If Bitcoin is regulated and Governments Want Their Cut, will the crypto market be worse off than Gold? – December 25, 2020,
Personally, I’m rooting for Bitcoin and all the cryptocurrencies, primarily because I’d love it if they found a way against the regulators, now if the means in which crypto finds a way around the regulators don’t allow for other industries to do duplicate the formula, I’d be disappointed, but for now, I’m on the wait and see list.
I haven’t bet a lot, but I do own some Bitcoin, I treat bitcoin the way a hardcore bitcoin-er treats it, I’m never selling, I want to see what happens, I bought my bitcoin for the cheap and I’m very interested in blockchain technology, but Bitcoin hasn’t gone through the socialist we want money for everything test yet.
When I ask most people invested in bitcoins about regulations, they shrug it off and quite frankly I don’t blame them, heavy regulations haven’t happened yet, so why should they care? But for now anyway, whenever anyone tells me that Bitcoin is the new gold, I laugh to myself, because Gold is heavily regulated, the price is clearly manipulated and Central Banks hoard it, just in case their fiat system crashes.
Canada to date I think is the only government that has sold off all of its gold, however, The Royal Canadian Mint is a Crown corporation, which means it’s a Canadian State-owned enterprise, so I assume if the Canadian fiat dollar is destroyed, the Canadian government should have a Gold-Silver backup plan.
I write this mostly because Bitcoin and Cryptocurrencies are something entirely different, hoarding them in digital space is something entirely different, the energy used to create a Bitcoin is something entirely based on confidence, whereas Gold is something you can hold, wear around your neck, fingers, toes and even use industrially.
Blockchain is great, but I’ve already read about superior options to blockchain technology, technology is based on innovation and both bitcoin and Blockchain are betting on their existence being the be all end all. Now, my problem with bitcoin has always been the Bitcoin wallet, illegal barter transactions can happen with almost anything, drug smugglers still use Gold to wash their cash.
So if the regulators go hard on Bitcoin making certain Bitcoin transactions an illegal means of trade, it then put bitcoin in an entirely different space. It appears to me that the 2020 election was ripe with fraud, but somehow the powers that be have created a narrative that makes it seem that there was no election fraud, so I say if there can be a Coup d’état of a U.S President, what would stop the powers that be from cracking down on bitcoin?
The only answer that comes to my mind to stop the government from cracking down on Bitcoin are hackers, this is why I don’t count Bitcoin or crypto out, I’d rather wait and see what happens. I’m still going to ask my questions in hopes of getting a suitable answer and to date, I find that the bitcoin communities are too emotional for my tastes, but this world is constantly evolving and who knows what can happen.
Because Bitcoin doesn’t do anything, most of the professional investors have to stay away from it, Bitcoin needs the blessings of the Government before it becomes an asset entities can like pensions can invest in. For now, at least I agree with Kevin O’Leary, but this is one of the few times I’d like to see some drama, I genuinely want to see what will happen if Bitcoin becomes targeted by the government or will years pass by and all of sudden Bitcoin is just something that’s accepted everywhere and the Government basically says use it at your own risk!
Interesting times ahead
