Bitcoin’s road to acceptance has been a long one. Now that the market cap is now just over a trillion dollars; the world realizes its importance and dominance.
Nonetheless, governments around the world are still working on regulations, trying to gain total control over these tokens. Did they manage to prevent Bitcoin from growing? It even rose 7.5% in a week, trading below the $ 55,000 mark, up about a 4.5% correction in 24 hours.
Consider the Prisoner’s Dilemma, which analyzes the possible consequences of a ban. In essence, there is no possible outcome that Bitcoin will lose due to a state ban.
Billionaire investor and CEO of venture capital firm Social Capital, Chamath Palihapitiya, repeated a similar narrative in a recent podcast. The US can no longer effectively ban Bitcoin and crypto, said Palihapitiya and went on to explain:
“I think you can’t wipe $ 3 trillion in value out of the world. So it’s here to stay, and it’s too institutionalized now. There are just too many organized pools of capital now speculating within this entire ecosystem. “
According to the investor, the crypto industry will boom – the valuation could even climb to $ 10 trillion. He explained the same with an example. “I saw a tweet today. There’s a company called Jump Trading. It’s like a high speed frequency trading organization and they tweeted some pictures of hiring a bunch of people to jump start and they did a coding boot camp on Solana. That was their onboarding as an example. ”He went on to explain,
“So if you have people in high finance who are really into this thing and you’re worth $ 3 trillion that goes to $ 6 trillion and then to $ 10 trillion, you can’t go away, so I think Powell and Genzler did that to put a version of it on the album that is … we’re not going to ban this stuff because they know it can’t. “
In this regard, it is noteworthy that Federal Reserve Chairman Jerome Powell had said he had no plans to ban cryptocurrencies. The chairman of the US Securities and Exchange Commission, Gary Gensler, had expressed a similar opinion.
Additionally, Bitcoin’s market capitalization outperforms Facebook, Tesla, and several large companies, according to data AssetDash.
Still, some critics continue to reject Bitcoin. For example, JP Morgan CEO Jamie Dimon recently gave his opinion on BTC, calling it “worthless”.