Back in October 2017, the Donald Trump administration (the team heading the United States of America incase you didn’t know) made a number of anti-Bitcoin statements that suggested the President could go on to ban cryptocurrencies in the very near future. As we are now in July and still have no word from Trump regarding cryptocurrency, we should start to ask exactly why no ban has been imposed.
According to Verdict, this is what the Trump administration said in October:
“The FBI’s very concerned about [the dark web]. They did take down, I think, the two biggest, dark web sites. This last one, Alphabay, we took down recently. They had 240,000 sites where individuals we selling, for the most part, illegal substances or guns on that site, including Fentanyl. And, they use bitcoins and other untraceable financial capabilities, and it is a big problem.”
“The [bitcoin situation] is something that is being monitored by our team – Homeland security is involved. I know it’s something that [Trump]’s keeping an eye on. And we’ll keep you posted when we have anything further on it.”
See more for yourself, here.
So, if Trump is keeping an eye on Bitcoin, with so many hacks of late and so many instances of cybercrime hitting the headlines, why hasn’t Trump moved to ban cryptocurrency?
Perhaps Trump is investing in Bitcoin and therefore a ban would very much go against his best interests? Lets not forget that Trump is the brain behind the Trump empire. He is a business man by nature and really, this presidency is a bit of a side project. Not only does it make sense that Trump would invest in Bitcoin, but also, it seems like a logical step for him, in line with his principles.
Since Trump hardly speaks of the subject, it also seems that he wants to limit the amount of news that comes out relating to him and cryptocurrency, in order to ensure he is not involved in swinging the price of the markets, again suggesting that it is in his best interests to keep the markets stable in order to improve his own investments.
Whilst this is speculation, it is certainly worth thinking about. Imagine an anti-government cryptocurrency, designed to be decentralised, yet owned by the President of the United States? If that’s not the definition of irony, I don’t know what is.
Featured Image Original Source: Wikipedia Commons by Gage Skidmore