Bitcoin Needs No Government To Survive Not Even The US Government
Politics is rarely a topic I indulge myself in, however, we can't deny its impact on the global economy, especially with the United States being the powerhouse of the global economy.
For those actively involved in cryptocurrency, it is no news that the US is on a mission against crypto through regulations that are causing the migration of crypto firms from the US.
Recently Cathie Wood, founder of investment manager ARK Invest said,
The U.S. is 'losing' the bitcoin movement owing to its regulatory system. Source
It is only natural for people or businesses to migrate from a hostile environment, my decision to recently leave South Africa is due to the hostility from the immigration system of that country, similarly, when business is concerned, it is bound to find friendlier locations where it can conduct business without being stifled.
Coinbase receiving a license to operate in Bermuda and seeking to establish its presence are the outcomes of a hostile business environment.
The US 2024 Presidential Election
Biden administration clearly has been anti-crypto, with the advancing of the 2024 election season, Bitcoin might be one of the determinant factors why Biden might get a second term or a new president.
Florida State Governor Ron DeSantis has entered the race for a presidential candidate for 2024, DeSantis appears to be for Bitcoin but I disagree with the death of Bitcoin should Biden be re-elected.
The current regime, clearly, they have it out for Bitcoin,” DeSantis said. “And if it continues for another four years, they’ll probably end up killing it. Source
The US will consequently lose out on pushing Bitcoin and cryptocurrency in general away from its shores and that does not imply Bitcoin will not survive in other nations where it is welcome.
By now it should be clear to anyone that Bitcoin or cryptocurrency does not need any nation or government to survive since it is hosted on decentralized blockchain networks that enables peer-to-peer transactions globally.
Opportunity presents itself for other nations to take advantage of by welcoming cryptocurrency with regulations that are not intended at stifling cryptocurrency but allow for innovation to thrive.
The potential for economic growth through technological innovation is being ignored by some of these nations, this is where a huge potential opportunity is for others to create a favorable environment to foster innovation, cryptocurrency-related business, and entrepreneurship within nations.
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Posted Using LeoFinance Alpha
