Would Bitcoin Ban in the US Cripple Entire Ecosystem?

November 13, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Well-known Wall Street investor Jim O’Shaughnessy believes that if the US bans the use of Bitcoin, this might cripple the overall growth of the ecosystem, and there have already been similar precedents.

In the What Bitcoin Did podcast, O’Shaughnessy said that if US authorities, as the largest economy in the world, decide to ban the use of the first cryptocurrency, it will hit the development of the entire ecosystem. Although many believe that in this case, cryptocurrency companies simply go offshore, this will slow down the growth of infrastructure. According to the investor, usually, the United States is much more tolerant of new technologies and cultures.

“I’m fascinated by things like Bitcoin. I see a lot of challenges and there is a historical precedent when the United States made owning gold illegal. And you went to jail if people found you with gold. So, I extend that thinking to Bitcoin,” said O’Shaughnessy.

Regarding investments in cryptocurrencies, O’Shaughnessy emphasized that it is necessary to follow “proven” principles — to find a profitable scheme and only then invest money.

“For your average person, benign neglect is the best thing that you could do. Fear, greed and hope have wiped out more money than any bear market ever,” concluded Jim O’Shaughnessy.

Recently, the member of House Financial Services Committee Brad Sherman said that the very existence of cryptocurrencies could threaten the status of the US dollar as a global reserve currency.

Author: Marko Vidrih