope, I think you are wrong. Bitcoin is known by quite a lot of people, by some people in most cities in some countries around the world, but not everyone in all the countries really knows about it. Even some people who know about it are negatively impressed from how some real Bitcoiners feel about it. Some people see Bitcoin as a scam, and some people see it as something that is not real. Even in my country, there are a lot of people who don't even know what Bitcoin is. I was showing a friend of mine some fractions of Bitcoin in my wallet, and what he asked me was, How can I even sell this thing I call Bitcoin and convert it to real money? He was so sceptical, like he wanted to see me convert some Bitcoin to fiat and send it to my bank account, and I told him I didn't have the interest to do such a thing that day. He thought I was lying because he said that there are highly respected individuals who have the real Bitcoin, and what I have is not Bitcoin. So, in some parts of the world, there is still a lot of elusions, delusions, and confusion that most people have about Bitcoin.
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July 09, 2023, 11:44:10 AM
I think many are changing their minds over time, as Bitcoin keeps growing and gaining more attention. I think it's way less common to say Bitcoin is a scam than it was around 5 years ago. Instead, weaker stances are taking its place, such as that mining is bad for the environment or that many can lose their finds due to volatility.
But as for governments, I think it depends on a particular country, what we count as pro-Bitcoin, and which authorities we consider. My country is thankfully largely pro-Bitcoin, although it's nowhere near El Salvador.
But as for governments, I think it depends on a particular country, what we count as pro-Bitcoin, and which authorities we consider. My country is thankfully largely pro-Bitcoin, although it's nowhere near El Salvador.
July 09, 2023, 11:34:32 AM
I think there's a possibility of the government becoming soft in the area of accepting to adopt Bitcoin because despite the fact that there are individuals who are of the impression that it's a sham, a front for crime and not safe, there's those who see it as a pathway to financial freedom and a way to maintain privacy.
With the way hardcore Bitcoin atheists are suddenly eating their words, it's no surprise that the move to change their stand would happen sooner rather than later.
It's not going to be that easy for them and it should be better off that way anyway. We're here because we don't want any authorities to regulate how we handle our money and we wanted privacy not just from the government but to any other strangers around the internet.With the way hardcore Bitcoin atheists are suddenly eating their words, it's no surprise that the move to change their stand would happen sooner rather than later.
Not sure if "Bitcoin atheists" is really the right word for them since it's either they wanted privacy on their own coins or they're relying on a third party. I don't care if there are those sorts of "Bitcoin atheists". It's up to their own anyway.
July 09, 2023, 11:18:52 AM
In different contexts, we have perceptions that evaluate things sometimes are very contradictory, but looking back, things that are consistent with the trend of social change will always be accepted over time. Like another story I read somewhere on this forum, about the same person but a 5 year old child will be completely different from an adult. And with bitcoin, when people realize its potential can be applied in life, they will also accept themselves differently, as many people have seen it before as an environment containing a lot of criminal activity and up to now. At crypto development has brought insights and applications to a still very young market with a lot of unexplored potential. I have no doubt, because it actually benefits me personally and I can help others, so I fully agree with its development.
July 09, 2023, 11:02:59 AM
Currently bitcoin is known by everyone, both small communities and people who have been influential in the field of investment, when the price increased last year, the government has monitored how bitcoin performs, and to adopt bitcoin has long been planned but until now there has been no definite conclusion, the government's confidence there are so many considerations in this regard, Because Bitcoin is fluctuating in value so it is very difficult to regulate, but for the future we do not know what this will happen.
July 09, 2023, 10:08:38 AM
The government may seem aggressive today on Bitcoin and cryptocurrency adoption, and tomorrow change their stand due to high pressure and demands from their citizens to use a technology like Bitcoin in the coming years.
Pressure from citizens can make the adoption faster, but we all know how powerful the government is and they always stand on their words no matter the pressure they receive as far the policy will not favour them or make them make more money as they wish. They want a centralized system not a decentralised one.
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If BlackRock CEO criticized Bitcoin in the past and later turns to embrace what he kicked against, the government may do so because the government is run by friends of these individuals or people who own these companies, and they may have influence When it comes to government matters.
