As the popularity of Bitcoin rises, many governments are planning to ban them. This has many investors worried about the long-term aspects of the investment. But a recent statement from the SEC commissioner has investors kind of relaxed about the situation. Do note that the commissioner didn’t say that it’s not possible to ban Bitcoin but said it would be difficult to do so. The main reason for this is the use of peer-to-peer technology in Bitcoin.
Positive news for Bitcoin
The SEC saying that Bitcoin is difficult to ban is an excellent thing for the cryptocurrency. Reports also suggest that the chairman that has been recently appointed is also quite a crypto guy and might change things up in the US. That means we could soon see the SEC approve a Bitcoin ETF. And this will mean rapid growth in the price of Bitcoin in a matter of few months.
This news also trumps the previous comments made by many renowned personalities that believed that the government could be the end of Bitcoin. Ray Dalio is one such person who said that the real threat is the government. And it is sure if the currency comes too close to replacing fiat, then we can expect a ban.
As per the commissioner, due to the type of technology that Bitcoin is, the goal will be to prevent it for the use of illegal activities. And promote it for the use of good ones. Blockchain decentralized tech is the future of finance, and it will be really wonderful to see governments starting to adopt the same. The SEC commissioner also compared the government trying to ban Bitcoin to shutting down the internet. It is impractical and almost impossible to do so. Rather the government should take appropriate steps to regulate and control the use of such currencies.
The new chairman of SEC
Gary Gensler is the new chairman of the SEC. He has intricate knowledge about Bitcoin and crypto in general and has also taught in the MIT regarding the same. It is expected that he will take a neutral view on the same and impose proper regulations and laws that make it possible for us to keep using cryptocurrencies properly. Gary could also make it possible for the SEC to approve an ETF based on Bitcoin to make sure that the US doesn’t fall behind innovating in the space. Canada already has 2 BTC ETFs, and if the US approved one, it would have a tremendous impact on the price. This is because the market of the US is approximately 26 times larger than Canada.
What are your thoughts on the SEC commissioner saying that it is very difficult to ban Bitcoin? And do you think very soon an ETF will be approved in the US? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.
Also Read: Bitcoin crosses $50k again as losses recover after month-end dip!
