Bitcoin‘s journey to acceptance has been a long one. Well, now that its market cap is just over a trillion dollars; the world is realizing its importance and dominance.
Nevertheless, governments across the globe are still working toward relevant regulations, and in the process, trying to impose total control over these tokens. Did they succeed in deterring Bitcoin’s growth? It actually surged by 7.5% within a week and was trading under the $55k mark with a correction of about 4.5% in 24 hours.
Consider “Prisoner’s Dilemma,” which analyzes the possible consequences of a ban. In essence, there is no possible outcome where Bitcoin loses as a result of a government ban.
Source: Prisoner’s Dilemma
Billionaire investor and CEO of venture capital firm Social Capital, Chamath Palihapitiya reiterated a similar narrative in a recent podcast. The U.S. can no longer effectively ban Bitcoin and crypto, Palihapitiya opined, stating further,
“I think that you can’t wipe $3 trillion of value out of the world. So it’s here to stay, and it’s too institutionalized now. There’s just way too many organized pools of capital that are now speculating inside of this entire ecosystem.”
According to the investor, the crypto industry is bound to boom – the valuation could even go to $10 trillion. He explained the same using an example. “I saw a tweet today. There’s a firm called…