The Ripple Labs case has been an amusement for some, while it has remained a matter of great concern for its investors. However, the case’s recent development has sparked a new debate in the crypto community about the possibility of a Bitcoin ban by the USA government. On the one hand, veteran investors like Peter Schiff and Ray Dalio have been issuing warnings about a possible ban.
On the other side, defenders like Michael Saylor and Tyler Winklevoss have been pleading the defensive pretty aggressively. The newest defender of Bitcoin has risen from the ranks of the opposition. The SEC senior lawyer Hester Peirce has come out to be a major Bitcoiner and digital currency supporter.
Is a Nation-wide Crypto Ban on Bitcoin and Digital Assets Possible in the USA?
Hester Peirce, who has also earned Crypto Mom’s nickname in the community, believes that imposing a ban on Bitcoin and any other digital asset is almost impossible now. She said that to impose the ban, the government would have to shut down the mainframe internet first. There are many channels like Tron markets and VPNs where buyers can keep acquiring digital currencies.
Furthermore, the most notable institutional investors have already put their stakes in Bitcoin and other digital assets that could bring another crash of the economy. While the recent stimulus devaluation of the economy is taking place, enforcing another market crash is not a very likely proposition. She told MarketWatch Investing in Cryptocurrencies series that such a decision would be a very ‘foolish move’ by the federal authorities.
Ray Dalio is the veteran investor who founded the biggest hedge fund in the world known as Bridgewater Associates. He is one of few investors who have raised stakes in Bitcoin and still side with the Bitcoin pessimistic opinions. In a recent interview with CNBC, he remarked that governments of the world like to have a monopoly over the supply and demand under their jurisdiction.
Bitcoin is a digital asset that has provided a solid foundation and investment hedge for many during a difficult time. The massive success of the cryptocurrency is going to become its biggest undoing and make it a threat to the dollar. He believes that just like the government had outlawed gold during the 1930s, history could repeat itself for Bitcoin.