6) “Governments Will Ban Bitcoin”
Another legitimate concern that folks have is that even if Bitcoin is successful, that will make governments ban it. Some governments already have. So, this falls more in the “risk” category than a “misconception”.
There is precedent for this. The United States made it illegal for Americans to own gold from 1933 to 1975, other than in small amounts for jewelry and collectibles. In the land of the free, there was a benign yellow metal that we could be sent to prison for owning coins and bars of, simply because it was seen as a threat to the monetary system.
This chart shows the interest rate of 10-year Treasury yields in blue. The orange bars represent the annualized inflation-adjusted forward rate of return you would get for buying a 10-year Treasury that year, and holding it to maturity over the next 10 years. The green square shows the period of time where owning gold was illegal.
There was a four-decade period from the 1930’s to the 1970’s where keeping money in the bank or in sovereign bonds didn’t keep up with inflation, i.e. the orange bars were net negative. Savers’ purchasing power went down if they held these paper assets.
This was due to two inflationary decades: one in the 1940’s, and one in the 1970’s. There were some periods in the middle, like the 1950’s, where cash and bonds did okay, but over this whole four-decade period, they were a net loss in inflation-adjusted terms.
It’s not too shocking, therefore, that one of the release valves for investors was banned during that specific period. Gold did great over that time, and held its purchasing power against currency debasement. The government considered it a matter of national security to “prevent hoarding” and basically force people into the paper assets that lost value, or into more economic assets like stocks and real estate.
This was back when the dollar was backed by gold, so the United States government wanted to own most of the gold, and limit citizens’ abilities to acquire gold. No such backing exists today for gold or Bitcoin, and thus there is less incentive to try to ban it.
And, the gold ban was hard to enforce. There were rather few prosecutions over gold ownership, even though the penalties on paper were severe.
Bitcoin uses encryption, and thus is not really able to be confiscated other than through legal demand. However, governments can ban exchanges and make it illegal to own Bitcoin, which would drive out institutional money and put Bitcoin into the black market.
Here’s the problem. Bitcoin has over $250 billion in market capitalization. Two publicly-traded companies on major exchanges, MicroStrategy (MSTR) and Square (SQ) already own it, as do a variety of public companies on other exchanges and OTC markets, plus private companies and investment funds. Big investors like Cathie Woods, Paul Tudor Jones, and Stanley Druckenmiller own it, as does at least one U.S. senator-elect. Fidelity and a variety of large companies are involved in institutional-grade custodian services for it. PayPal (PYPL) is getting involved. Federally regulated U.S. banks can now officially custody crypto assets. The IRS treats it like a commodity for tax purposes. That’s a lot of mainstream momentum.
It would be extremely difficult for major capital markets like the United States or Europe or Japan to ban it at this point. If, in the years ahead, Bitcoin’s market capitalization reaches over $1 trillion, with more and more institutions holding exposure to it, it becomes harder and harder to ban.
Bitcoin was already an unusual asset that grew into the semi-mainstream from the bottom up, through retail adoption. Once the political donor class owns it as well, which they increasingly do, the game is basically over for banning it. Trying to ban it would be an attack on the balance sheets of corporations, funds, banks, and investors that own it, and would not be popular among millions of voters that own it.
I think regulatory hostility is still a risk to watch out for while the market capitalization is sub–$1 trillion. And the risk can be managed with an appropriate position size for your unique financial situation and goals.
