Bitcoin Wouldn't "Care" If the US Banned It - Morgan Creek Capital CIO
Bitcoin is a global network of computers that is not restricted by geographical borders. Anyone with an internet connection can participate in the network and use Bitcoin to send and receive value. This means that even if the US government were to ban Bitcoin, people in other countries would still be able to use it.
In fact, Bitcoin is already being used extensively in countries with unstable currencies, such as Venezuela or Zimbabwe, where people use it as a store of value or a means of payment.
Key Takeaways
- Bitcoin is a global network of computers that is not restricted by geographical borders.
- US government were to ban Bitcoin people could still use it through decentralized exchanges.
- The ban on Bitcoin in the United States is not widely believed among cryptocurrency experts.
- Bitcoin’s success is unlikely to be adversely affected by a government ban in the US.
Bitcoin’s decentralized nature also means it is not controlled by any central authority, government, or financial institution. Due to this, no single entity is able to shut down or control the network.
Even if the US government were to ban Bitcoin, people could still use it through decentralized exchanges, peer-to-peer networks, and other alternative channels.
Many experts in the cryptocurrency industry do not believe that ban on Bitcoin in the US is possible or even relevant to the success of Bitcoin. In fact, they argue that Bitcoin is a decentralized or global network that operates independently of any single government.
@BitcoinMagazine TWEET
@OnChartDaily TWEET
But while the US believes they speak for the rest of the world, the BRICS countries show the opposite. US citizens transferred to the fed now will have a difficult life.
The government ban on Bitcoin in the US is unlikely to have a significant impact on the success and adoption of Bitcoin. Further, Bitcoin is a decentralized and global network that operates independently of any single government.
@louisjohnsonesc TWEET
It is resilient, valuable, and has a diverse network of users who are committed to its success. A government ban may make it more difficult to use Bitcoin in the US, but it is unlikely to stop its growth and adoption worldwide.