The President of the United States, Donald Trump, can theoretically go after Bitcoin and cryptocurrencies but in reality, such a ban is highly unlikely, according to a recent discussion sparking up on Twitter.
The discussion was sparked by the Trump’s tweetstorm where he expressed distaste for Bitcoin, and other competitors of the United States dollar. Besides, some members of the U.S. congress have already drafted a “Keep Big Tech Out of Finance” bill, which is intended to prevent the creation of new cryptocurrency by Tech giants.
Ever since Trump comments on Bitcoin and cryptocurrency, the crypto market is experiencing a correction as bitcoin retested the USD 10,000 support level. However, majority of analysts agree that it has nothing to do with Trump remarks. In reply to Trump's tweet, the Arkonix Mining president Proietto Shyamasunda stated clearly; "Bitcoin is the best store of value currently available for 21st century. The USD is a fine fire spending money, BTC is great for saving money."
Moreover, bitcoin price increased right after the tweetstorm by the President
Meanwhile, according to economist and trader Alex Krüger, the United States Constitution protects Bitcoin code as it is a form of free speech which is protected by the First Amendment. As a result, making Bitcoin illegal is equal to banning free speech and thus is unconstitutional.
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