Topic: Do you think at some point government will change its stand and adopt Bitcoin? - page 4. (Read 479 times)

The "government" consists a political parties(one or more), who rules until the end of their mandate and get replaced(in most cases).
The government accepting Bitcoin would mean that all political parties will have to accept Bitcoin. This is easier said than done.
I think that the governments around the world(especially the governments of the big countries) will keep pushing CBDCs, while trying to oppress Bitcoin/crypto in one way or another. People like the CEO of Blackrock or Jamie Dimon could shift their opinions like total hypocrites. One day they are Bitcoin supporters, the other day they start criticizing Bitcoin and spreading FUD. You can't trust such sociopaths.

I also have the same question because nowadays, there are not too many governments banning bitcoin, most of them already accept bitcoin. But I saw him mention accepting bitcoin as a legal tender of El Salvador, so I thought he was referring to accepting bitcoin as a payment method or currency, not a commodity. And if that's what the OP meant, then I really doubt it, I wouldn't believe other governments would do the same thing as the El Salvador government did. They will never allow bitcoin to become the world currency and replace the current fiat system.

With so many news where MicroStrategy start to buy Bitcoin, Pakistan and other country allow their citizen to use Bitcoin, El Salvador and Central African Republic accept Bitcoin as legal tender, and the latest is Blackrock accept Bitcoin as ETF, now you're still asking if government would change it's stand and adopt Bitcoin? I mean there were many proof and yet you still not convinced about Bitcoin adoption.

It's already 2023, it was not when each Bitcoin worth for $1,000.

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.

Control is one feature government can not lose, financial or otherwise because if they don't have it, I doubt that government can function properly. Government needs to keep it's citizens in check and control gives them that power.

So imo, it will be better the government stay away from btc adoption, they should stick to having their central bank digital currency. And the idea of accepting btc in businesses should be optional among the btc community.

Honestly, lately I have just been having a rethink of all this pushiness that the government should legalise Bitcoin, that Bitcoin should become a global currency, and all other things. We all know that the interest that the government has in Bitcoin would only be for their own self-benefits like collecting taxes for people who spend Bitcoin, monitoring the transactions of individuals using Bitcoin, and putting some rules and regulations in place for how you can spend your own decentralised Bitcoin.

Who would be happy if the government decided to build their own centralised Bitcoin wallet and ask every Bitcoin user to create their Bitcoin wallet with that app to enable them (the government) to collect tax from every transaction carried out? Who would be happy about that? For example, if you send $20 worth of Bitcoin, will you be charged a $5 transaction fee instead of the normal $0.5–$1 fee?

Everybody in this world must not use Bitcoin (it's not a must), but even at that, with every passing day, I believe that somewhere in the world, there is always a new user coming on board.

We should be careful about what we desire so that, in the end, it will not affect our free use of Bitcoin.

Bitcoin is for those who believe in its power (taking control of their finances) and freedom (no third party involved).

Anyway, that's just my opinion.


Cheers 🥂, Dr.Bitcoin_Strange 👺👺

I remember years ago, most countries banned and had a negative view of bitcoin but years have passed, and now we can see they are slowly opening up to bitcoin and accepting it to a certain extent. Today, not too many countries ban bitcoin, but for bitcoin to become a replacement currency or payment method for fiat is highly unlikely. The government will not accept it because bitcoin will reduce their power because they have no control over bitcoin. The government will only accept anything as long as they can control it and benefit them.

Base on my observation, government is dynamic in nature base on the fact that different people with different view get elected into office. If a crypto enthusiasts finds it's way into any of the government office , such one can influence the government to accepting Bitcoin Adoption.  As time goes on and bitcoins become more popular among the elite and the common man, it has a greater chance of acceptance.
With that been said, it's acceptance will be heavily regulated to avoid scam and scam related issues.

My perspective

Just as the future is uncertain and no one can predict the future, 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?

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I think that in the long run most countries are just trying to jump off the USD train, I mean just the other day Ethiopia joined the application list for BRICs along with a bunch others where Ethiopia came from! Now apparently BRICs is planning to be pegged on a gold backed currency. Other countries like China are fully blown on CBDCs using social media apps and social credit systems for total dominant control. I like El Salvador's approach best tbh, going balls to the wall on Bitcoin.

We are really in the midst of a currency revolution, and from what I can tell its going to take quite a while to see any real change, but I think mostly that when we do we will see a pretty fast sweep from cash being king to CBDC+Cash to no cash and only CBDC, which might cause an uprising and "currency crisis" people will continue moving over to bitcoin gold and silver and other asset classes for some sort of relief. I think that trusted custodial solutions for crypto for the average joe is going to be crucial for its continued adoption. When you have companies like ledger giving crypto a bad name & people that don't really know how BTC works but want to get involved that could be a recipe for disaster for some people. Only time will tell what happens, but honestly thats just my two cents.  

