Bitcoin Needs No Government To Survive Not Even The US Government
Politics is rarely a topic I indulge myself in, however, we can't deny its impact on the global economy, especially with the United States being the powerhouse of the global economy.
For those actively involved in cryptocurrency, it is no news that the US is on a mission against crypto through regulations that are causing the migration of crypto firms from the US.
Recently Cathie Wood, founder of investment manager ARK Invest said,
The U.S. is 'losing' the bitcoin movement owing to its regulatory system.
Source
It is only natural for people or businesses to migrate from a hostile environment, my decision to recently leave South Africa is due to the hostility from the immigration system of that country, similarly, when business is concerned, it is bound to find friendlier locations where it can conduct business without being stifled.
Coinbase receiving a license to operate in Bermuda and seeking to establish its presence are the outcomes of a hostile business environment.
The US 2024 Presidential Election
Biden administration clearly has been anti-crypto, with the advancing of the 2024 election season, Bitcoin might be one of the determinant factors why Biden might get a second term or a new president.
Florida State Governor Ron DeSantis has entered the race for a presidential candidate for 2024, DeSantis appears to be for Bitcoin but I disagree with the death of Bitcoin should Biden be re-elected.
The current regime, clearly, they have it out for Bitcoin,” DeSantis said. “And if it continues for another four years, they’ll probably end up killing it.
Source
The US will consequently lose out on pushing Bitcoin and cryptocurrency in general away from its shores and that does not imply Bitcoin will not survive in other nations where it is welcome.
By now it should be clear to anyone that Bitcoin or cryptocurrency does not need any nation or government to survive since it is hosted on decentralized blockchain networks that enables peer-to-peer transactions globally.
Opportunity presents itself for other nations to take advantage of by welcoming cryptocurrency with regulations that are not intended at stifling cryptocurrency but allow for innovation to thrive.
The potential for economic growth through technological innovation is being ignored by some of these nations, this is where a huge potential opportunity is for others to create a favorable environment to foster innovation, cryptocurrency-related business, and entrepreneurship within nations.
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I don't know what the US populace seems like. But it'll be sure good to have Biden lose the elections next year. I think the election will define crypto in the US, if not, I think other government and nation will Open their arms and the innovation will continue
I am also not sure whose side the majority of the US population is regarding next year's election, I am not one for Biden as well and I hope he is not re-elected. The anti-crypto during his first tenure has been very damaging.
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Whereas places like El Salvador are welcoming everything Bitcoin and even exempting tax on revenue made from Bitcoin mining
Nations in Africa should be emulating El Salvador and stop copying whatever the US does, it is time for nations in Africa to wise up and embrace technological advancement.
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I'm hoping that Biden doesn't get re-elected. It'll be good for many people if Desantis wins but whether they all vote for him is a different matter. Bitcoin and crypto in general will definitely not die regardless of who ends up becoming president between them. Biden anti crypto stance is doing more harm than good to them.
I don't think majority od Americans will re-elect Biden, I might be wrong but Biden just don't seem to have the impact like the recent Amrican presidents, coupled with his administration that have been so much against crypto, I hope he doesn't get a second term.
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Great post bro, US based companies like celsius , blockfi and FTX have done lots of damage to the crypto market. The aim was to paint bitcoin and crypto in a bad light. However nothing can stop bitcoin at this point. The US is what will definitely fall behind if they continue on the same trajectory, I see Asia and Africa gaining from the largest transfer of wealth the world has ever seen. The Biden generation is coming to an end in a few years. The younger generation is in India, China and Africa, that's where the wealth will shift in this ever growing digital environment.
BRIC countries are gearing up to stop using the USD in their trading, they are expanding to include and welcome new members. It's clear the USD's days are numbered.
Thank you for sharing and keep enjoying your week :}
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Bitcoin doesn't need anything to survive but adding all these regulations will definitely slow down adoption. I agree that it will just leave opportunities for those who are willing to accept Bitcoin.
Very true, the regulations in the US have been damaging to the adoption rate of Bitcoin but far from killing it.
!PIZZA