Topic: Is it possibleTrump Will Prohibit Bitcoin? - page 3. (Read 1034 times)

Possible? yes. Feasible? No.

Its not just Trump, the same is true for any other country. Those in power can make laws and ban things.

Want precedent? After the crash of 29, possession of gold was outlawed, gov confiscated all they could. I imagine many Americans burying their family heirlooms in those days, i think it was until the 70ies or so.

But that's because gold is physical. Bitcoin is better prepared to face this. People can hide their paper with 12 words better than gold. People can also learn to do transactions securely with the likes of tor, etc.

The 15 or so foolish countries that banned Bitcoin, pretend the world is the same as that before the creation of Bitcoin. No, it is not, the genie is out of the bottle, and cannot be put back in.

Yes, it would piss a lot of Americans. When you ban bitcoin you ban a source of wealth and that's the only net effect. You may drive it underground but will never be able to get rid of it entirely, ever. Heck America lost the "war on drugs", which are physical, good luck with virtual stuff...

As much as Trump hates it, and probably would never get close to it like many old school millionaires of his generation; i doubt he will do anything about it. There is very little chance of that actually happening, It didn't happen in the beginning when all the ignorant media was portraying it as "criminal's money", much less now with so many companies involved and even States regulating it.

That guy simply doesn't care about anything (except his ego and money) that isn't related to his re-election. If banning bitcoin will help his campaign he will do it in a matter of seconds, otherwise he doesn't care.

I agree with everything except the last thing you said


Fiat can be controlled yet still it's used vastly in illegal activities

Actually, most of the government officials that want economic growth are against cryptocurrency. Definitely, most of them are businessmen like bankers who protect fiat.
But I guess they're aware of BTC's potential so maybe they're investing in it too. The only problem why they hate it because of volatility and it can be used on illegal things, unlike fiat that can be controlled.

https://www.theverge.com/2019/7/11/20691188/president-donald-trump-bitcoin-cryptocurrency-facebook-libra

I know he hates Bitcoin, but that would be the least thing on his mind right now, because the way I’m seeing it, his hands are full and his focusing on the more important things right now. Though at times lol, he can  do things that you least expect. Even if he decides that he’s going to ban Bitcoin, we know for sure that it is not going to be easy, because there is no Central control to attack, there are lots of computers that controls Bitcoin, so it wouldn’t be possible. It’s just what you have said last that’s going to happen; they will look for aggressive ways to deal with crimes that has to do with laundering money with Bitcoin.

I read an article on some crypto news portal about possible US laws on few states to impose strict restrictions on making use of cryptos and it may extend up to the level of banning crypto as well; but due to corona outbreak it seemed they have delayed it. So, anything may happen from US government in coming months among we keep our expectation high on bitcoin-ETFs to be approved by SEC.

Taxes won't be an issue if eventually Trump take such decisions of restricting US citizens from getting involve into cryptocurrency. There are many ways one can truly avoid these taxes without the government getting to know their secrets. Though, Trump at this time would face his fear of coming back to the Whitehouse. What I think he can do after the election is: probably to find more ways to have control over the digital currency or create a rivalry digital currency against the Chinese government 

Government attitudes fluctuate depending on the governments and the opinions of the people.
The Trump government may change this year or after 5 years.
As for what may judge Bitcoin by continuity or not, it is popular support.
Governments will not be able to stop bitcoin, but they can affect prices and demand, but it is impossible for the price to return to zero.
Don't worry, bitcoin suffers from more problems than government control.

It seems that the majority of popular US politicians are against Bitcoin. Trump is, of course, no exception. But he's been in office for years without making his move (only some angry tweets, but he makes them on many topics). So I really don't think he'd try to make it now, when there are important problems the US has to deal with. Moreover, given the strong democratic institutions of the US, I am pretty sure he cannot prohibit Bitcoin. He's the president, not the king. Not to mention that even the banks are warming up to Bitcoin now that it's the best performing asset of the year, so the US might need Bitcoin in the future.

Despite bitcoin is unstoppable, D. Trump want to be reelected back to Whitehouse and anything from him against the Bitcoin community will give him a point of no return. Even at that, he need bitcoin to store funds which the dollar note can't contain in the vault. Bitcoin is such that won't be stop, not even the United States of America. To ban citizens from using bitcoin or holding bitcoin will add to their economic downtrend: Trump has Many other pressing needs than thinking about prohibit Bitcoin.

