Trump can ban Bitcoin, but is unlikely to do it

Economist and cryptocurrency trader Alex Kruger (Alex Kruger) believes that although US President Donald Trump may ban Bitcoin, he is unlikely to take this step.

At the end of last week, Trump on Twitter announced that he was not a fan of Bitcoin, and made several statements against the steakbloin of Libra, which is being developed by Facebook. After that, the rate of the first cryptocurrency decreased slightly and is now trading at around $ 10,200.

Kruger believes that in theory, Trump could ban Bitcoin and even achieve some success in this. It can close the entry and exit points in Bitcoin for retail and institutional investors in the United States, which will turn the first cryptocurrency into a less liquid asset.

“Also, Trump may prohibit the transfer of fiat money to Bitcoin, simply prohibit banks from servicing cryptocurrency exchanges, or will require banks to fulfill certain conditions in order to service cryptocurrency exchanges,” noted
Kruger on Twitter.

However, for such a ban, the US president will need to convince Congress of the need for this. Lawmakers will be able to refuse the president to implement a bitcoin ban. Thus, the ban is possible, but the probability of its imposition is extremely small, the economist concluded.

Read This Now: Bitcoin rises to $ 12,900 with a dominance of over 60%

Today, there is also information about the possible appearance of a bill in the United States aimed at preventing large technology companies from issuing their own cryptocurrencies.