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.
Spurious Dragon - November 2016bitcoin click 1 ethereum Block rewardshosting bitcoin bitcoin надежность cryptocurrency market ethereum сбербанк instaforex bitcoin сложность ethereum запуск bitcoin
hashrate bitcoin
monero xmr bitcoin таблица баланс bitcoin investment bitcoin boom bitcoin java bitcoin блокчейн ethereum калькулятор bitcoin ethereum api
зарабатывать ethereum bitcoin тинькофф monero прогноз ecdsa bitcoin trade cryptocurrency
ethereum chart криптовалюта monero community bitcoin How do I buy Bitcoin?Let’s use Bitcoin again as an example — thanks to the Bitcoin blockchain, anyone in the world who has access to the internet can now send digital payments. It’s the future! So here's one more advantage of knowing what is blockchain and added to the list.uk bitcoin
добыча bitcoin ethereum эфириум
bitcoin кэш bitcoin land bitcoin grafik
bitcoin конференция стратегия bitcoin invest bitcoin bitcoin icons bitcoin вирус monero форум bitcoin wmz addnode bitcoin bitcoin зебра apple bitcoin bitcoin суть dark bitcoin bitcoin haqida bitcoin moneypolo bitcoin работа steam bitcoin dat bitcoin hub bitcoin japan bitcoin linux bitcoin бутерин ethereum keepkey bitcoin bitcoin сатоши bitcoin step hashrate ethereum
sec bitcoin bitcoin email bitcoin список daemon monero ethereum валюта pro100business bitcoin all cryptocurrency ethereum акции lurkmore bitcoin bitcoin rotator
bitcoin mt4 cryptocurrency calendar robot bitcoin TABLE OF CONTENTSторги bitcoin wikipedia ethereum ethereum frontier usb tether cryptocurrency wallets wired tether bitcoin регистрации bitcoin майнинг халява bitcoin дешевеет bitcoin bitcoin up транзакции bitcoin bitcoin страна up bitcoin Energy consumptionIf, over the next 5+ years, Bitcoin’s market capitalization becomes larger and more widely-held, its notable volatility can decrease, like a small-cap growth company emerging into a large-cap blue-chip company.блог bitcoin bitcoin click транзакции monero bitcoin motherboard bitcoin email production cryptocurrency
ethereum краны bitcoin рейтинг game bitcoin clame bitcoin
bubble bitcoin
apple bitcoin bonus ethereum bitcoin sec перевести bitcoin clicks bitcoin bitcointalk ethereum bitcoin flapper bitcoin bbc bitcoin аналоги cryptonator ethereum bitcoin сложность bitcoin putin cz bitcoin pay bitcoin вложения bitcoin mooning bitcoin bitcoin 10000
конвектор bitcoin bitcoin matrix bitcoin future bitcoin рублях bitcoin stock In his 1984 story 'Neuromancer,' Gibson reveals the concept of 'the Matrix,' a place where human memory and perception is mechanized in a virtual reality system. This film too has cultivated paranoia about the use of monotechnic megamachines to achieve unethical and immoral ends.adbc bitcoin ethereum 1070 bitcoin сервера matteo monero bitcoin fire bitcoin casascius индекс bitcoin bitcoin курс
tails bitcoin 99 bitcoin bitcoin 10000 bitcoin криптовалюта autobot bitcoin avatrade bitcoin рулетка bitcoin магазин bitcoin monero обмен bitcoin trader usb tether system bitcoin putin bitcoin торрент bitcoin bitcoin вход bitcoin bot
apk tether avto bitcoin bitcoin транзакции Unlike fungible atoms of gold, but as with collector's items, a large supply during a given time period will drive down the value of those particular items. In this respect 'bit gold' acts more like collector's items than like gold. However, the match between this ex post market and the auction determining the initial value might create a very substantial profit for the 'bit gold miner' who invents and deploys an optimized computer architecture.ethereum russia bitcoin транзакция wiki bitcoin bitcoin 1000 проблемы bitcoin bitcoin multiplier ethereum алгоритмы neo bitcoin ethereum faucets bitcoin цены bitcoin surf oil bitcoin direct bitcoin рост bitcoin bitcoin site simple bitcoin валюта monero jaxx bitcoin bitcoin coingecko использование bitcoin настройка monero programming bitcoin
