bitcoin

Regulators will try to kill bitcoin, Ray Dalio warns

American billionaire and founder of Bridge Waters Associates Ray Dalio says regulators will attempt to kill bitcoin if the token becomes successful.

“I think at the end of the day if it’s really successful, they will kill it and they will try to kill it. And I think they will kill it because they have ways of killing it,” Dialo said while speaking on Wednesday at the Salt conference in New York. 

The billionaire highlighted El Salvador’s adoption of bitcoin as a good development but also mentioned three other countries that are not entirely friendly to bitcoin.

“You have El Salvador taking on it and you have India and China getting rid of it. And you have the United States talking about how to regulate it and it could still be controlled,” Dalio explained.

While El Salvador is adopting bitcoin as a legal tender, reports claim that India could be set to introduce an outright ban on the industry.

China is another superpower that has frowned at digital currencies and then you have the United States trying to impose more rules and taxation on the crypto space. 

Financial regulators have taken a special interest in cryptocurrency over the last few months, particularly in the United States and other top countries like the UK, Russia and China even as the worldwide crypto adoption rate continues to surge.

Earlier this week, Chairman of the Securities and Exchange Commission Gary Gensler said that Wall Street’s top regulator is working tirelessly to develop laws to further protect investors and deal with the volatility of the market.

Can Regulators Kill Bitcoin?

Kill bitcoin

This decade-old question pops up now and then but from what we know so far, regulators won’t have it easy trying to kill bitcoin.

The whole idea of inventing bitcoin is to create a decentralized digital currency that is not controlled by a single administrator.

Of course, there might be attempts and government-backed actions against the crypto space especially if they sense that it is taking the place of physical currencies but nobody will be able to kill bitcoin.

This fact is evident in Nigeria and other countries where bitcoin is banned but citizens still have access to it.

Recent reports show that 32 percent of Nigerians own bitcoin with over $2bn worth of cryptocurrencies entered into the country in May.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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One comment

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