Why Governments Can’t Get Away with Banning Cryptocurrencies

Crypto Weekly

The dollar is a failing fiat monetary system and the domination United States as a world power will fall off the wall, not unlike Humpty Dumpty. The very idea of governments banning cryptocurrencies is akin to the faerie tales we were all told in our youth. Inconceivable in the real world

US law made it illegal for citizens to own more gold than a certain amount between 1933 and 1975 to prevent gold hoarding. At the time, paper dollars were losing their purchasing power and this was done to move citizens towards them.

It was difficult to enforce the law back then, and only a few gold buyers being prosecuted cases are known. Also, the situation won't occur again since Bitcoin is not pegged to the dollar like gold was when the ban was put in place.

Adding Bitcoin to the ever-growing list of "banned" goods like weapons, drugs, and more would be a waste of time and resources. The "war on Bitcoin" will become part of everyday society whether it is fought against or not if it is as ineffective as the "war on drugs" or "war on terrorism." Bitcoin lacks a physical form, which makes it much more challenging for a government to attack it. Due to the lack of a physical form and encryption, it is difficult to confiscate.

Bitcoin is completely uncontrollable, so governments can only try to control it by barring citizens from owning it. Unfortunately, gold has already proved that this doesn't work. This scenario is also unlikely to happen, especially with major companies like Square, MicroStrategy, and billionaire hedge fund managers investing their capital.

Billionaires, millionaires, and corporations have considerable lobbying power. As long as companies keep adopting Bitcoin in this way and its market cap reaches $1 trillion or more, a government ban would be too detrimental. Governments won't ban Bitcoin for a number of reasons, and even if they do, there's no stopping it. 