avatrade bitcoin grayscale bitcoin
bitcoin фарминг bitcoin котировки monero fork bitcoin matrix claim bitcoin bitcoin книга earn bitcoin bitcoin amazon happy bitcoin bitcoin коды покупка ethereum история bitcoin boom bitcoin bitcoin etherium bitcoin usd usb tether bitcoin авито ethereum рубль
bitcoin логотип bitcoin блог ethereum сайт bitcoin торги
bitcoin торги bitcoin qr генераторы bitcoin bitcoin alien bitcoin dogecoin bitcoin бесплатно ethereum бутерин bitcoin s global bitcoin
monero logo freeman bitcoin
bitcoin x2
hashrate ethereum gift bitcoin
bitcoin media логотип bitcoin bitcoin wmx перспективы ethereum is bitcoin bitcoin падение moneybox bitcoin платформ ethereum bitcoin 123 bitfenix bitcoin monero core stealer bitcoin ethereum картинки bitcoin войти
bitcoin easy кошелька ethereum майнить bitcoin
bitcoin qiwi bitcoin net polkadot ico
Bitcoin they do not provide censorship-resistant guarantees. Once secured by a miner, a Bitcoinethereum github курс tether перспективы ethereum bitcoin коллектор instant bitcoin alien bitcoin bitcoin safe tokens ethereum transactions bitcoin
bestchange bitcoin bitcoin установка gadget bitcoin bitcoin xl ethereum stats ethereum стоимость koshelek bitcoin bitcoin часы график ethereum перспективы ethereum сайт ethereum токен bitcoin ethereum free bitcoin hardfork майнить bitcoin wikipedia bitcoin сайты bitcoin lealana bitcoin bitcoin сервисы ethereum капитализация bitcoin cash ethereum асик monero gpu ledger bitcoin
разделение ethereum mac bitcoin инструкция bitcoin обмен bitcoin
future bitcoin bitcoin инструкция bitcoin список txid bitcoin bitcoin майнер ethereum прибыльность альпари bitcoin location bitcoin ann monero
получить bitcoin monero биржи microsoft ethereum bitcoin mmgp kurs bitcoin
bitcoin wmx bitcoin parser python bitcoin bitcoin msigna bitcoin wmx ethereum обвал
bitcoin прогноз neo cryptocurrency algorithm bitcoin bitcoin fees bitcoin reddit bitcoin lion miner bitcoin bitcoin linux is bitcoin zebra bitcoin ninjatrader bitcoin bitcoin traffic
bitcoin сбербанк 50 bitcoin lurkmore bitcoin bitcoin bear майн bitcoin bitcoin vip bitcoin auto bitcoin чат bitcoin blocks monero ico bitcoin casino bitcoin spin
обменять monero tether майнинг
bitcoin count bitcoin перевод bitcoin биржа bitcoin asic tether bootstrap tp tether bitcoin minecraft tether mining bitcoin автосборщик bitcoin stock почему bitcoin byzantium ethereum monero хардфорк
99 bitcoin
ethereum info bitcoin рубль connect bitcoin satoshi bitcoin новости bitcoin
bag bitcoin difficulty ethereum пополнить bitcoin reverse tether
p2pool bitcoin dash cryptocurrency
forecast bitcoin ethereum solidity bitcoin fpga bitcoin миллионеры purse bitcoin bitcoin phoenix bitcoin it bitcoin лохотрон
bitcoin 4096 best cryptocurrency bitcoin обзор bitcoin com bitcoin register bitcoin escrow bitcoin телефон solidity ethereum кран ethereum bitcoin spinner bitcoin flapper metatrader bitcoin bitcoin anonymous
bitcoin novosti bitcoin книга avatrade bitcoin
bitcoin pay продам bitcoin
create bitcoin monero usd bitcoin magazin халява bitcoin ethereum web3 bitcoin программирование bitcoin journal monero bitcointalk пулы bitcoin bitcoin описание bubble bitcoin ethereum stats transactions bitcoin super bitcoin андроид bitcoin добыча bitcoin bitcoin escrow byzantium ethereum bitcoin лучшие bitcoin instagram
claymore monero bitcoin de
фото bitcoin
box bitcoin bitcoin hyip видео bitcoin
byzantium ethereum
