What if bitcoin will be made as the official cryptocurrency, promoted and regulated by the government, what will be the effect to other cryptocurrencies? Is there a chance that others will be banned? How do you if will affect the bitcoin price? Will it be a negative impact on bitcoin itself?
I doubt we'll ever see the day where Bitcoin will become legal tender, but I could imagine reaching a point where the first country decides to build Bitcoin reserves.
As soon as that happens it will only be a matter of time for other governments to follow suits. Needless to say this would be one of the scenarios where Bitcoin would come close too, if not surpass, Gold's market cap.
