·

Trump could ban Bitcoin like e-cigarettes, says prominent analyst

Trump could ban Bitcoin like e-cigarettes, says prominent analyst

Thomas Lee, the managing partner at Fundstat Global, believes the While House could issue an executive order banning Bitcoin and other cryptocurrencies. While Lee noted that he wasn’t expecting it “as of now,” the ban imposed on e-cigarettes means the U.S. could ban “anything.”

The White House can try to ban anything (even Bitcoin)

After the U.S. government confirmed it was preparing a ban on flavored e-cigarettes, the news about the blow to the lucrative industry spread like wildfire. While most discussed the impact the ban will have on the economy, the changes it could bring about policy-wise were overlooked, suggested Lee.

Thomas Lee, the managing partner at Fundstrat Global, pointed out that the ban on e-cigarettes could have long-lasting consequences and affect other industries—including crypto.

Lee said that the move on the e-cigarette industry shows that the White House can issue an executive order “banning anything.” Suspected to be the cause of a mysterious lung disease that affected hundreds and killed at least 6 people, flavored electronic cigarettes were an easy target. Bitcoin, Lee believes, could be next on the list.

While Lee said that he wasn’t expecting such a ban to happen, he noted that there was “nothing out of bounds nor out of reach” for the current White House administration.

Bitcoin’s jump to $100,000 could be what gets the government involved

Lee’s tweets quickly gained traction and initiated a heated discussion. Commentators agreed with Lee, saying Bitcoin’s ability to take the power away from the government and the Federal Reserve would make it an ideal target for a ban.

Some users suggested that the crucial threshold would be Bitcoin hitting $100,000. At that point, the U.S. government would likely ban the use of BTC, commentators suggested. Even Lee himself thought that a ban at $100,000 could happen.

Seeing how President Donald Trump shares the disdain for Bitcoin alongside executives at major U.S. regulatory bodies, the notion of a ban didn’t come as a surprise to the crypto community.

US Treasury Secretary: Bitcoin a “national security issue,” cryptocurrency dominated by illicit activity and speculation
Related: US Treasury Secretary: Bitcoin a “national security issue,” cryptocurrency dominated by illicit activity and speculation

However, there aren’t any countries that have managed to successfully ban Bitcoin ownership. Consequently, there aren’t any examples of how to apply such a ban. The Indian government has been calling for the criminalization of any digital asset not issued by its central bank, but no meaningful policy changes have been implemented yet.

Bolivia, Columbia, Ecuador, and China have all banned its citizens from transacting in Bitcoin. Vietnam and Russia also maintain that Bitcoin is not a legitimate payment method, but have not banned it as an investment vehicle.

Countries with much more restrictive governments have had trouble eliminating cryptocurrencies. Even more telling, in countries with monetary controls or high inflation the black market and P2P trade of Bitcoin has proliferated.

Given freedoms people enjoy in the U.S., combined with the growing lobbying power of the crypto industry, implementing such a ban seems unlikely.

Sept. 14, 2019, 02:00 hours: Thomas Lee was mistakenly referred to as a venture capitalist. He is actually a managing partner and analyst at a research and analytics firms.

Bitcoin | BTC

Updated: Sep 14 at 6:27 am PDT
$10,328.91
-0.37%

Bitcoin, currently ranked #1 by market cap, is down 0.37% over the past 24 hours. BTC has a market cap of $185.25B with a 24 hour volume of $13.55B.

Chart by CryptoCompare

Bitcoin is down 0.37% over the past 24 hours.

Cover Wikimedia Commons

Filed Under: , Bitcoin, People of Blockchain, Price Watch
Priyeshu Garg

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in Computer Science Engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving the transportation problems at his company, he can be found writing about the blockchain or roller skating with his friends.

View author profile

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.