“Bitcoin is impossible to shut down” – Cathie Wood
blockcrunch.co
blockcrunch.co
It's a strange stance for a fund manager who must know that regulators can bar banks and investment funds from touching BTC.
1. India crypto ban is going on for years now 2. China crypto ban has become a joke now, they banned / un banned crypto like 50 times already.
I think what she meant is the very nature of BTC or crypto that even if Govt bans, its just unstoppable. You can still hold it in your wallet and do transactions.
Yes, till you buy your crypto with fiat currency, govt. can trace you, what if you mine / stake or get it by p2p somehow, can govt stop? No they just can't.
At the end, govt should put effort to understand it and regulated instead going completely against it. Its a new tech giving rise to new financial authority that is decentralised and may look scary in the beginning like any other tech for that matter.
And we have seen this happening again and again, Machines will take jobs, AI will take jobs and what not. Let's accept it and build a better future.
If it's illegal then no legitimate financial institution or business will touch it, which will make it an underground niche for criminals only, and will allow police to arrest people just on that basis (a bit like bringing criminals down on tax evasion when proving their other crimes is tricky)
Then in places like China if they decide to really kill it then they absolutely can do it very quickly (don't confuse official bans and actual will to ban in a country like China, the former is lip service, the latter is brutal).
Sounds very stoppable to me if governments decide to.
So far crypto is mostly irrelevant so there is no reason to bother. A country that actually has a practical reason to perhaps put a stop to it is China because they have currency and capital controls and crypto allows to bypass that.