Could Donald Trump ban Bitcoin?

15 Jul, 2019 | Updated: 15 Jul, 2019
by Will Heasman
Bitcoin
Could Donald Trump ban Bitcoin?

Unless you missed it Trump’s recent tiny tantrum against Bitcoin and other such cryptocurrencies has garnered worldwide attention and spawned countless discussions. Now the question of whether or not a Bitcoin ban could be imposed has been raised…

Trump’s particularly hostile views don’t look to have done a lot of damage on their own, with the market reacting (relatively) stable in the moments after the comments were made.

Many even suggest that this vitriolic stance could actually be a positive thing. However, with Trump’s opinion on Bitcoin finally aired out in public, is there a chance that the president could look to ban the digital asset?

Ban on Bitcoin?

Analyst Alex Kruger believes that even though the probability of a ban is low, it could still technically be imposed.

The analyst started by highlighting the first amendment, which, in the context of Bitcoin, protects users who hold their own BTC. As Kruger puts it “Bitcoin is code, the government can’t ban code.”

However, Kruger relays a quote by Bill Barhydt, CEO of Abra, which alludes to the possibility of the government targeting fiat onramps in order to quell attempts at investment.

Furthermore, according to the presidential job description, Trump could use his executive powers to order US investors to stop dealing Bitcoin, as he has already done with Venuezla’s highly maligned Petro. “Trump could ban the Petro because it represented an "attempt to circumvent U.S. sanctions," says Kruger.

However, even if a ban was imposed on US investors, congress or the courts could easily over turn it, interestingly the analyst highlights Roosevelt’s banning of gold in 1933:

Kruger posited the question of whether Trump would actually want to ban Bitcoin, which, based on his comments, didn’t seem out of the realms of possibility. However, such action would likely reflect negatively in the lead up to the 2020 election, and would most notably lead to a loss of librarian votes; especially with the opposing democrat candidate, Andrew Yang, openly lauding cryptocurrency and its underlying technology.

In the end, Kruger sums up his analysis by stating that while a Bitcoin ban is possible, it’s unlikely, and even if one was imposed it could be easily over turned.

What do you think? Is a Bitcoin ban likely? Or would that be the death knell for the Trump administration? Let us know your thoughts in the comments below!

  

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