The panorama that shows the adoption of this asset currently in the world, allows us to think that sooner or later it will be involved by all the regions that exist on the planet, the advantages that bitcoin brings are incomparable, governments are clear about that, and for this reason some are already making the decision to incorporate them into their economy, the rest simply do not have the security yet to be able to deal with it, since bitcoin is a practically indomitable and decentralized currency, but they are used to having control over the assets that handle and about the people who handle said coins, contrary to what would happen if they accept it, it may be for this reason that it does not advance quickly. However...... I can assure you that the moment they agree and take a valid initiative that definitely addresses BTC, the world will enter an eloquent change...... a new era.

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.

The issue of countries adopting a specific thing is not difficult. All you need is for certain countries to succeed in taking any direction, for there to be a political motive and people’s satisfaction, and the government will find acceptance of the new situation, so when there was a high adoption of Bitcoin, several countries succeeded in accepting Bitcoin and benefited from it then. Acceptance of a particular government or all governments is a matter of time.

Personally, I do not expect that to happen soon, and perhaps we need to wait for at least 50 years, then this technology will have matured and become of high market value, and then there is no risk in adopting it. Meaning by 2060 it will be very possible.

If you pay attention, you will notice that the institutions you are talking about are financial institutions, not one of which is government. If what you are talking about is that governments will accept bitcoin as a legal tender, then I believe that will never happen. Bitcoin may be legalized in all countries in the future, but making it legal tender globally is an impossible task.

El Salvador is a country without a primary currency, they use USD as their currency, and their economy is on the verge of bankruptcy, so bitcoin is seen as their gamble. As for the great powers, countries with developed economies, there is no reason to accept bitcoin as a currency.

Government is against because of the people who run the biggest monopolies, when they join Crypto, government will join crypto. They are forcing government as of now to sell their stocks which they are holding. If no one buys them, how will they profit? And once they realize no ones gonna buy those shitty stocks, they will surely move into Crypto assets and promote them or get big organizations to adopt it so it pumps up their bag.

It is unlikely that governments will accept Bitcoin anytime soon. Because all they want is control and taxes. It is very difficult for them to do this in Bitcoin. However, after a while, Bitcoin will become a globally accepted asset. Because even in the examples you gave, those who used to criticize bitcoin are defending bitcoin today.

They may not want change, but they have to keep up with it.

It’s not abnormal to approach a new innovation with great caution especially one that threatens the stability of governance as by means of taking some of its executive power. Like animals or even our human system, it tends to fight anything Dorine upon discovery, not except there is a disguise by means of hormone generation to simulate something natural.

It’s the same thing we are observing here with the government and the bitcoin innovation. It’s the government’s place yo protect its citizen against anything foreign or innovations that could result in the fraud if of its citizens but as it is, it’s hard to say that’s the case now for the government when we look at bitcoin. There’s isn’t backed by ignorance any more but, a fear of its citizens having a major control of their finance, the government isn’t ready for that.

Not all countries would want to make BTC a legal tender, However, Legal tender or replacing the state currency is not exactly the focal point of this discussion, but adoption in the sense that if the government will in future start recognizing the use of Bitcoin in a country that doesn't right now, such as trading and investment into Bitcoin and many more rather than how they presently see it now.

For instance, we have some countries where you cannot do anything related to crypto because of their government's aggressive policy and the question is, will the government later change their minds? Just as seen some prominent people did raise critics in the past and today have changed their minds and embraced it, so can we see that happen with the Government?

Technically, I don’t see the government adopting bitcoin now or anytime soon as long as they continue not to have control over it. Bitcoin being a borderless and decentralized digital currency challenges the traditional notion of centralized control and makes it less likely for governments to fully adopt Bitcoin without imposing restrictions. It is also important to know that while governments do not fully accept bitcoin, individuals within the government use and invest in bitcoin on personal level but this doesn’t necessarily reflect on the government’s official stance.

There's no popular pressure for it today. The politicians are very good at recognizing the social trends and appealing to them. And we don't see a lot of politicians bringing up the topic of Bitcoin. That's because they know it would be a waste of people's attention to talk about it, when they could instead focus on something that could boost their approval.

This is another marker of Bitcoin's adoption. Which shows us that even after all these years, it's still at a very low level.

The government's issue with Bitcoin, I believe, stems from its decentralized structure.

Governments want something they can control and profit from, but Bitcoin can never be controlled. I don't believe governments in underdeveloped nations will accept Bitcoin as legal tender; so, the only thing that might happen in certain countries that have yet to legalize Bitcoin is that its residents will be allowed to use Bitcoin at their own risk.

Like the known quote about money;


And with their stance before, that have changed them into a better person today because they see the opportunity is on it. Or, they're just playing fool and making everyone believe that they're against bitcoin so that there won't that be much demand and they can pick it while the prices aren't as high as possible.

Going to the point of government, most of them are actually neutral and whoever is at the top of these officials dealing and concerning topics about Bitcoin and cryptocurrencies. They're probably just weighing things around so that they won't compromise the bigger institutions favoring Bitcoin with their policies, so, they really are careful in balancing laws and reviewing the benefits of it upon adoption.