- How the proposed bill to ban cryptocurrency could bring doom than blessing to the United States’ economy
- Countries of the world in the league with US are ready to take the advantage
Cryptocurrency has been receiving a host of criticisms from different countries, especially in the United States where it is seen as a threat to the country’s national currency due to the prominence of US Dollar in the world’s economy.
Almost all major cryptocurrencies especially Bitcoin (BTC) is evolving steadily in price in the crypto market as BTC presently revolving around $6800, and interests from reputable institutions are perceived lately despite the forces of the critics and pessimists.
Just a day ago, there was a viral video where a United States congressman from California, Brad Sherman was setting a bill to ban cryptocurrency trading in motion before the US congressmen.
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In the video, Sherman is seen exhibiting the fear of cryptocurrencies reducing the value of US Dollars, disempowering United States and the rule of law.
Reputable Institutions keep Plunging into Bitcoin (BTC) Trading
Despite the forces wishing the shutdown of cryptocurrency, it continues to gain popularity as giant institutions such as Fidelity, E-Trade and Ameritrade are already getting involved in Bitcoin (BTC) trading.
Facebook, the world’s largest social media by user-base is also introducing its own stablecoin which resulted in lifting the restriction it placed on the promotion of cryptocurrency related contents on its platform.
What to Expect if Cryptocurrency Is Banned in the US
There have been diverse voices calling for the ban of all cryptocurrencies. People like Warren Buffett, CEO of Berkshire Hathaway, Nouriel Roubini, chairman of Roubini Macro Associates LLC and Joseph Stiglitz, a public policy analyst have once shown their stiff resistance towards the existence of Bitcoin (BTC) and other digital assets.
Some giant countries like Russia and China are clearly looking for a means to displace US Dollar from being the world reserve currency, and they can easily sneak through the loop hole of the threat some American economic mouthpiece perceived Bitcoin (BTC) post to the United States currency and its giant economy.
It was in the news some days ago that Russia has started accumulating Bitcoin (BTC) in numbers as means to reduce the severity of United States preplanned sanctions and to halt its reliance on gold markets controlled by the US.
According to report, some American citizens that are crypto investors across border are already renouncing their citizenship due to the strict and exorbitant cryptocurrency taxation from the recent Trump tax reform.
So, the possible success of the proposed bill to ban cryptocurrency trading could bring unexpected doom than blessing to the US as countries in its league could take the advantage.
Some cryptocurrency analysts have termed the proposed ban and perceived threat a blessing in disguise as Bitcoin (BTC) and other digital currencies would get unexpected global exposure, which could speedily aid their growths in the world market.
