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Bitcoin is no longer under the threat of being banned in the US

By:
on Jul 20, 2020
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  • Cryptocurrency is no longer under the threat of being banned in the US, said Grayscale CEO.
  • Barry Silbert believes that efforts to educate the US policymakers were successful.
  • He thinks that the regulatory situation will improve, or at least, it will not get worse than it already is.

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Bitcoin (BTC) has been growing rapidly over the past few years, and while its price is still lower than what most investors would want, there is no denying that adoption is surging faster than ever. In fact, this was also noticed by the CEO of a crypto investment company, Grayscale.

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The firm’s CEO, Barry Silbert, recently commented on the growth of Bitcoin, stating that the US has passed the point of no return when it comes to banning the first cryptocurrency.

Cryptocurrency might finally be in the safe zone in the US

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For a long time, the status of cryptocurrency was unclear in the US. Cryptos could be banned or supported by the regulators at any time, which prevented major investors and companies from dealing with it in the past.

However, according to Silbert, he is ‘cautiously optimistic,’ as he said in a recent investor call, that the situation is changing. He now believes that there is a fair chance that crypto regulations in the US could improve. In the worst case, they will not become worse than they already are.

“For the first time ever, we are past the ‘ban bitcoin’ perceived risk. There’s enough support in DC from policymakers and regulators that Bitcoin has a right to exist and ultimately you can’t shut it down,” he noted.

Educating regulators on cryptocurrency bears fruit

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One of the biggest problems with crypto in the US is the lack of understanding of the industry. The country’s regulators were intimidated by cryptocurrencies because they did not understand their possibilities and benefits, only seeing risks and threats.

However, crypto advocacy groups like the Blockchain Association and Coin Center worked on educating policymakers. Now, Silbert believes that their efforts were successful. This could result in a new wave of support given to crypto, or, as mentioned, at the very least, the possibility of a total ban is no longer a real threat.

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