In brief:
- Tyler Winklevoss has forecasted that the US Government will never ban Bitcoin
- His comments are in response to Billionaire investor Ray Dalio, suggesting that the government could outlaw Bitcoin at some point
- Cameron Winklevoss further explains that outlawing decentralized software requires you to outlaw the internet
The Co-Founder and CEO of the Gemini Exchange, Tyler Winklevoss, has explained via Twitter that the US government will never ban Bitcoin (BTC). Mr. Winkelvoss went on to highlight that the question of banning Bitcoin has been explored numerous times and answered by regulators over time. Therefore, there is no need to keep repeating the possibility of a ban in the United States.
Below is Mr. Winklevoss’s tweet explaining that Bitcoin will not be banned in the USA.
The US government will never ban #bitcoin. These questions have been asked and answered by regulators and courts for the last decade. This ship has sailed.
— Tyler Winklevoss (@tyler) March 27, 2021
Billionaire Ray Dalio Thinks Bitcoin Could Suffer a Similar Fate to Gold in the 1930s
Tyler Winklevoss’s comments were in response to Billionaire founder of Bridgewater Associates, Ray Dalio, suggesting that Bitcoin could suffer a similar fate as Gold did in the 1930s. The latter time period was during the Great Depression and owning Gold was made illegal in the United States.
Back then, each US dollar was backed by gold, and US citizens were prohibited from withdrawing their gold from the banking system for the government feared it would collapse the entire economy.
According to Mr. Dalio, the US government could take a similar stance on Bitcoin ‘because cash and bonds were such bad investments [in the 1930s] relative to other things, there was the movement to those other things, and then the government outlawed them.’
To Ban Bitcoin, You’d Have to Outlaw the Internet
Fellow Co-founder of the Gemini Exchange, Cameron Winklevoss, also chimed in on the possibility of the US government banning Bitcoin. According to Cameron Winkelvoss, the US government banning Bitcoin also requires banning the internet as explained below.
Let’s talk Ray Dalio — #Bitcoin may have similar properties to gold but outlawing decentralized software is a much different problem. It requires you to essentially outlaw the Internet.