The President of the United States of America, Donald Trump, on July 12, expressed his negative opinion on the cryptocurrency industry. The President criticized BTC, as well as the Facebook cryptocurrency payment network, Libra, which attracted the attention of many participants in the cryto system.
The impact of Trump's crypto ban on the system as a whole
Trump's recent negative review against Bitcoin and other similar cryptocurrencies has attracted worldwide attention and spawned countless discussions. Now the question of whether a ban on Bitcoins can be imposed is raised.
Trump's particularly hostile views did not seem to cause much damage on their own, as the market reacted relatively stably at the time comments were made.
Many even suggest that this fierce stance can bring good crypto results to the community, attracting a large number of users to the network. Still, after Trump's Bitcoin opinion is finally published, is there a chance that the president will try to ban the use of digital assets?
Analyst Alex Kruger believes that although the probability of a ban is small, it can still be technically imposed.
“Bitcoin is a code; the government cannot ban the code.” – Alex Kruger.
In addition, according to the presidential job description, Trump could use his executive powers to orderOrder
– automatic application to buy or sell cryptocurrency. Orders are used during trading on the stock exchange to open and close a position. Details US investors to stop tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details in Bitcoins, as he did with the cryptocurrency Petro from Venezuela.
“Trump can ban Petro because it represents an attempt to circumvent US sanctions”, – says Kruger.
However, even if the ban was imposed on US investors, the congress or courts could easily refute it.
“If Trump actually banned Bitcoin, such actions would have a very negative impact on the eve of the 2020 election and, in particular, lead to the loss of votes of the entire crypto community, especially considering that another presidential candidate Andrew Young, openly praised the cryptocurrency and core technology.”– Kruger.
In the end, Kruger sums up his analysis, stating that, although a Bitcoin ban is possible, it is unlikely, and even if it takes place, it can be easily refuted.
Interesting in the section: Financial geography: countries where cryptocurrency is banned
Donald Trump criticized the BTC and cryptocurrencies, which attracted the attention of many members of the cryo community. Recall from July 15 to July 16 the situation in the cryptocurrency market has changed for the better. Bitcoin showed a slight increase, cryptocurrency is moving back to the recently reached $ 11,000.