An outright Bitcoin ban in the US is probably a thing of the past as the crypto has given the government enough reasons to exist with the US dollar concurrently, says Digital Currency Group’s chief executive, Barry Silbert.
Bitcoin’s journey so far has been nothing short of a roller coaster ride. From one side, it is looked upon as the most powerful investment asset and a potential hedge against imminent inflation brought upon by the COVID crisis; the Trump administration hasn’t left an opportunity to denounce it either.
President Trump has so far maintained that Bitcoin could never take the place of the US dollar and advised his Treasury Secretary Steve Mnuchin to consider a Bitcoin ban to gain a competitive edge while negotiating a trade deal with China in 2018.
Is Washington warming up to crypto?
Now, according to Silbert, as major Wall Street firms and Washington DC warm up to the idea of crypto, an absolute Bitcoin ban is improbable.
For the first time since its inception, Bitcoin ban is no longer seen as perceived risk. The second-quarter report by Grayscale Investments shows that there is enough institutional interest in the crypto despite the ongoing crisis. I am cautiously optimistic about a change in regulatory viewpoint over Bitcoin.
Apparently, one of the reasons why the Bitcoin ban looks off the charts as of now is the catastrophic Twitter hack from last week that compromised the Twitter accounts of some of the most prominent faces in the country. Although the hackers managed to amass over $100,000 in Bitcoin, it was Twitter’s security system that attracted all the criticism. Read More