re: Money Talk challenge (1 year update)

quote:

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this is an elementary level question I've had that hopefully you can answer.If a govt was to make bitcoin illegal and shut down the on/off ramps, how would that play out? Like if I've got a cold wallet with bitcoin but have no way to transfer it to money in my bank, do I just accept that the BTC I hold is now going to have to be used to actually buy stuff and use it as a currency?

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Great question. This has already been done before.

In 1933 the government made Gold illegal to have. That was not lifted until 1974.

There would be some short term problems for sure! That said, when the government made gold illegal, were people still using it and was it a valuable asset?

Of course.

That said, in a month or less, we will have a Bitcoin ETF. After the ETF, it's pretty much over for what the government can do.

If that is a main concern for you, just wait until the ETF is up and running.

The USA has zero control over Bitcoin. This is a world wide asset that will have value no matter what the USA does.