Essentially the enemy is admitting defeat, acknowledging that the time to attempt to ban P2P money like bitcoin has come and gone, and it would now essentially be impossible short of completely shutting down the internet.
At this stage of the game I would argue that the feds couldn't really shut down the internet anyways. They could force ISP's to only serve certain pages but I don't think that would get through the courts and even if it did it completely shows their cards.
This would be exactly the type of action that would push crypto, blockchain, and censorship resistant tech underground where everything would instantly become 10x harder to monitor.
Not exactly a smart play by the feds, I think we all know that prohibition doesn't work.
MarketWatch recently held part 1 of a virtual panel discussion titled -How to Invest in Crypto which includes the likes of Crypto Mom, the Bitcoin-friendly SEC commissioner Hester Peirce.
When responding to questions such as Will the US ever try to ban Bitcoin? she admitting that it would be "foolish" and made a point of mentioning she thinks the US is behind in terms of regulation and that incoming SEC Chairman Gary Gensler would play a role in pushing regulation in a forward direction.
It's possible that the a government can and will take an anti crypto stance and declare possession of the assets illegal. There are already countries working on this like India.
Two big issues with this, one is that declaring something illegal traditionally hasn't stopped people from using it.
Instead it draws attention to it and pushes it underground where it becomes significantly harder to track and monitor. Governments like this because it can be used to justify bigger governments and more spending to enforce the laws in the name of "protecting you".
This is good for a government as it represents a growth opportunity and helps to ensure they're survival. On the other hand it's bad for people as it costs them resources like tax dollars and threatens their freedom with confinement in cages.
The second big issues I see is that this tech, web 3.0 as a whole, is revolutionary and if a government as an organization wants to remain relevant it better not risk falling too far behind.
When arguably some of the brightest entrepreneurs and business owners are racing to add Bitcoin to their treasuries, this should signal to governments that the tech has great value and is worth understanding and even taking a vested interest in. Keeping an open mind when it comes to the tech will better allow organizations to be in a position to take advantage of the tech should the opportunity present itself.
What if the US decided to buy up all the Bitcoin on the planet?
Or at least whatever is available on exchanges, this wouldn't be a difficult feat. The value would skyrocket and heck the US could even us the profits to pay down some of it's enormous deficit.
As a closing thought I don't think Bitcoin can be banned, the belief in Bitcoin and crypto as a monetary store of value is already too strong.
Belief is powerful! I would argue it's traditionally been more powerful than utility, but that's going to change.
All of our traditional institutions really heavily on it, financial institutions, the dollar, religion, governments. All of these legacy institutions have been able to hold power because people believe in their power with their imaginations (and a little manipulation through fear and greed).
The dangerous thing about Bitcoin and web 3.0 and why it's a massive threat to topple ALL of these legacy systems is that it doesn't require belief, it's all in the code, it's trustless by design.
Web 3.0 tools will do everything we do now but more affectively and efficiently, and it doesn't require trust!
Ciao for now,
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