{"id":449575,"date":"2020-11-12T15:02:26","date_gmt":"2020-11-12T15:02:26","guid":{"rendered":"https:\/\/uniquehot.com\/?p=449575"},"modified":"2024-06-11T14:08:21","modified_gmt":"2024-06-11T14:08:21","slug":"bitcoin-showdown-with-governments-could-see-it-banned-but-markets-dont-care","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-showdown-with-governments-could-see-it-banned-but-markets-dont-care\/","title":{"rendered":"Bitcoin Showdown With Governments Could See It Banned\u2014But Markets Don’t Care"},"content":{"rendered":"

The Bitcoin price rediscovered its form yesterday with a 4% gain on the day. Today sees a continuation of that form, as buyers managed to break $15.8k resistance<\/a>.<\/p>\n

Sustained buy pressure could see a push past $16k, a level not seen since January 2018.<\/p>\n

\"Bitcoin<\/p>\n

Source: BTCUSDT on TradingView.com<\/a><\/pre>\n
Analysts have attributed Bitcoin’s recent renaissance to a variety of factors. Perhaps most influential is the flood of interest from corporate America – who look to Bitcoin as an inflation hedge during the uncertainty.<\/p>\n
However, billionaire investor and founder of asset management firm Bridgewater Associates<\/a>, Ray Dalio, sees it differently. He believes Bitcoin has no long term value given that governments will do all they can to crush those who oppose their fiat currencies.<\/p>\n
Dalio Predicts Bitcoin Ban<\/h2>\n
Dalio has long been critical of Bitcoin and “alternative cryptocurrencies.” Several years ago, during a CNBC interview, he implied Bitcoin was a Ponzi scheme that was soon to crumble<\/a>.<\/p>\n
“It\u2019s a shame. It could be a currency. It could work conceptually, but the amount of speculation that is going on and the lack of transactions [hurts it].”<\/p><\/blockquote>\n
While other influential figures in the world of finance, such as Jamie Dimon<\/a>, have changed their tune over time, Dalio remains steadfast in his views.<\/p>\n
In a more recent interview with Yahoo Finance this time, he spelled out the problems facing Bitcoin and “alternative cryptocurrencies.”<\/p>\n
“A currency has to be an effective medium of exchange, storehold of wealth, and the governments want to control it.”<\/p><\/blockquote>\n
Expanding further, Dalio explained that Bitcoin is a poor medium of exchange as few outlets accept it for payment. Also, he points out that BTC volatility hampers its ability to store wealth.<\/p>\n
But most crushing of all his points is the view that governments will ban Bitcoin once it becomes too big.<\/p>\n
If it becomes material, governments won’t allow it. I mean they’ll outlaw it, and they’ll use whatever teeth they have to enforce that.”<\/p><\/blockquote>\n
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Ray Dalio on #Bitcoin<\/a> and digital currencies. (1\/2)
Based on the arguments @RayDalio<\/a> has against BTC, I think it\u2019s highly likely he will change his mind this cycle. pic.twitter.com\/VSrRGYQjJd<\/a><\/p>\n
— Dew (@0xDew_) November 8, 2020<\/a><\/p><\/blockquote>\n