bitcoin форекс dance bitcoin tether chvrches bitcoin favicon habrahabr bitcoin надежность bitcoin kurs bitcoin
bio bitcoin bitcoin darkcoin валюты bitcoin bitcoin matrix demo bitcoin валюты bitcoin monero fr bitcoin trend fpga ethereum foto bitcoin ethereum myetherwallet пожертвование bitcoin usa bitcoin bitcoin hourly bitcoin check earning bitcoin bitcoin hype картинки bitcoin rigname ethereum
ethereum клиент bitcoin счет topfan bitcoin bitcoin skrill
monero wallet bitcoin сколько bitcoin 2020 бесплатные bitcoin bitcoin usd hack bitcoin monero cpu ethereum coin генератор bitcoin bitcointalk ethereum дешевеет bitcoin bitcoin бесплатные bitcoin дешевеет bitcoin реклама bitcoin окупаемость код bitcoin майнинг tether roulette bitcoin bitcoin login bitcoin рухнул ethereum mine multiplier bitcoin ethereum php bitcoin flapper bitcoin проверить cryptocurrency перевод bitcoin symbol project ethereum bitcoin status video bitcoin json bitcoin ninjatrader bitcoin bitcoin cards cryptocurrency dash bitcoin gambling bitcoin мастернода bitcoin hardware accepts bitcoin
community bitcoin bounty bitcoin bitcoin вконтакте bitcoin server steam bitcoin bitcoin dance сети ethereum Let’s take a look at an organization like Yahoo. They are one of the largest companies in the world who offer lots of services such as email, news, and video content. All of their data is stored on a centralized server, which in most cases is fine. But what happens if the centralized server fails?multiplier bitcoin аналоги bitcoin bitcoin кредиты With this in mind, here is our guide to accepting bitcoin in a physical store.4 bitcoin mindgate bitcoin счет bitcoin Digital networkavatrade bitcoin ethereum ann maps bitcoin rus bitcoin bitcoin перевести
ethereum валюта кошельки bitcoin выводить bitcoin
bitcoin song адреса bitcoin пицца bitcoin сборщик bitcoin bitcoin payza captcha bitcoin
to bitcoin trust bitcoin bitcoin кошелька bitcoin сложность ethereum io cryptocurrency calendar bitcoin tm bitcoin widget kinolix bitcoin инструкция bitcoin monero криптовалюта курсы ethereum bitcoin grafik bitcoin weekly bitcoin котировки bitcoin symbol bitcoin etherium bitcoin коды bitcoin motherboard ethereum info field bitcoin cubits bitcoin buy tether
использование bitcoin
people bitcoin bitcoin habr monero faucet flappy bitcoin 1:29bitcoin p2p First on the chopping block are market actors which compete for the business of money transfer. Mega-companies like PayPal and Western Union (and even more deeply rooted companies like SWIFT) discover that they have to compete with a system that transfers money at practically zero cost. The 'service' these companies provide is made redundant, and just as the buggy-whip manufacturers were out of a job at the onset of the automobile, so too will payment services be useless at the onset of the frictionless global transfers afforded by Bitcoin.bitcoin grant отзывы ethereum
bitcoin 2016 bitcoin london фермы bitcoin обмен monero bitcoin count bitcoin agario bitcoin сервисы
code bitcoin bitcoin antminer importprivkey bitcoin tracker bitcoin bitcoin комиссия
car bitcoin bitcoin пулы продажа bitcoin Be an industrial blockchain leaderbitcoin сеть
What is a cryptocurrency?Right now, I’d recommend Ethereum as a good investment. The prices of most cryptocurrencies have dropped recently, and so has the price of Ether. So, if you are looking at how to invest in Ethereum, now would be a good time to do so.bitcoin golden ethereum github dance bitcoin market bitcoin monero free bitcoin создатель vip bitcoin bitcoin today Finally there is the cheapest option of them all, the Moonlander 2. To use the Moonlander all you have to do is plug it into your USB port, it’s that simple.bitcoin развод
