Billionaire Ray Dalio believes that a Bitcoin ban is highly possible in the USA in the same way as Gold back in 1934 to “protect the monetary system” so let’s read more in our latest Bitcoin news today.
Hedge fund manager and Billionaire Ray Dalio shared his thoughts about the Bitcoin future and stated that a crypto ban in the US has a good probability. Dalio outlined how the central banks are interested in controlling the demand and supply of their country and added that banks decide when is their interest to have a monopoly on banking in a country and when things like crypto emerge, everything could go bad.
The crypto market is having a great bull run thanks to the institutional push for crypto and investment companies, managers, and corporations like VanEck, Goldman Sachs, and Fidelity all filed for ETFs with the US Securities and Exchange Commission. This led the central banks to reconsider the impact of digital assets. also, central banks started adapting to the emergence of new technologies in the fintech space and some studying the possibility of issuing a CBDC but that’s not the case with other institutions with an aggressive approach towards crypto-like India’s central bank.
Dalio pointed out that the current situation in India is hostile towards crypto as the county moved ahead with the plans to ban digital assets halting crypto trading and holding and even blocking the Internet Protocol according to an anonymous source from the Indian sources. India’s Finance Minister Nirmala Sitharaman explained that there’s a small window of opportunities for BTC but it seems that this window means that the government will experiment with BTC while implementing blockchain technology on other companies.
Dalio added that the governments could outlaw crypto assets in the same way they did with gold because the law from 1934 required all monetary gold to be transferred to the US so financial institutions were not allowed to hold it:
“Every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing because things can get out of control.
[…] So I think that it would be very likely that you will have it under a certain set of circumstances outlawed the way gold was outlawed. And you’re watching that question arise in India today.”
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