I see many users talking about how USA government and Trump declared a war against Bitcoin! No, they didn't. Listen their message again! They declared a war against the criminals who are using bitcoin for illegal activities. A huge difference!
It doesn't mean anything
They can use a whole arsenal of indirect methods to hurt Bitcoin if they really wanted to (and they do). Obviously, fighting Bitcoin directly may be counterproductive (it's like banning the law of gravity), but I wouldn't be overly optimistic about their real intentions. In short, if they can kill Bitcoin, they will do it without thinking twice, ever, as it is a competitor to the dollar hegemony (what your post is about). In this manner, a war against criminals using bitcoin for illegal activities is in fact a war against Bitcoin itself
This is true. But if the Trump Administration can add 25% tariff on China and other idiocy, there is nothing to say they could not ban all exchanges in the USA or
other methods an attempt to kill bitcoin.
Or they could simply tell the IRS that we are even a 'more complete' interest and review out tax forms with the IRS as was done in the Red Scare of the 1950s
Roosevelt Administration banned GOLD for crying out loud. Even unenforceable just banning Bitcoin would probably kill it in the USA at least. Hard to mine BTC if
the banks won't take your $$$ for such, etc.
Thus they may not kill bitcoin, but any ham-handed approaches like the above would drive the price down to the 2k or below IMHO
they may not destroy bitcoin, but they could really, really mess up the store of value idea of Bitcoin.
So destroy no, get it back to niche version of crypto from 2014 or so, price-wise and user wise by regulating users/exchanges and/or usual FUD...yep..they could
dump the price to $2k again easy by drying up any new interest in bitcoin.
So losing BTC is not the issue, losing some gains in price on a massive scale while Congress gets around Facebook Libra (and likely kills it) that would be the issue.
If I was Facebook and the above fud happens for all crypto, I'd just buy BitPay for like 20 billion dollars of facebook couch change and or if that is too obvious
simply use the BitPay service to get around the loss of Libra. Sure not as good as the control they are used to on stuff and not having their own crypto
but hell, they could still 'data mine' user info in that manner on crypto. So there would be some pushback on fud/gov't etc trying to do away with crypto
of an open-source nature and not state-sponsored...but in the short term, it would be $2k to $4K BTC again at best with more roadblocks to adoption. At
least in the short-term.
If they wanted to kill the price of BTC in the USA I'd have the IRS do a complete audit of all crypto tax returns they have done such with taxpayer before
and I don't think the numbers would bother them any.
Hope I'm wrong but there are lots and lots the Trump Administration can do to stifle the growth of Bitcoin or at least dump the price in half over the next year or so.
There is always gonna be a counter-reaction to Bitcoin the more it succeeds in adoption, so we will see. To say the next Bitcoin halving is gonna be interesting
in less than a year with all this drama/fud is an extreme understatement! As an aside, with this kinda FUD, I kinda think Libra is toast, at least as run by Facebook
for data mining.
Anyway, hopefully, I'm dead wrong and it will all be unicorns/fairy dust/rainbows/and lollipops! Not counting on it though.
Crypto: Always Drama!
Brad