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.
ферма ethereum
ethereum купить
продам bitcoin верификация tether bitcoin click проекта ethereum bitcoin server bitcointalk ethereum bitcointalk bitcoin buy tether qr bitcoin вики bitcoin dat bitcoin ethereum supernova доходность ethereum q bitcoin bitcoin auto bitcoin blockstream ethereum биржи bitcoin cudaminer bitcoin сеть bitcoin алгоритм ethereum crane понятие bitcoin bitcoin конвектор bitcoin ebay ethereum капитализация
ethereum wallet
car bitcoin
bitcoin usb bitcoin начало bitcoin лопнет p2pool monero транзакции bitcoin
bestexchange bitcoin airbitclub bitcoin ethereum ico bitcoin программа форки bitcoin bitcoin mastercard
bitcoin double To assess Bitcoin's value as a currency, we'll compare it against fiat currencies in each of the above categories.bitcoin установка обмен tether bitcoin brokers wikileaks bitcoin lealana bitcoin
titan bitcoin fpga ethereum battle bitcoin bitcoin депозит global bitcoin
bitcoin проверить Blockchain (P2P contract)пополнить bitcoin bitcoin обналичить
мониторинг bitcoin sell bitcoin ethereum claymore bitcoin minecraft monero кран tether addon
ethereum charts bitcoin review ethereum org компиляция bitcoin monero новости создатель bitcoin pos ethereum bitcoin easy bitcoin card free ethereum bitcoin loan bitcoin автокран bitcoin reserve get bitcoin bitcoin софт сбербанк ethereum
alpha bitcoin payoneer bitcoin accepts bitcoin cryptocurrency magazine bitcoin биржи bitcoin государство bitcoin получение bitcoin терминал ann monero bitcoin earnings
22 bitcoin
bitcoin usd бесплатные bitcoin bitcoin freebie bitcoin лохотрон
ethereum бесплатно utxo bitcoin ethereum claymore mist ethereum bitcoin цены trading cryptocurrency alien bitcoin bitcoin today инвестиции bitcoin dat bitcoin alien bitcoin bitcoin status cubits bitcoin ethereum проблемы bitcoin freebie bitcoin автоматически rocket bitcoin bitcoin добыть bitcoin динамика ethereum os plasma ethereum bitcoin код bitcoin ebay кошелька ethereum rx580 monero bitfenix bitcoin bitcoin clouding skrill bitcoin bitcoin foto bitcoin mmm bitcoin украина bitcoin traffic bitcoin block bitcoin автоматически
bitcoin easy 2016 bitcoin monero вывод
bitcoin сигналы обменник monero ethereum coin polkadot grayscale bitcoin msigna bitcoin bitcoin purchase зарегистрироваться bitcoin bitcoin автосерфинг
live bitcoin bitcoin ann cryptocurrency это hyip bitcoin buy tether компьютер bitcoin
bistler bitcoin
supernova ethereum bitcoin abc bitmakler ethereum bitcoin safe bitcoin brokers ethereum complexity bitcoin mining ethereum 2017 space bitcoin адреса bitcoin клиент ethereum
wirex bitcoin криптокошельки ethereum bitcoin вебмани wallet tether
баланс bitcoin mac bitcoin bitcoin сервисы rx470 monero стоимость ethereum криптовалют ethereum bitcoin wallpaper bitcoin теханализ bitcoin roll As mentioned, as of today, the reward is 12.5 bitcoins. Every four years, the amount of bitcoin a miner can earn is reduced by half. Mining is the only way new bitcoins can be generated, and it ensures that there's a limit to how many bitcoins can exist in the market.ethereum transactions майн ethereum bitcoin puzzle bitcoin 10 space bitcoin bitcoin 2048 programming bitcoin mining ethereum
bitcoin мерчант bitcoin anonymous adbc bitcoin bitcoin usb логотип bitcoin bitcoin гарант ютуб bitcoin ethereum news киа bitcoin apk tether casino bitcoin ethereum miners solo bitcoin tether usd rbc bitcoin обои bitcoin обналичить bitcoin multiplier bitcoin accepts bitcoin monero pro monero майнить ethereum прогнозы mt5 bitcoin
proxy bitcoin bitcoin twitter bitcoin fork ethereum пул оплата bitcoin iso bitcoin monero криптовалюта bitcoin биржи
bitcoin ukraine
ethereum foundation bitcoin бонусы 6000 bitcoin metropolis ethereum 600 bitcoin добыча bitcoin
monero client 600 bitcoin bitcoin надежность gambling bitcoin bitcoin приват24 homestead ethereum main bitcoin bitcoin обозреватель bitcoin аналоги wallet tether bitcoin trading ethereum contracts ethereum пулы ethereum blockchain bitcoin хардфорк bitcoin valet ethereum logo monero купить ethereum forum mining ethereum bitcoin игры new cryptocurrency
bitcoin daemon alpha bitcoin tether пополнение
mining ethereum график monero сборщик bitcoin bitcoin заработок токен bitcoin unconfirmed bitcoin bitcoin loan view bitcoin ethereum проблемы circle bitcoin bitcoin token ethereum os daily bitcoin book bitcoin кран monero криптовалюты bitcoin
bitcoin plus bitcoin step bitcoin carding best bitcoin bitcoin исходники blue bitcoin 10000 bitcoin майнер ethereum bitcoin china bonus bitcoin bitcoin iso cryptonight monero bitcoin simple wirex bitcoin bitcoin google технология bitcoin опционы bitcoin bitcoin neteller accelerator bitcoin bitcoin вывод bitcoin signals стратегия bitcoin сделки bitcoin
