Famed Bitcoin analyst and economist Tuur Demeester was the latest guest on Charlie Shrem’s popular podcast Untold Stories, in which he stated that in the future, we would see a time when Bitcoin becomes a political issue, and the world would witness a rise in Bitcoin intolerance. He stated that while many countries will impose stricter regulations on crypto, a few countries will also ban Bitcoin/crypto completely.
Reacting to the podcast, Changpeng Zhao, CEO, and Founder of Binance, made strong comments via tweets. In a reply to Shrem’s tweet, he said that the government crackdown on crypto will only make people use more of Bitcoin or other privacy coins. He also stated that every regulator must read the book The Starfish and The Spider. In another tweet, CZ said,
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“A key difference between 2017 bull run and the next one is: there wasn’t much government adoption/clarity of blockchain back then, but now, we got US, China, Japan, Singapore, Malta, Bermuda (and much more) all moving forward.”
Crypto markets were at the peak in 2017, when a phenomenal bull run resulted in Bitcoin reaching $20,000 in December. However, the terrifying slump that began in January 2018 and lasted until February 2019 raised several questions on the basic ethos of cryptocurrencies. These extreme volatilities have compelled investors to rethink their strategies for crypto, and hence, the industry has remained uncertain for the most part of 2019.
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In such a case, stricter regulations coming from major economies like the US, Europe, China, India, etc. have only worsened the case for Bitcoin. Another big sign that the Bitcoin market might soon become saturated is the fact that John McAfee, a major Bitcoin advocate, recently claimed that Bitcoin is no longer the future. Therefore, Demeester’s warning that Bitcoin intolerance would rise cannot be discarded completely, no matter how much the industry stakeholders like CZ say otherwise.
