Governments Can Neutralize Bitcoin in a Flash, Crypto Expert Says

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As if there weren’t enough bad news for crypto owners, an expert in the field is adamant that governments have all the tools they need to “dismantle” Bitcoin in a second. So far, Bitcoin has built quite a reputation for itself. The decentralized currency is on the rise even in unfavorable conditions, with the network constantly fending off attacks from banks and regimes.

It’s no secret that banks hate it and many governments are against Bitcoin as well. Up until now, it has been blocked in many countries, but do governments have the power to bring Bitcoin down if they want to?

According to one crypto analyst, they can.

Governments Could Sway Any Bitcoin Market

Alex Cruger, a leading crypto analyst, posted a tweet yesterday saying that governments could stop Bitcoin “pretty simply”. Not with a click of a button, of course, but shorting it would do the trick. With Bitcoin currently locked in a bear’ market and sliding down by the hour, governments could keep the price permanently low long enough for everyone to lose interest. This includes crypto traders and small and big farms.

At the moment, Bitcoin is just over the $8K mark and holds its own ground. However, the suggested explosion with all-time highs is yet to happen and the market has been in the hands of bears for quite a while. According to Kruger, should the cryptocurrency fall below $6K, it would harm smaller farms. If it goes below the $4K mark, even Chinese farmers would find it problematic.

So far, smaller states have banned the use of Bitcoin, with big players such as the USA and China taking no action (at the moment). However, after Chinese President Xi Jinping reiterated the country’s anti-crypto stance, things don’t look good for Bitcoin owners. If China bans the use of Bitcoin, the USA and other major governments could soon follow. It’s fair to say that this could be the beginning of the end for the leading cryptocurrency in the world.

Which Markets Will Get Hit First?

Kruger’s claim has sent ripples through the industry. Furthermore, China’s anti-cryptocurrency stance and Justin Sun’s (TRON CEO) and Roelof Botha’s frozen Bank of America accounts have added fuel to the fire.

This could end up bad for Bitcoin gambling as a booming industry. Currently on the rise with new Bitcoin casinos emerging by the day, government action on the cryptocurrency could potentially disrupt the industry and disappoint all crypto gamblers. Gaming with Bitcoin is especially trendy right now, but if it soars to new highs (and it most definitely will), it could force the hand of governments.

It’s no secret that governments and banks are in close relation and neither supports the idea of decentralized currency. After Kruger’s tweet which went viral, it’s obvious that the crypto community is well aware of the fact that governments, especially major ones, could stop Bitcoin from overtaking gold like it’s been lately suggested. Let’s wait and see what happens first.

November 20, 2019: • No Comments

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