abi ethereum tether 2 bitcoin комбайн bitcoin freebitcoin bitcoin падение seed bitcoin ethereum usd byzantium ethereum ethereum 4pda майнить monero bitcoin trojan faucet bitcoin ethereum android добыча bitcoin alpari bitcoin server bitcoin word bitcoin bitcoin ledger time bitcoin monero bitcoin партнерка car bitcoin bitcoin 2 bitcoin rpc bio bitcoin
monero proxy bitcoin лого demo bitcoin форум bitcoin bitcoin json
case bitcoin ethereum контракт
crococoin bitcoin bitcoin рубли
андроид bitcoin
bitcoin iq bitcoin майнинг bitcoin euro bitcoin перевод
ethereum 2017 bitcoin регистрация ethereum котировки bitcoin x стоимость monero the ethereum ava bitcoin decred cryptocurrency google bitcoin bitcoin daily bitcoin обзор бумажник bitcoin micro bitcoin car bitcoin bitcoin ann laundering bitcoin bitcoin конвертер bitcoin миксеры converter bitcoin tether usb bitcoin сервисы cryptocurrency tech ethereum майнер
bitcoin зарабатывать bitcoin скрипт mine ethereum lazy bitcoin space bitcoin ethereum algorithm free bitcoin эмиссия ethereum bitcoin биткоин bitcoin фарм up bitcoin bitcoin окупаемость bitcoin mmgp bitcoin fund bitcoin testnet cryptocurrency flypool ethereum tether limited ethereum сложность bitcoin options bitcoin коллектор bitcoin amazon tether верификация cold bitcoin яндекс bitcoin bitcoin fpga bitcoin registration bitcoin бесплатные майнер bitcoin bitcoin вклады bitcoin keys alliance bitcoin For online sellers, Coinify offers various integration tools, such as payment buttons, shopping cart plugins or hosted invoicing.Cryptocurrencies create unique opportunities for expanding people’s economic freedom around the world. Digital currencies’ essential borderlessness facilitates free trade, even in countries with tight government controls over citizens’ finances. In places where inflation is a key problem, cryptocurrencies can provide an alternative to dysfunctional fiat currencies for savings and payments.From bitcoin to blockchain to distributed ledgers, the cryptocurrency space is fast evolving, to the point where it can be difficult to see in which direction it’s headed.разработчик ethereum отслеживание bitcoin bitcoin vip ethereum заработать bitcoin описание
bitcoin io bitcoin автомат monero cryptonight bitcoin список токен ethereum bitcoin crypto bitcoin yandex gif bitcoin
купить ethereum bitcoin like инструкция bitcoin bitcoin терминалы script bitcoin bitcoin mempool
xbt bitcoin bitcoin demo bitcoin покупка bitcoin теханализ • $16,000 is allocated as a lump-sum purchase of Bitcoin: set it andLogsAlthough the benefit might not be obvious, consider what this capability offers third-party services. A professionally-run organization stands a far better chance of getting security right than the casual user. However, single-signature addresses force these organizations to maintain private keys on behalf of the user. Users are left with little recourse in the event of fraud, theft, or closure.bitcoin instant python bitcoin обвал ethereum алгоритм monero форум bitcoin bitcoin links ethereum calc bitcoin wallpaper hyip bitcoin bitcoin onecoin bitcoin youtube production cryptocurrency wm bitcoin bitcoin fun bitcoin приложение bitcoin eu bitcoin 4000 bitcoin billionaire go ethereum ethereum прогноз avto bitcoin lootool bitcoin ethereum explorer консультации bitcoin ethereum mining bitcoin 2048 go bitcoin
bitcoin аналоги ethereum бесплатно bitcoin masternode bitcoin net monero кран simple bitcoin эпоха ethereum miningpoolhub ethereum explorer ethereum bitcoin film видеокарты bitcoin bitcoin сети bitcoin motherboard monero gpu рубли bitcoin abc bitcoin
bitcoin monkey matteo monero иконка bitcoin bitcoin payment
майнинга bitcoin ethereum course In July 2016, researchers published a paper showing that by November 2013 bitcoin commerce was no longer driven by 'sin' activities but instead by legitimate enterprises.bitcoin linux Old timers (say, way back in 2009) mining bitcoins using just their personal computers were able to make a profit for several reasons. First, these miners already owned their systems, so equipment costs were effectively nil. They could change the settings on their computers to run more efficiently with less stress. Second, these were the days before professional bitcoin mining centers with massive computing power entered the game. Early miners only had to compete with other individual miners on home computer systems. The competition was on even footing. Even when electricity costs varied based on geographic region, the difference was not enough to deter individuals from mining.tabtrader bitcoin обмен tether bitcoin вход скачать bitcoin ethereum miner torrent bitcoin wmx bitcoin fake bitcoin
bitcoin прогнозы chain bitcoin bitcoin партнерка bitcoin обменник
инвестирование bitcoin film bitcoin bitcoin теханализ bitcoin лотереи
forum ethereum bitcoin 1070 live bitcoin карты bitcoin bitcoin indonesia
