Topic: IF Trump via Executive Order Banned Bitcoin, what are consequences if any? - page 2. (Read 710 times)

I guess there is going to be a huge impact on the price but a short term effect. The price will get dumped by people living at the US (as usual when any negative events take place) as they will try to get out from bitcoin investment with minimum loss. This dump will cause further more dumping as people around the world will sell their investment as they will start to fear about there investment. Then whales will jump in to buy btc at lower rate, thus slowly causing the price to recover.
BTC is a global currency. The price is not defined by one single country's action.

And this goes to show people are just in for the money and not for the technology, otherwise why will a tweet from Trump affect and influence people to sell what they claim to believe in, clearly crypto community still have a long way to go in terms of their beliefs. If you believe crypto is here to make a difference why worry so much about a mere tweet?

This is just an assumption. Although Trump has repeatedly expressed his dissatisfaction with Bitcoin calling it speculation. Perhaps Bitcoin will be banned in the US, however, this may have irreversible consequences like revolution and even economy recession

Banning of Bitcoin means banning of the crypto market in the U.S. will hit large investors heavily and people will leave the U.S. to continue doing business related to the BTC. Also, the Bitcoin ban will cause a wave of discontent with a possible revolution like in Hong Kong was, because a Bitcoin ban means a human freedom ban

As WWE chairman’s Vince Mcmahon’s theme song lyrics says, “No chance! No chance in hell!”

It’s highly no chance that Trump would ban Bitcoin and other cryptocurrencies in the country. Despite that he says that Bitcoin and cryptocurrencies are a major concern in the upcoming elections, it’s unlikely that he would ban it completely.

I may not be a US citizen, but I had lost respect to him when he became president. He may be a respected business tycoon, but not as president. No matter if he wins another term or lose it to someone “better” than him, Bitcoin is here to stay and Trump cannot stop it. Period.

P.S. I want Vincent Kennedy Mcmahon to be the next president and says “You’re fired” to Trump’s face in the president’s office. Lol

Don't worry, not being a fan and openly going against something is a different thing. Trump is most likely not a fan of Putin, but he's not trying to start a conflict.
I'm younger than you but think in similar terms. It's all or nothing in this life, no middle ground. I have enough to live by and if I lose this "bitcoin opportunity" I will still have  a pretty much normal life, but this normal life wouldn't go from normal to super nice if I got scared and sold in 2018 or now. All it would give me is a nicer car and a nicer house, but is that really what an opportunity of a lifetime is there for? To improve your life just a little? No, it's there to change it.

He is not a president for life, he could ban it in his terms, but he will earn the ire of many business and investors for banning something that is already part of Americans everyday life, I don't think supporters of Bitcoin, individual or personnel, will follow Trump there will be protest in the business sector if he chooses to do it.

His party will have major loss of support from one industry which is the Cryptocurrency community, I don't think his party will let him do such an act, people will retaliate against his party.

I dont see that coming in anyway as every country has one or two right to dealnin their own respective jurisdiction without them and if he try to do that then his country is where he will concentrate on and not definitely the world as we have many that are in to crypto and not going back now, even France is in to it with China and likes of Malta , even British is going gradually base on the football team using btc logo on their jersey now.

Even though cryptocurrency in India has not been legally banned, but it has been banned verbally butt yet, the number of Indians participating in cryptocurrency presently cannot be counted and government has not been able to do something about it, so if trump opens his mouth to ban crypto either via executive order, he would just not get any reaction because people will just ignore him knowing completely well that bitcoin transaction is an anonymous one in such a way that it cannot be traced, so there is no pint in him just wasting his time to ban it, and if it would even have any slight effect, it would be on the American citizen because it's their president and not mine, they have no authority over our economy and what we do in my country.

"IF Trump via Executive Order Banned Bitcoin, what are consequences if any?"

The part I bolded is the one that matters to me and I think there won't be ANY. Already, his people (US citizens) are excluded from registering and participating in some crypto exchanges and sites. The worse than can happen with what Trump said will be what happened when China banned Bitcoin in 2017. It dimmed the price just a few days and continued uptrend as if nothing happened. Let the Trump(et) continue with his loud mouth, his threats mean nothing, really.

If Trump decides to ban bitcoin, I think that will be a dump in the market for temporary because people from the US will want to save themselves. Besides that, they don't want to break the law which prohibited bitcoin in their country. But we don't know if that will happen or not because the US government still allow people to use bitcoin. But I hope that will not give a bad effect to the bitcoin and I hope that the price won't get a deep dump.

Yeah, makes a guy wonder. Just one tweak away from him mentioning banning bitcoin, true or not, and we are down like $3k IMHO.

Just the clusterf*ck of someone just offhand tweeting something this silly with no intention of ever doing stuff would be enough. Too much irrationality

in current Trump Administration would magnify, unlikely to 'how the f*ck should I know if Trump is serious or not?

He has all that executive power that just don't give a f*ck, don't ya know. People would freak on a toss away tweet or even serious tweet in the same panic'd

manner IMHO.

I should probably sell some, for the hell of it. But what is the fun in that?

 I figure at best I have 25 years left in life, if I don't HODL now and take chances well, will it really matter when I'm in the Nursing Home. So WTF. HODL.