Many cryptocurrency users are worried that Donald Trump may ban bitcoins, as has happened with El Petro cryptocurrency. But I believe that this is a completely different situation, since in the case of cryptocurrency from Venezuela, it was a serious political situation. And if Trump decides to ban Bitcoin, then in any case, his decision will appeal the congress, because the president does not have such authority. In addition, the election race has already begun and it is unlikely that Trump wants to lose his electorate due to incorrect decisions regarding cryptocurrency. Especially since today he has a competitor named Andrew Young, who claims a positive policy regarding cryptocurrencies and Donald Trump takes this situation into account in any case. Based on this, Donald Trump can declare anything, but in reality he will act only in a way that will be profitable and safe for himself. therefore, I very much doubt that the cryptocurrency will suffer from its actions.

Probably, many bitcoin fans will be enraged if Trump continue to prohibit bitcoin. That's a very crucial thing for him to do, as there are already big personality who engaged in investing to bitcoin. US economy is crashing right now, and it will make it worse once he prohibit the use of bitcoin in their country. It will surely give a huge impact to their economy.

We all know that most of the people are already engaging in the use of bitcoin and there are people who prefer to invest in bitcoin rather than in any businesses. Trump should think again before doing that, he doesn't even know what are the effects of not legalizing bitcoin in a democratic country like them.

China, with all its might and population, couldn't even stop Bitcoin when she banned it in 2017. When that ban happened a lot of people, miners and companies moved out of China so they could trade in Bitcoin. If Trump decides to tow that line (though I know that's the least of his worries right now), he will succeed muzzling only those residing in America, and nothing else. However, to say it blankly, it's obvious that the world has gone passed the level of anyone believing that they can destroy Bitcoin by limiting its use and activities.

Trump can ban the bitcoin to their country because he is the president, but he cannot prohibit those people who are using it for some online transactions, just like on our country, our president doesn't allow the bitcoin on our country but there are still many people who are using it just like me and some of my friends and we are using it for som crypto activities like trading and investing. We are also using it for some online transactions like buying load, bill payments, etc.

This action will be bad for the country of USA because once they have banned the bitcoin they will lose the opportunity in the future, bitcoin is now very popular and known by many countries and most of the countries are doing good for the bitcoin, I have read before an article that one country is implementing a big place for the bitcoin mining machines, it shows that they are really believing on bitcoin because they know the advantage of using it.

This is way too hard for normal people to understand politics of political people. Especially when I tell you president Trump is the most intelligence president during last years thinking about economy. If he was really anti-bitcoin he would easily use his ban hammer against the bitcoin and shutdown all the legal exchanges offices in US. He could do it in less than a week. But, he didn't which means he is not actually anti-bitcoin but sure he is not agree with people using this currency without of any KYC/AML because of the taxes drug/gun dealers. Trump won't ban bitcoin but he will try to limit it somehow.

I'm sure Donald Trump is a smart person, so he can be elected president of the United States. Even though Trump is anti-bitcoin I'm sure
he knows bitcoin provides benefits in a pandemic situation like now. Like making transactions without the need for physical contact, with
bitcoin can make money from home, and is very good as a safe haven. Therefore I doubt if President Trump will prohibit bitcoin.

I don't realize why he doesn't support the modern and digital currency system.We all know that in future Virtual Currency will exist with huge popularity.And If he really goes against Bitcoin he can't prevent us from using Bitcoin.As we can even trade in Decentralized exchanges.

There's a possibility as Trump is a person who is very unpredictable, but its nature is like the nature of bitcoin so I don't want to think that one day he will make a decision to ban bitcoin in his country. USA is the biggest country or one of the biggest and they have many allied countries, so USA banning bitcoin might lead to a domino effect that we don't want to witness.

In short, bad for cryptcurrency market.

You have already answered your own question above.

Bitcoin cannot be banned like that and it is not the president of any country can do such.
anyway I believe that Trump talks too much most of the time,Hes Being outspoken sometimes leads Him to be No capacity in bringing the right solution in every matters.

As long as the authorities are able to control the market then they will not think about banning the entire market and even if they want the market has grown to more than $150 billion and there are many companies running their business and it is highly unlikely we will see a blanket ban, they are not banning the market because of the benefits of bitcoin but they know very well that they are not able to ban the market completely.

Yes, Trump can ban the use of cryptocurrencies completely within the United States, but he can never prevent people from using cryptocurrencies and completing transactions, and I do not know why Trump and other heads of state are fighting cryptocurrencies and related technology I hope that the use of cryptocurrencies will be allowed in various parts of the world