This has to do with personal view and opinion about bitcoin and where they stand to benefit from it without government interference. They might even be the face of government investing into bitcoin in disguise for their benefit all. I still feel some optimism in the adoption, but not very soon.
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El Salvador is a leading example of government in the front run of Bitcoins adoption and when more countries' governments follow suit in the race, other ones will not want to be left behind, they too will join the queue.
I agree with this entirely but why we haven’t observed massive adoption by other countries is the state of El Salvador in the face of other countries, they are third world countries and a developing one for that matter. If it was a first world country that adopted bitcoin, we’ll be far from still discussing about adoption but now on how to improve its use and conveniency to all.
July 09, 2023, 10:07:50 AM
People who care about making money often change their stance on Bitcoin if they start out as skeptics. But those who care about controlling the populace, like governments, won't be able to accept Bitcoin fully. Bitcoin reduces the power of governments to control and surveil their citizens and gives power back to the ordinary people.
The only reason the El Salvador government likes Bitcoin is because there's an even bigger power, the IMF, trying to control them. Smaller nations with struggling economies might see limited government approval for Bitcoin, but beyond that, I don't expect much other adoption.
The only reason the El Salvador government likes Bitcoin is because there's an even bigger power, the IMF, trying to control them. Smaller nations with struggling economies might see limited government approval for Bitcoin, but beyond that, I don't expect much other adoption.
You just hit the nail onnthe head. Government of developed countries are always power hungry and won't ever see the need to adopt bitcoin since they'd have to relinquish their control over financial resources. Government exists because they can deploy resources at will or even print a shit ton of the country's native currency. This isn't possible with Bitcoin since it's capped.
@OP, Government stands may never change. Maybe a future is coming when a large number of people dumped their native currency for Bitcoin by then they'd have no chance than to join the train. Until they, they have nothing to gain. The reason Blackrock and JPMorgan has begun offering Bitcoin and crypto products is because they don't want to miss out of the gains since the Bitcoin and crypto userbase tends to multiply especially in a bull market and we'd have several of those.
July 09, 2023, 09:55:30 AM
That will automatically remove the fantasy of privacy in btc when the government eventually decided to support btc don't you think?
I mean which government in it's control nature will adopt a decentralized technology where they will lose the ability of control over it's citizens? They will most likely centralized it. And you know when that happens kyc is a must for you.
I mean which government in it's control nature will adopt a decentralized technology where they will lose the ability of control over it's citizens? They will most likely centralized it. And you know when that happens kyc is a must for you.
If interacting with the bitcoin network forever doesn't require user kyc, then external policies won't change its decentralized essence. So let the government try as much as they can, abolish the bullshit policies or keep all bitcoiners legally criminal.
July 09, 2023, 09:49:51 AM
I don't believe that the government are out of Bitcoin investment already, but it's something they can never come out in the open to reveal to the world, maybe all the hate is also a big plan of shaking money off from people, with fear and panic, it's just a saying don't take it as a fact.
To the whole world, the government must hate crypto and Bitcoin most especially because it's centralized vs decentralization, even if one part of the government likes Bitcoin they have to pretend to hate it, look it's more beneficial to them because the world still follows the order from the government.
I won't be surprised if the government are pumping and dumping crypto and they are already in the game too, think about it very well, it's beneficial for those in power through manipulation, real manipulation is money making in crypto world.
To the whole world, the government must hate crypto and Bitcoin most especially because it's centralized vs decentralization, even if one part of the government likes Bitcoin they have to pretend to hate it, look it's more beneficial to them because the world still follows the order from the government.
I won't be surprised if the government are pumping and dumping crypto and they are already in the game too, think about it very well, it's beneficial for those in power through manipulation, real manipulation is money making in crypto world.
That's why I never believe what they say, I will only believe what they do. We all want money, and government is no exception, I believe the elephants behind market manipulation can be government, banks, any organization that is smearing bitcoin day by day have, they possibly a whale. But getting them to accept bitcoin is really another matter because if they openly support bitcoin, they are shooting themselves in the foot trying to destroy their centralized system.