So even an off-hand tweet stating he is considering banning bitcoin could have serious (hopefully short-term) ramifications.

Not like things are getting better politics wise. The whole setup is off the rails completely, far worse, than I ever expected the country to be at this point in time.

Whatever, in today's world, 'perception is reality' or at least till Trump would be 'distracted' by the next twitter rant, so it could get ugly indeed, again, short-term

I'd assume? That 'maybe' such a tweet/plan would die a slow (too slow) death eventually as a policy. But it would be... say an ugly month for crypto and bitcoin.

brad

It seems people hate Trump since after badmouthing BTC it goes up in price.  But banning Bitcoin through executive order is a different story.  I can say if that happen, a massive sell out will happen and the cryptocommunity will be shocked about the price crash.  Several country follows US lead so, that ban will have a massive effect on Bitcoin.  Ripple effect, after US banning Bitcoin, several allied country will follow then you know what will happen next. I just hope that he won't think about banning Bitcoin since we cannot say if he will ban Bitcoin or not since he is very unpredictable.

Trump badmouthing Bitcoin is actually a good thing as weird as it may sound. Most things he does and say isn't taken serious at all because people just don't like him. It goes the one ear in and the other ear out.

The positive side is that his tweet made Bitcoin gain exposure throughout globe. I don't even think an ETF approval (which is a big deal) would generate Bitcoin that much exposure. It was intense.

As for the little price surge, it was more related to the volatile nature than Trump's tweet, but then again, when a lot of people believe that it was his Tweet and for that reason buy, it can accelerate the upwards movement further.

People always relate bitcoin with unregulated usage and illegal activities. Here Trump too is not an exception. He too states without any perfect data, before giving some negative statement regarding bitcoin or other cryptocurrencies it is always good to analyze whether there is usage of unregulated things and illegal activities even before the existence of bitcoin or cryptocurrency.

Welp, surprise surprise! Trump has already bad mouthed bitcoin(and a little mention of Libra) soooo..

Fun fact though, bitcoin's price rose by a bit that day. Though I'm definitely not saying that the small price rise was due to his tweet, as it could be due to whatever reason. But then again, any publicity is good publicity.

Won't this go against the States already regulating it? Can Trump also use an executive order to ban Cannabis again from the whole country?

Currently Trump is forbidding nearly anything to American citizens and companies regarding Venezuela, except for "humanitarian" things. Petro is a centralized coin, and it can only be used from a single server providing online wallets in Venezuela, i haven't tried but i guess you could connect to it via Tor. Not that you should, Petro is really bad an altcoin and should be avoided for several different reasons, not political but technical (think: State scam).

That said Bitcoin cannot die. Nope, not even if ALL states ban it (good luck with that). It would just go underground, number of transactions would decrease, perhaps mining as well, but it will not die. Price might even soar (remember, illegal = scarce therefore expensive).

We could all transact p2p using tor or similar, and no gov would ever know. ISPs can detect tor activity, but not what activity is going on in it. You could be reading some manifesto or sending bitcoin. Mining can simply shrink down as i predict will do anyway after some more years (due to economic reasons).

An American cannot come here and say they don't deal with Petros without confessing a "crime", but i have no reason to believe they cannot do it anyway. Its like saying people don't do drugs in the States.

China and Russia is more likely to try, or perhaps they have already seen the futility of it. Once upon a time, they also believed in central planned economy, but decades of famine convinced them otherwise. So in those countries they might try and see how futile is it, and end allowing it after a few years. Even Cuba is backing down some of its half century old policies, their communist party officially stating in 2017 that some amount of market and private ownership is needed, ie. following the likes of Vietnam and China.

Trump might get pissed some fellow Americans could be dealing with China secretly in bitcoin, and thus avoiding his little tax war with them. But so far i see most good citizens declaring and paying their (new) custom fees, perhaps helping pay for the mythical Mexico wall that will end all the problems for Americans, somehow?

But if America decides to join the likes of Russia, China, maybe India, Bolivia etc; i don't think people would keep calling it "land of the free"... Or, i don't know, people could vote in next presidential elections...

Certainly, the United States is a country with a relatively high number of bitcoin users, if Trump has strict rules with bitcoin, the value of bitcoin going down is an easily recognizable signal, besides, whale groups always like such community events, support pushing prices down is one thing they are happy to do. Continuing from another perspective, the US has always been a strong influence, other countries will start to have similar views, immediate and future consequences are hard to imagine, don't expect this powerful man to make bold decisions

We have Tom Lee, Bitcoin, e-cigaretts and Trump in same sentence, and this is not only funny, but a little ironic. The famous Tom Lee which cannot forecast anything is now saying that Trump might one day ban Bitcoin just because some e-cigaretts are banned in US? Well that's actually good news, cigarettes cost the American health system probably billions every year.

I do not see any long-term problem if Trump is ban Bitcoin, China do the same few years ago and Bitcoin is become even stronger after that. If Americans want to be in trading war with most of the world, and to have such president again then go for Trump again next year.

There is a little chance that it will happen and once it will happen this will surely affect the bitcoin prices as US is the big contributor of bitcoin and other currencies.

There is a little chance also that US and it's companion countries will follow it's move so it will be tough for the crypto currencies to move forward. One thing that is sure also, there is 0% that crypto currencies will go down.