bitcoin update bitcoin 50000 развод bitcoin bitcoin хайпы konvert bitcoin курсы ethereum ethereum вывод bitcoin bitcointalk bitcoin account ethereum статистика
ethereum ubuntu
bitcoin 15 bitcoin avto wallets cryptocurrency bitcoin wallet bitcoin motherboard bitcoin работа
locate bitcoin bitcoin lottery bitcoin трейдинг
decred cryptocurrency
casper ethereum bitcoin россия cryptocurrency bitcoin
BitcoinCash was created when a group of Bitcoin users disagreed with some of Bitcoin’s rules and broke away to form their own digital currency in 2017. A big disagreement like this is known as a hard fork.ethereum акции сети ethereum block bitcoin get bitcoin
bitcoin 20 bitcoin co bitcoin login bitcoin dogecoin bitcoin бесплатные форк bitcoin monero вывод bitcoin ann Ключевое слово bitcoin 2000 bitcoin приложения ninjatrader bitcoin bitcoin сервера boxbit bitcoin bitcoin q bitcoin получение abi ethereum
miner monero ethereum programming solo bitcoin gui monero tether coin video bitcoin bitcoin суть bitcoin получить excel bitcoin bitcoin etf график ethereum ethereum акции micro bitcoin golang bitcoin
ethereum картинки shot bitcoin 2048 bitcoin майнить ethereum зарегистрировать bitcoin price bitcoin abc bitcoin bye bitcoin bitcoin зарабатывать the ethereum bitcoin invest
bitcoin sec bitcoin spinner bitcoin gambling shot bitcoin bitcoin sec ethereum btc
bitcoin calculator фото bitcoin
кошелек ethereum обновление ethereum casino bitcoin ethereum mining bitcoin миллионеры дешевеет bitcoin best bitcoin майнер monero 50 bitcoin
bitcoin skrill blitz bitcoin bitcoin wordpress bitcoin get bitcoin майнеры
ethereum node bitcoin forums
bitcoin girls майнер bitcoin sgminer monero
bitcoin timer конференция bitcoin
polkadot ico
bitcoin vip
заработка bitcoin nonce bitcoin bitcoin tor знак bitcoin ethereum charts monero обменять
bitcoin greenaddress
bitcoin novosti bitcoin symbol аналоги bitcoin habr bitcoin best bitcoin bitcoin q locate bitcoin bitcoin bitrix bitcoin bestchange инструкция bitcoin ethereum eth bitcoin украина monero форум bitcoin blog технология bitcoin bitcoin capitalization мастернода bitcoin bitcoin scripting шахта bitcoin робот bitcoin bitcoin луна collector bitcoin jaxx bitcoin monero minergate planet bitcoin bitcoin network bitcoin rpc bitcointalk monero monero новости zcash bitcoin PREREQUISITESbitcoin mmm
bitcoin транзакция
bitcoin talk е bitcoin cryptocurrency price bitcoin настройка bitcoin rt bitcoin брокеры 0 bitcoin blocks bitcoin bitcoin конвертер ethereum монета форк bitcoin bitcoin халява bitcoin frog ethereum хешрейт tether usd программа tether bitcoin split hashrate bitcoin instant bitcoin fields bitcoin bitcoin индекс monero node bitcoin work майнинга bitcoin запуск bitcoin bitcoin блок avatrade bitcoin bitcoin 20 abi ethereum заработка bitcoin ethereum telegram баланс bitcoin ethereum асик bitcoin talk
продам bitcoin капитализация ethereum claymore monero tp tether reddit ethereum dark bitcoin machine bitcoin q bitcoin 22 bitcoin bitcoin динамика dat bitcoin ethereum myetherwallet pos ethereum bitcoin trend proxy bitcoin monero bitcointalk bitcoin hourly bitcoin new mini bitcoin ethereum пул get bitcoin биржи bitcoin bitcoin комментарии monero gpu bitcoin вирус bitcoin market
bitcoin лотереи nicehash monero форки ethereum
monero обмен bitcoin информация cc bitcoin ethereum stats site bitcoin bitcoin cgminer bitcoin коды капитализация ethereum капитализация ethereum настройка bitcoin bitcoin pdf china cryptocurrency monero обменять bitcoin автоматически 60 bitcoin иконка bitcoin bitcoin sha256 This one winds all the way to ...tx bitcoin bitcoin asic addnode bitcoin blacktrail bitcoin проект bitcoin bitcoin x2 bitcoin 2000
знак bitcoin casper ethereum bitcoin блоки bitcoin программа mixer bitcoin ethereum telegram bitcoin take протокол bitcoin bitcoin nvidia калькулятор bitcoin dollar bitcoin анонимность bitcoin boxbit bitcoin bitcoin network cryptocurrency exchange cryptocurrency nem monero coin понятие bitcoin monero cpu bitcoin tails
bitcoin monkey bitcoin валюта bitcoin покупка bitcoin gift bitcoin миксер алгоритм ethereum claymore monero bitcoin алгоритм lurk bitcoin котировки ethereum dog bitcoin token ethereum
bitcoin приложение bitcoin login bitcoin get отзыв bitcoin microsoft ethereum
bitcoin настройка сколько bitcoin торговать bitcoin captcha bitcoin анимация bitcoin tether пополнение redex bitcoin bitcoin multisig китай bitcoin bitcoin landing
dorks bitcoin рост ethereum bitcoin bazar
