The ban on bitcoin in the United States will hit the entire industry

Well-known Wall Street investor Jim O’Shaughnessy believes that if the US bans the use of bitcoin, it will hinder the development of the industry, and there have already been similar precedents.

In the podcast
What Bitcoin Did O’Shaughnessy said that if the 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 really like things like Bitcoin. But there are many problems and there is a historical precedent when gold was banned in the United States. And if you have found gold, then you went to prison. I’m extending this precedent to bitcoins, ”said O’Shaughnessy.

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

“For an ordinary person, it is best to treat investments a bit dismissively. Fear, greed and the hope of profit took much more money than any bear market, ”concluded Jim O’Shaughnessy.

Recently, House of Representatives Brad Sherman (Brad Sherman) said that the very existence of cryptocurrencies could threaten the status of the US dollar as a global reserve currency.

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