Bitcoin’s market cap went from $0 to $162B in 11 years with: – no backing from governments – no …

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Bitcoin’s market cap went from $0 to $162B in 11 years with: – no backing from governments – no backing from universities – no backing from the traditional banking system

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Now imagine that the US central bank develops it’s own block chain currency with easier access and usability, then forces civilian adoption to be used instead of fiat currency, while making other crypto currencies like bitcoin illegal. What do you suppose will happen to the current bitcoin market cap?

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Edgar Munoz

If Bitcoin was made illegal, it’s price would go up even more.

brother

Adam Tully, also they could just continue minting coins. Causing a digital fiat to inflate, ultimately making it useless. A government backed crypto would only work if they make it like hard money, pegging it to physical assets. Also the point of btc is to remove koney from state. Nobody trusts the government, but I can trust that bit coins code will do as it always does.

brother

And it was already outlawed! Once when they realized they can’t shut it down they decided they wanna tax it.

Star

brother , just shows how useless government is… but they succeeded in controlling the price of it 😞

Avatar

Kind of like the Bolivar government Petro coin right? Centralized block chain run by a rival government, but unlike bitcoin it has actually been outlawed and banned by the US federal government in congressional bills to a point where if you buy it you’re knowingly committing an act of treason which is why exchanges/trading platforms cannot list Petro. It doesnt take much to destroy a cryptocurrency.

brother

Star , because of usdt. But eventually they will have to take stable coins out of the equation as they are bad for the digital economy. For now it will be an on ramp into the new monetary system.

brother

Adam Tully, meanwhile BTC is the only way Venezuelans can aquire water and essential goods. The government backed currency is failing along with oil prices. So pretty hard to destroy something that is helping the little people as people back BTC.

Stefan Crypto

Bitcoin and other cryptos will not disappear when these countries begin there own cryptos,which they will there will have to be a bridge between legal and illegal for criminals.

Doroteo Arango

Ben Riley, almost nothing is as scarce as gold

Ben Riley

Doroteo Arango, By definition Bitcoin is. Only 21M Bitcoin forever. We don’t know how much gold is on earth and there is an infinite amount on asteroids in our solar system.

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