Important people in the crypto space are analyzing Bitcoin‘s situation today, especially following the US election.
The crypto market looks pretty bloody today with the most important coins trading in the red.
At the moment of writing this article, BTC is priced at $15,274.43.
The US government could crack down on Bitcoin
Bitcoin Bull Anthony Pompliano, co-founder of Morgan Creek Digital, recently talked about the possibility of the US government cracking down on Bitcoin, and he explained how exactly it could play out.
During an interview with Dave Lee, Pompliano said that in the case in which all government digitize their currencies, this would boost the adoption and normalization of digital wallets and put digital currencies in the same basket as cryptos.
He said that after people become comfortable enough with digital wallets, they will likely move towards BTC and the idea of hard money. Such a move will eventually lead to a desire of the governments to ban BTC.
“When that occurs, I think that governments are going to go through an exercise. They have two options: they can either do nothing and basically not try to ban it, or they could try to embrace it, or they could try to ban it,” he said.
Pomp continued and explained that “The countries that choose to clamp down are the ones that are going to suffer the most because the one thing that Bitcoin has at its core is the advantage that it’s fully decentralized.”
Banning BTC will not bring benefits
He also said that the US government would see that such a move of banning BTC will not come with benefits.
“So let’s say the US literally said ‘We’re going to ban ownership… and if you own Bitcoin then we’re going to put you in jail…’” he said as quoted by the Daily Hodl.
He continued: “I think what you would see immediately is other global superpowers immediately embrace and adopt Bitcoin because it is their opportunity to get off the dollar standard. They want off the dollar, right? Russia and Putin have talked about this. China has talked about this. Many countries think it’s expensive. It is dangerous. You can be sanctioned.”
Make sure to check out the video above in order to learn more details about what he had to say.
