Ever since bitcoin’s creation, people have wondered what would happen if the government issued a ban. The author of the Bitcoin Standard Saifedean Ammous, discussed what the implications of killing bitcoin would be in the crypto-economic podcast of Stephen Livera.
Ammous also touched on the potential mass adoption scenario. Livera shared his thoughts on why killing bitcoin would backfire and bite the government:
“Most people think that if the government simply passes a law for a bitcoin ban, the cryptocurrency simply goes away and the criminals in suits get to laugh at us. I actually think it’s the other way around. The more governments move against bitcoin and cryptocurrencies in general, the more corrupt and inadequate their economic policies are.”
Killing bitcoin would essentially mean that the government is threatening crypto users with jailtime. If a lot of people start using crypto, there’s a probably a good reason for it. A ban would essentially be a financial restriction, which will not end for the government.
As it can be seen in the case of China, banning cryptocurrencies does not stop people from using it. One of the main reasons for bitcoin’s existence was to move people without the consent and/or knowledge of one’s government.
Many different excuses for killing bitcoin, none make sense
This is why more and more governments are coming up with ridiculous reasons to impose further restrictions. Ironically enough, the more restrictions a government creates, the worse their monetary policy is.
One comforting fact is that killing bitcoin will take more than a few government puppies in suits signing a paper. Cryptocurrencies are a philosophical movement in their own way. Yes, they are also a tool for a completely new economic system so it’s completely natural they scare banks and governments.
After all if people knew where money came from, they would light every bank on fire.
Ammous later stated that there are so many drawbacks for the government that he doesn’t realistically see any way they go for killing bitcoin without hurting themselves more.
He also said that the only way to get rid of bitcoin and cryptocurrencies in general would be to give the people a new financial wonder, way better than both the current monetary system which relies on debt slavery and better than cryptocurrencies.
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Tags:crypto financial systemcrypto government bancrypto movementkilling bitcoinnew monetary systemStephen Livera