If e-Cigarettes Can Be Banned In The US, Crypto Traders Wonder If Bitcoin May Be Next
Could Bitcoin be banned from the United States? After U. S. President Donald Trump has banned flavored e-cigarettes from the country overnight, many people in the crypto world are wondering whether Bitcoin will be the next target.
Within a month, all e-cigarettes will have to be taken off of the U. S. market. The decision was made because of health concerns that they may be harming young people. Manufacturers will only be able to sell them again after extensive tests.
What does this have to do with the crypto market? Nothing directly, but Tom Lee from Fundstrat Global Advisors has recently shown his concern that markets can be simply wiped out by the government overnight.
He affirmed that the White House could ban Bitcoin and that “nothing is out of bounds”. He also argued that the ban would be very dependent on price. At the moment, there is no reason to ban the asset, but if prices went above $100,000 USD, around ten times higher than they are right now, the government could forbid citizens from using it.
Could a ban actually happen? Yes. The truth, though, is that this a very complex subject. India and China have banned BTC, but a lot of people still use it there, they are just doing it illegally.
You cannot really impose this kind of sanction on people because BTC is decentralized and people do not need the permission of the government for using it. They could be arrested or fined, though, or even have their BTC confiscated in some cases in which this was possible, so the ban could certainly hurt the industry.