According to the economist, Alex Krueger, President Donald Trump might attempt to ban Bitcoin, but it might not be legally feasible. According to Krueger, Trump who has publicly exhibited his distaste for Bitcoins will be in contradiction to the first amendment, if he tries to ban the cryptocurrency.
However, among the crypto community, this had initially sparked a ray of hope. In fact, the market saw a Bullish trend, immediately after Donald Trump made his comments. It has shown how crypto is becoming a policy issue for governments across the world. They saw this as an acknowledgment of their significance in the global financial market, and their relevance in the fiscal policy discussions.
Alex Krueger had commented on twitter that according to the first amendment no speech can be censored by the government. In that sense, speech in a computer language is no different; and is equally protected under the freedom of free speech.
However, Krueger notes that there is a chance of the government trying to put several roadblocks to the functioning of the cryptocurrencies. For example, he states, the government can prevent the banks from providing services to the crypto exchanges unless they follow certain criterion. The government might even put restrictions at the entry and exit points for retail and institutional investors.
Prices Take a Hit
The price of the coin had taken a hit, after initially rising. The price of the coin according to Coin360 saw a steady fall by about 10% over the last weekend. Moreover, the comments by Trump can have further effects on the market. However, in this context, the initiative taken by Alex Krueger to discuss these issues related to a full-fledged ban on Bitcoin can go a long way in preventing the investors from the panic, and the market taking a bearish turn.