Bitcoin

US Bitcoin Ban „Very Likely“

Hedge Fund Manager Ray Dalio: US Bitcoin Ban „Very Likely“

The US could ban Bitcoin, just as it banned gold in 1930.

The bitcoin correction is going deeper and deeper. Fear, uncertainty and doubt are currently coming back and hedge fund manager and billionaire Ray Dalio has further contributed to this.

In an interview with Yahoo Finance’s Editor-in-Chief on 24 March, the founder of billionaire hedge fund of Financial Peak Bridgewater Associates stated that it is „likely“ that the US government will ban Bitcoin, just as it did with gold ownership in the 1930s.

Government officials at the time did not want gold to compete with paper money and credit as a store of value, Dalio added.

„They don’t want other money to circulate or compete because things can get out of control. So I think it’s very likely that it will be banned in certain circumstances, just as gold has been banned.“

The hedge fund manager and philanthropist has called Bitcoin „quite an invention“ and compared it to gold in January. He pointed out that India’s government is already trying to ban Bitcoin and cryptocurrency trading in general. He added that while he was no expert, Bitcoin could be tracked and the government could find out who was using it.

However, there was a ray of hope from Dalio

He said that BTC had proven itself as an asset class.

„Bitcoin has proven itself over the last 10 years, it has not been hacked. So, by and large, it has always been operational. It has built a substantial following. In a way, it is an alternative custodian of wealth. It is like a digital cash. And those are the plus points.“

On 16 March, Dalio said the US government could target those who abandon the dollar for Bitcoin as it becomes „inhospitable to capitalism“ ahead of „shocking“ tax changes designed to solve the sovereign debt crisis.

Bitcoin continues to correct at the moment. On Chain, signs are piling up that the bull market is entering its final phase. BTC has fallen 13.5 per cent from its all-time high of US$60,100. It is currently at 52,000 US dollars.