The price of Bitcoin (BTC) is everywhere in the latest cryptocurrency news as the most dominant cryptocurrency climbs to (eventually) reach the $7,000 mark. However, a lot of analysts and investors are apparently worried by a possible US Bitcoin ban which may result in a couple of outcomes.
It all started when one American politician – and a prominent one – bashed the cryptocurrency and said that all cryptocurrencies should be banned. We are talking about the US Congressman Bradley Sherman, whose statement was re-shared in the coming altcoin news, when he remarked that Congress should outlaw cryptocurrencies for US citizens and implied on a US Bitcoin ban too.
“I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by Americans. […] An awful lot of our international power comes from the fact the U.S. dollar is the standard unit of international finance and transactions,” said Sherman during the panel.
However, investors are also taking curves and thinking that a US Bitcoin ban may actually do the crypto economy good. The popular partner at Morgan Creek Digital and a prominent cryptocurrency investor, Anthony “Pomp” Pompliano, recently said that Sherman is “scared of a world where non-sovereign currencies are the default.” He was in the altcoin news for noting that with cryptocurrencies and other decentralized technologies, a US Bitcoin ban would also lead the country to lose traction.
“Congressman Sherman is worried that global superpowers will have no response to Bitcoin’s decentralized, immutable, non-censorable, and non-seizable advantages,” is what the popular “Pomp” said in his Off The Chain newsletter, for which he was shared by many best cryptocurrency news sites.
In the eyes of Pompliano, a US Bitcoin ban could lead to an “incredibly bullish development” for Bitcoin. So, by trying to ban it, which would certainly be difficult, Sherman is “actually confirming its validity.” In that way, a Bitcoin ban may entice many libertarian-learning or even regular consumers to in turn purchase Bitcoin (BTC) even more and prove that the cryptocurrency is “better than fiat currencies” as Pomp believes.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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