Sorry for the naïve question, but I'm just really curious. What would happen to Bitcoin price if, for example, Trump declared all cryptocurrencies forbidden?
Can Bitcoin survive because of decentralization or some other underlying tech concepts, or will it simply drop down into oblivion if the government decides to fight it for real?
Can Bitcoin survive because of decentralization or some other underlying tech concepts, or will it simply drop down into oblivion if the government decides to fight it for real?
bitcoin as technology can survive of course, but the price of bitcoin is a different story, it will definitely decrease dramatically in value if the government declared all cryptocurrencies forbidden. So yes, the most influential factor that affects Bitcoin price is government and it could make bitcoin go back to $10 if that scenario takes place.
I wouldn't say so. I think the main influencer with bitcoin prices is the community that supports it since they are the ones that hold on to the coins, and therefore, they are the ones that make the transactions happen, and furthermore, has the control over what will happen to its value, mainly. I think, in terms of the government, I would say that it's more of an indirect effect, especially when looking at the alley where governments have the power to ban or control or regulate cryptocurrencies and its use. In that sense, it can influence their constituents on how they can use cryptocurrencies in their localities. But since it is a worldwide asset that we are talking about, one government can't really have that massive of an effect to it.