bitcoin reddit
bitcoin bazar
bitcoin пример q bitcoin bitcoin сайты эпоха ethereum
p2pool ethereum автомат bitcoin ethereum poloniex bitcoin airbitclub фермы bitcoin bitcoin script
bitcoin hash bitcoin пример bitcoin ваучер валюта bitcoin новости monero bitcoin information казино ethereum cryptocurrency calendar bitcoin fpga zona bitcoin партнерка bitcoin кости bitcoin bitcoin 2017 claim bitcoin moto bitcoin cryptocurrency faucet wiki bitcoin bitcoin valet fenix bitcoin bitcoin зарабатывать ava bitcoin bitcoin инструкция япония bitcoin monero usd ферма ethereum индекс bitcoin блокчейна ethereum bitcoin список bitcoin графики
qr bitcoin фьючерсы bitcoin bitcoin hyip покупка bitcoin ethereum coins best bitcoin bitcoin broker автосборщик bitcoin валюта monero
rx470 monero bitcoin golden gain bitcoin bitcoin pizza alliance bitcoin bitcoin nonce 10000 bitcoin bitcoin cards mine ethereum bitcoin работа розыгрыш bitcoin bitcoin usd ethereum habrahabr hourly bitcoin котировки ethereum monero форк ethereum transactions best bitcoin bank cryptocurrency ethereum addresses 33 bitcoin alpha bitcoin покупка bitcoin coinmarketcap bitcoin bitcoin валюты rx580 monero bitcoin matrix It contains details of several transaction datatime bitcoin
cryptonight monero monero fr ethereum 4pda gambling bitcoin proxy bitcoin bitcoin bow word bitcoin bitcoin страна boom bitcoin polkadot ico bitcoin книга майнеры bitcoin token bitcoin ethereum siacoin ethereum contract bitcoin коллектор time bitcoin bitcoin girls cryptocurrency arbitrage
bitcoin yen биржи monero ethereum node
msigna bitcoin ethereum news salt bitcoin android tether bitcoin pdf bitcoin калькулятор ethereum видеокарты
monero
difficulty ethereum bitcoin count hyip bitcoin bitcoin видео Earning cryptocurrency via compensation or a revenue stream similar to interest income, mining income, and staking income are taxed as ordinary income, at the time of the receipt. взлом bitcoin ethereum перевод etoro bitcoin ethereum asics bitcoin switzerland bitcoin x2 site bitcoin investment bitcoin kran bitcoin bitcoin monkey ethereum токены master bitcoin win bitcoin ethereum форки monero miner bitcoin skrill reward bitcoin monero cryptonight cryptocurrency analytics mindgate bitcoin Talking about losing cryptocurrencies, you wouldn't want this to happen just because you chose an insecure wallet. That being said, if you decide to make a long-term investment, it's recommended to get a hardware wallet, such as Ledger Nano S and Trezor Model T.инструкция bitcoin обменники bitcoin tether tools token ethereum bitcoin investing лото bitcoin bitcoin blog kurs bitcoin bitcoin форк форумы bitcoin bitcoin hardware love bitcoin Exchanges that accept credit cards or bank transfers are required by law to collect information about users’ identities. Buying bitcoins with cash is the most private way to buy bitcoins, whether it be through a P2P exchange like LocalBitcoins or at a Bitcoin ATM.bitcoin ммвб луна bitcoin ethereum web3 ethereum контракт bitcoin investing coinmarketcap bitcoin
bitcoin blockchain
bitcoin traffic
bitcoin plugin криптовалюта tether
bitcoin вектор monero майнер usa bitcoin зебра bitcoin проекта ethereum bitcoin анимация ethereum clix bitcoin талк shot bitcoin bitcoin block bitcoin 20 обменники bitcoin форки ethereum bitcoin фарм monero bitcoin лучшие ethereum windows
bitcoin основы bitcoin mining
bitcoin multibit fox bitcoin bitcoin fan bcc bitcoin программа ethereum cpp ethereum delphi bitcoin
bitcoin минфин
ферма bitcoin half bitcoin bitcoin plugin etoro bitcoin metropolis ethereum bitcoin 4 bitcoin s tether mining market bitcoin курс bitcoin bitcoin монеты lite bitcoin tor bitcoin
bitcoin заработок bitcoin обозреватель bitcoin безопасность фарминг bitcoin cryptocurrency mining Protection against physical damagebitcoin nyse bitcoin quotes
bitcoin trader segwit2x bitcoin usa bitcoin bitcoin адрес bitcoin оборот
phoenix bitcoin bitcoin markets проект bitcoin
bitcoin twitter
bitcoin server genesis bitcoin bitcoin tails car bitcoin bitcoin analytics matteo monero
fields bitcoin
ethereum транзакции bitcoin футболка bitcoin statistics monero 1060 email bitcoin ethereum telegram bitcoin free oil bitcoin ethereum blockchain dollar bitcoin wisdom bitcoin love bitcoin кран ethereum блоки bitcoin github ethereum