July 09, 2023, 09:33:35 AM
Since Bitcoin has increased, many governments in a country continue to monitor the development of Bitcoin, and I am very sure that one day the government will adopt Bitcoin, but this all needs a process because there are many things that must be fulfilled by the government because Bitcoin is decentralized so there must be a right decision if adoption occurs, this problem has actually been a long time and until now there has been no best decision.
July 09, 2023, 09:19:22 AM
Let's have a general discussion, what is your standpoint?
Well I've always known that government will definitely have a change on their perspective for putting strict restrictions to bitcoin, I've heard of stories of government officials in a country like mine were cryptocurrency isn't accepted also having some huge fraction of bitcoin in their possessions and since it is decentralized, there wouldn't be any trace to them.
El Salvador is an example of if you can't beat them join them but I've also had some conversations with some citizens and residents of El Salvador and it seems not all of them are ok to use bitcoin and it seems it was forced on them.
In my country, we're already seeing alot of youth's moving into politics and majority this people already have some good amount of bitcoin and when they get into power I believe the law will be lessened and that's for my country because they wouldn't want it seem their breaking any law.
In conclusion, I believe the government will soon than expected accept bitcoin global.
July 09, 2023, 08:16:20 AM
Here is a post that drew my attention to writing this topic.
The biggest hedge fund manager, BlackRock sometime in 2017 criticized Bitcoin, and presently they have filed for Bitcoin ETF approval and gradually becoming a Bitcoin evangelist, not only BlackRock, other folks like Jamie Diamond, the CEO of JPMorgan Chase, and Micheal Saylor the former CEO of MicroStrategy just to mention a few.
The biggest hedge fund manager, BlackRock sometime in 2017 criticized Bitcoin, and presently they have filed for Bitcoin ETF approval and gradually becoming a Bitcoin evangelist, not only BlackRock, other folks like Jamie Diamond, the CEO of JPMorgan Chase, and Micheal Saylor the former CEO of MicroStrategy just to mention a few.
This is just a common human behavior, first they thought if they fight Bitcoin that it'll die but they have now seen that Bitcoin isn't dying instead it's producing new wealth and for them not to missed out they have to accept it inorder for them to be able to control it but that intentions of theirs will also fail since they won't be able to control Bitcoin. Bitcoin isn't centralized and they can't centralized it by seeking for approval of things like ETF.
This isn't a matter of at some point anymore because the government have already started giving Bitcoin attention. Laws & regulations are been drafted to tax bitcoin investors and traders and some exchange have been getting license to operate which weren't happening before.
July 09, 2023, 04:26:11 AM
I don't believe that the government are out of Bitcoin investment already, but it's something they can never come out in the open to reveal to the world, maybe all the hate is also a big plan of shaking money off from people, with fear and panic, it's just a saying don't take it as a fact.
To the whole world, the government must hate crypto and Bitcoin most especially because it's centralized vs decentralization, even if one part of the government likes Bitcoin they have to pretend to hate it, look it's more beneficial to them because the world still follows the order from the government.
I won't be surprised if the government are pumping and dumping crypto and they are already in the game too, think about it very well, it's beneficial for those in power through manipulation, real manipulation is money making in crypto world.
To the whole world, the government must hate crypto and Bitcoin most especially because it's centralized vs decentralization, even if one part of the government likes Bitcoin they have to pretend to hate it, look it's more beneficial to them because the world still follows the order from the government.
I won't be surprised if the government are pumping and dumping crypto and they are already in the game too, think about it very well, it's beneficial for those in power through manipulation, real manipulation is money making in crypto world.
July 09, 2023, 03:41:36 AM
Ohh think government will always stay negative when it comes to Bitcoin adoption. The issue is not with the government but it’s behind the tech it use which is decentralised. As the CEO mentioned it’s all about that dilemma where some people are using it genuinely while some of them are misusing the bitcoin for money laundering purposes. I don’t know to what extent this fact can be proven but that’s what making regulatory bodies like SEC to rethink about Bitcoins nature. Till date there is no solid stance whether Bitcoin is asset, commodity, security or something else. Unless and until there is no provision to define this we will never be sure about the Bitcoin being accepted by Government at all.
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