The CEO of Grayscale made a comment that is getting a lot of attention. He said that the relationship between Washington DC and those in the industry is strong. I don't put much stock in political leanings since they can change at anytime.
In this video I discuss how vulnerable Bitcoin and other digital assets are to the actions of governments. There will come a point in time where the proverbial horse is already out of the barn.
Here is the article referenced in the video:
https://blockchain.news/news/grayscale-ceo-optimistic-that-us-regulators-cant-stop-bitcoin
▶️ 3Speak
You're actually right, if they want to outlaw bitcoin and other utility token they'll be future doing damage too to things like cryptokitties as well. What laws will actually affect bitcoin what laws wouldn't? It's a dicey situation but they bitcoin won't be shutdown.
To shut down? Completely? IMHO, this is impossible...unless the whole world develops into a united totalitarian regime, where having/using crypto is considered (by law) a biggest crime on this planet. Much much bigger than murdering another human.
Is this possible? Realistic?
I don't know. but I doubt...
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maybe crypto takes over quick enough instead and stripes gov from it's real power. That's more ideal imo!
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Shutting down Bitcoin is next to impossible unless they have control over the entire internet and all the hardware, but they can surely come up with ring fencing and deny providing banking services to prevent people from exclusively buying into Bitcoin and other cryptos, but again, there are workarounds for every problem that is created :)
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And if more people are acquiring crypto through rewards, then the need to "buy" Bitcoin or any other crypto currency using the banking system is diminished.
That is why I think it so important to get as many people holding as much crypto as we can. This way, if there is any lockdown of the banking system, say, there are alternatives.
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