Can the US ban crypto?

Is Bitcoin Illegal in the United States

Can the United States ban cryptocurrency?

The United States can make any rule or law that it wants.  The question is will it be able to enforce the law.  The US can make Bitcoin illegal and good citizens like us would sell our crypto for a loss and go back to using Dollars.  That doesn't mean everyone in the US would do the same.  

Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve in exchange for $20.67 (equivalent to $413 in 2020) per troy ounce.  That got rid of a lot of gold, but not all.  It also didn't get rid of gold in other countries.

If the US was to do something similar with Bitcoin, most people would follow the rules but a handful of people wouldn't.  The US is only part of the world economy and even if Bitcoin was banned in the US it would still thrive in other parts of the world.

When the unbanked get access to digital stores of value, they aren't going to go back.  Cyptocurreny is here to stay and there is nothing a single government can do but ban it amongst its borders and amongst its citizens abroad.

As more and more large financial institutions like Chase, BofA, Goldman, Fidelity, and other large banks start playing with crypto, there will be nothing the US government can do to stop it.  Big money will not take a loss on Crypto.  It will just keep going up as more and more banks and more and more citizens place funds in the global financial system.

Local banks are in trouble if they don't start changing their services.  You don't need a bank for interest when you can make a deposit on Compound.  You don't need Chase for a Mortgage when you can borrow money on AAVE.

The Defi names that you are beginning to hear about will be bought out by big banks.  Just watch.

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