American investor and founder of Winklevoss Capital Management Tyler Winklevoss believes that Bitcoin has outgrown the fears of possibly being banned in the United States in the future.
The Gemini cryptocurrency exchange CEO claims that Bitcoin has become much too interwoven into both the economy and society for it to be banned, regardless of what certain critics may think. This statement certainly has some truth to it, like cryptocurrency, in general, has become so popular in the mainstream that nearly every business, firm, and organization has either implemented its own compatible system for it or have at the very least been forced to acknowledge it and its usability in a practical sense.
Winklevoss stated that we were to ask the question of Bitcoin’s future and possible regulation in 2013. It would still have been relatively open. Now, however, there is little doubt in everyone’s minds that Bitcoin is indeed here to stay, as the world’s largest cryptocurrency also recently managed to reach the $60,000 mark (although it has since dropped slightly to $58,700).
He further commented that Bitcoin would never be outlawed in the U.S simply because there is way too much precedent that has been set in courts and that many are beginning to consider Bitcoin as a commodity, much like how gold was in the past. Moreover, referring to Gemini and its stance on Bitcoin, Winklevoss also mentioned how a ban on the aforementioned digital asset would result in his company having to undo so much, which would hardly be ideal. He did go on the record to say that a possible ban is not completely out of the question. However, it is unlikely at this point.
Regulators may act as stakeholders
One of the biggest reasons why cryptocurrency may be viewed as undesirable by critics is because of its lack of any regulatory body. Cryptocurrency is highly volatile and unpredictable in nature, and more than that, it practically eliminates the need for banks. Winklevoss has since stated that regulators may potentially act as stakeholders, as not all regulators may see Bitcoin as being inherently detrimental. In fact, they may even view it as being valuable and beneficial for the economy.
Ultimately, Winklevoss believes that Bitcoin will not be banned in the U.S simply because there are not enough people who want it banned. It has become an integrated part of the citizens’ everyday lives, and removing it completely now will most likely end up causing more harm than good in the long term.