Bitcoin Remains Resilient to Government Bans
Nothing can derail Bitcoin at the moment
Make no mistake; Bitcoin is real, and whether it be liberal democracies, financial regulatory bodies or even communistsstrongholds there is no shutting it down. In fact, every threat of a crackdown on Bitcoin and other cryptocurrencies has been met equally with more uptake by the public, and a meteoric rise in the overall price.
Recent Attempts Met With Resistance
Just recently, a statement by the Republic of Korea (ROK) over the ban on Bitcoin led citizens to flood the streets with a signed petition in a move to revoke the ban. Anxiety and anger made up the better part of social media comments around the topic, with citizens asking for the minister responsible to resign. The issuing of contradicting statements by government agencies that followed was not any more helpful, as pressure grew to intense proportions. In the end, it was the President’s announcement (confirming the non-existence of a ban on Bitcoin) that calmed the citizens.
The happenings in the Republic of Korea (RoK) were without a doubt characteristic of their post- war politics. Compared with its neighbors, China and the Democratic People’s Republic of Korea (DPRK), the differences couldn’t be more pronounced, considering DPRK’s de facto ban on Bitcoin and China’s hash regulatory laws on ICOs. In fact, you would not be wrong to assume that ROK was a major contributor to the infiltration of crypto in the area. All in all, Bitcoin still remains a major disruptive force to South Korean, Chinese and North Korean financial situations, even with the threats witnessed in both countries. This certainly shows why Bitcoin et al cannot be stopped.
It’s not Only the RoK
However, the rule changes, bank harassment, fines, taxes and appeals for regulation on Bitcoin by the South Korean government, seem to have brought about a double digit dip to the cryptocurrency market internationally as well as domestically. But still Bitcoin remains resilient, with all attempts to stop it proving futile.
It’s not just South Korea that has experimented with Bitcoin bans; about 12 other counties worldwide have made attempts as well. In fact, recent events have brought attention to the question of whether Bitcoin can actually be banned.
Basically, governments and regulatory bodies are slowly learning that it acts like a sturdy balloon that grows on one side whenever you try to push it down on the other.
Wealthy Investors Won’t Let Bitcoin Burn
According to a blog by a renowned Bitcoin enthusiast by the name Charles Hugh Smith, the prohibition of cryptocurrency simply won’t happen since there are already so many wealthy investors who are using it as a store of value. Mr. Smith explains further that the wealthy investors in the crypto space will go to great lengths just to defend it. Consider the growing popularity of Bitcoin, with the total market capital of all crypto standing at over 500 billion according to CoinMarketCap,
Mr. Smith’s postulation that prohibitions and regulations only impact those without a means of undermining the law, might indeed be true.
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