The U.S. Government Will Never Ban Bitcoin – Tyler Winklevoss
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The U.S. Government Will Never Ban Bitcoin – Tyler Winklevoss

April 3, 2021      Jafrin Ahmed

The CEO and co-Founder of Gemini cryptocurrency exchange, Tyler Winklevoss has said that the U.S. government will never ban Bitcoin (BTC). Outlawing the leading cryptocurrency will require outlawing the entire internet, according to Tyler Winklevoss. His remarks are in response to the Billionaire hedge fund manager Ray Dalio who suggested that the U.S. government could outlaw Bitcoin at some point.

Tyler Winklevoss U.S. Government Will Never Ban Bitcoin

Taking to Twitter, Tyler Winklevoss explained that the U.S. government will never ban BTC. He pointed out that regulators had already considering banning the leading cryptocurrency numerous times. Hence, repeating the similar possibility of a Bitcoin ban has already been passed and no longer possible.

Tyler Winklevoss’s comments were in response to Billionaire founder of the $150 billion hedge fund Bridgewater Associates, Ray Dalio who said last month that there is a good probability of BTC getting outlawed, similar to how the U.S. government banned gold ownership in the 1930s.

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At the time, regulators did not want gold to compete with fiat currency as a store of wealth, a similar move that could happen to BTC. During the time of the Great Depression owning Gold was made illegal in the United States.

U.S. Regulators Considered Bitcoin a Commodity at One Time

On April 2, in an episode of the What Bitcoin Did podcast, Winklevoss added that if we were back in 2013, the consideration of a U.S. BTC ban would have been an open question.

Winklevoss tells podcaster Peter McCormack:

“I think it’s like such a strong amount of people who believe in this in the U.S. that I think it’s like next to 0% chance that that sort of gets rolled back for whatever reason.”

Tyler pointed out that during 2015, the Commodity Futures Trading Commission (CFTC) referred to BTC as a commodity in the midst of dealing with Derivabit, a product of a company called Coinflip. According to the CFTC, Derivabit, the BTC options trading platform was not compliant with the governing body at the time.

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Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.