A ban on Bitcoin (BTC) by the US government, according to Morgan Creek Capital CIO Mark Yusko, would not halt the king of cryptocurrencies in its tracks.
The crypto veteran claims that those who believe that Bitcoin could be outlawed by the government are mistaken in a recent interview with Paul Barron.
He claims that US Bitcoin holders are simply a minor part of worldwide BTC holders and the dominant crypto would continue to thrive if the federal government outlaws it.
“People overlook the fact that 80% of Bitcoin is held outside of the US. 80% of it is not owned by Americans. And it would continue to run even if no Americans owned any of it. if there weren’t any nodes in the US. if they made running a node against the law. Bitcoin wouldn’t mind if it became forbidden to use fiat to transfer money on and off ramps.
Also, according to Yusko, Nigerians utilize Bitcoin since their local currency is depreciating in comparison to gold and BTC.
“Bitcoin is currently the most widely used currency in Nigeria since the naira is depreciating just as the Turkish lira, Argentine peso, and Venezuelan bolivar. So, all of those assets are losing value in comparison to commodities like gold and bitcoin. Yusko predicts that by the time his six-month-old granddaughter starts using money, virtual assets will be widely used.
She’ll never understand paper money. She had no knowledge of a leather wallet. She is familiar with digital wallets. She will understand digital currency. Perhaps not CBDCs, Bitcoin, and other cryptocurrencies, but in the end, that transition is just as basic and certain as every other significant technological change that has ever taken place in human history. But, at the time you’re going through it, everyone writes it off as a passing trend. Because of this, enormous chances are made possible.