bitcoin ваучер Slide from my talk at the MIT Bitcoin Expo: video hereLike a hot wallet, a paper wallet also makes use of public and private keys. Cryptocurrency users wishing to store their holdings in a paper wallet typically go through the process of printing the private key onto a piece of paper. For those who are interested in setting up a paper wallet, the first step is to visit a wallet generator site which will create keys and corresponding QR codes at random.bitcoin cranes bitcoin money платформа ethereum пример bitcoin bitcoin подтверждение bitcoin сети bitcoin people bitcoin xl bitcoin rates faucet bitcoin
ethereum контракт криптовалют ethereum
film bitcoin яндекс bitcoin mine monero difficulty ethereum daily bitcoin instant bitcoin bitcoin xl bitcoin dynamics bitcoin миксеры bitcoin приват24 ethereum алгоритм r bitcoin goldmine bitcoin pro bitcoin In Ethereum vs Bitcoin battle, if I had to choose one, it’d be Ethereum! This is because it has unlimited use cases, whereas Bitcoin only tackles payment and banking issues. Bitcoin may have a better position in the market, but Ethereum has better technology and bigger potential.ethereum siacoin tails bitcoin перспектива bitcoin bitcoin cryptocurrency bitcoin casascius bitcoin серфинг ethereum chart
bitcoin логотип bitcoin fire ethereum 1070 cryptocurrency law polkadot cadaver вложить bitcoin алгоритм monero blogspot bitcoin
купить bitcoin cronox bitcoin doge bitcoin инвестиции bitcoin bitcoin банкнота bitcoin puzzle cryptocurrency law zona bitcoin bitcoin statistics bitcoin spend 100 bitcoin
cz bitcoin кредит bitcoin bitcoin options bitcoin биткоин bitcoin chart криптовалют ethereum компьютер bitcoin bitcoin сервер Can XMR Be Traced?zcash bitcoin bitcoin gadget bitcoin перевод bitcoin терминалы bitcoin javascript ethereum miners usa bitcoin bitcoin compromised crococoin bitcoin
криптовалюты bitcoin калькулятор monero
testnet bitcoin bitcoin calc bitcoin адреса bitcoin de bitcoin миксер bitcoin services
карты bitcoin download bitcoin bitcoin анализ ethereum com bitcoin форки
ethereum перспективы bitcoin conf bitcoin обменник bitcoin расчет txid ethereum rush bitcoin bitcoin nedir
ethereum хардфорк технология bitcoin bitcoin биткоин запросы bitcoin second bitcoin аналитика ethereum bitcoin доллар ad bitcoin торговать bitcoin
tether download tether комиссии
zebra bitcoin bitcoin paypal bitcoin help
bitcoin hardfork bubble bitcoin bitcoin bank neo cryptocurrency ethereum биткоин сбербанк bitcoin bitcoin etf monero криптовалюта anomayzer bitcoin bitcoin token bitcoin exchange bitcoin india bitcoin статья collector bitcoin прогноз bitcoin clame bitcoin bitcoin обменник bitcoin forum monero сложность earning bitcoin сеть bitcoin bitcoin trezor bitcoin price algorithm bitcoin ethereum cryptocurrency обозначение bitcoin форк ethereum статистика ethereum скачать tether bitcoin конвертер заработок ethereum wikipedia bitcoin
app bitcoin bitcoin hacker mainer bitcoin платформы ethereum bitcoin робот bitcoin cranes продать ethereum кошель bitcoin bitcoin free ethereum кошелька ethereum обменять rpg bitcoin bitcoin банкнота платформу ethereum bitcoin dogecoin bitcoin icons bitcoin metal bitcoin rbc bitcoin получить
happy bitcoin ethereum акции ethereum купить checker bitcoin bitcoin sberbank bitcoin биткоин добыча bitcoin bitcoin 4000 bitcoin testnet настройка monero dash cryptocurrency dark bitcoin
ethereum stratum bitcoin bcc bitcoin download bitcoin redex bitcoin foundation bitcoin transaction bitcoin machines moneypolo bitcoin ethereum supernova bitcoin utopia
анализ bitcoin bitcoin scripting A blockchain is a decentralized ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without a need for a central clearing authority. Potential applications can include fund transfers, settling trades, voting, and many other issues.mixer bitcoin bitcoin 10 bitcoin department monero client лотереи bitcoin
bitcoin boom people bitcoin bitcoin spin майнинг ethereum статистика ethereum gambling bitcoin майн ethereum cryptocurrency calendar bitcoin алгоритмы
калькулятор bitcoin ava bitcoin
bitcoin magazin математика bitcoin форки ethereum принимаем bitcoin bitcoin work
bitcoin bonus the ethereum
trader bitcoin fast bitcoin blitz bitcoin world bitcoin ethereum кошелек bitcoin conveyor monero minergate ферма bitcoin autobot bitcoin ethereum ubuntu bitcoin pools second bitcoin wired tether bitcoin котировка bitcoin упал registration bitcoin alpari bitcoin capitalization bitcoin bitcoin valet my ethereum bitcoin roulette bitcoin tor
партнерка bitcoin трейдинг bitcoin bitcoin usa nanopool ethereum donate bitcoin minergate bitcoin кран bitcoin 