Can and Will Donald Trump ban Bitcoin protocol?
U.S. President, Donald Trump, has tweeted his dislike of Bitcoin and has accused it of being volatile.
The president can make laws that impose bans on the cryptocurrency at the Bitcoin protocol level or the service layer on the basis that code is not speech etc.
However, it is highly unlikely that Trump will choose to go for it as it’s apparently against his own interests.
Once again the top trending news was taken over by Bitcoin, the ever-famous cryptocurrency, after the President of the United States expressed his dislike for the currency on Twitter by accusing the currency to be volatile.
And even though the whole world seemed to engage in its discussion right after the global leader’s tweet, the crypto markets didn’t seem to have any such concern with the statement which perhaps meant they have other things to worry about in their time.
Code is not speech; it executes actions
Now, there are some unconventional ways in which Trump could accomplish banning Bitcoin. The first one is by using the “code is not speech” argument, which is false according to many who say that it is indeed speech and banning it is equivalent to banning civil liberties.
And theoretically, these actions can be banned by law in the U.S. after which the effect will be felt globally in the Bitcoin industry.
USA’s impact on the Bitcoin industry
Even if Trump does not ban Bitcoin altogether, he can still cause significant disruption in the cryptocurrency industry, with the introduction of new compliance and fiscal requirements which decrease the viability of such projects.
The U.S. can cause decentralization of code and operations but Bitcoin would still not disappear.
And the major factor behind Trump NOT choosing to do so is that it’ll be against Trump’s own interests to do so.
Keeping the Trump family happy
It should also be kept in mind that the imposition of laws against Bitcoin and cryptocurrencies, in general, would damage the president’s repute as the “disruptor and a free-market evangelist” that he used throughout his campaign.
Moreover, the biggest Trump-supporting communities in the political enterprise are early supporters of cryptocurrencies and some have even spent considerable time and effort to establish themselves as such.
Look on the bright side
As is already evident, Bitcoin’s potential has now also grabbed attention in the presidential forums, which also attracts the negatives. And even if Trump decides to pass laws against Bitcoin at any level, his decision is bound to be aggressively challenged in the courts.
Also, it should be remembered that the probability of Bitcoin’s value is reduced to zero is and will always remain to be less than the probability of its value increases tenfold. And the fact that Trump, the president of the United States is tweeting about it is proof enough that the times have shifted for a new tomorrow.Read more
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