Will the US Government kill Bitcoin?

Will the US Government kill Bitcoin?

Some political parties are thinking about making cryptocurrency legal as the domestic currency. And some political parties hate cryptocurrency because of the authentication nature of this currency. So different people have separate perspectives regarding bitcoin crypto coins, which is why this coin’s value fluctuates. The people who do not like it spread the bad news about bitcoin that influence the market to sell these coins, and some people make the value up by spreading the benefits of using it as a payment option. So the question arises: Will the US government kill the bitcoin when the value is high? That you can go with the quantum ai app .

Who is Ray Dalio?

Dalio is a seventy-three-year-old (1949) American born in New York City and now a billionaire investor and hedge funds manager. It is also a famous investor in the finance world and the founder of Bridgewater Associates (founded in 1975), the investment management company for institutional clients, including endowments, foundations, central banks, pension funds, foreign governments, etc. 

Read: The Concept Of Bitcoin Gold And Bitcoin Cash

The success of bitcoin will be restricted.

The value in the initial stage was meagre because no one knew in-depth about the bitcoin cryptocurrency. Still, with rising awareness and benefits of using bitcoin, the cost of this single digital coin started growing. But after a few years, there were a lot of high fluctuations $1,000 to $5,000, $5,000 to $10,000, and again $3,000 in 2020. The pandemic era was highly beneficial for bitcoin because it was like the J curve in the value of bitcoin. November in 2021 was the only month that ever came with a record-breaking bitcoin value above 65,000 dollars, and it was the highest peak of bitcoin. After getting the value or breaking the record, the news articles, videos news, radio news, and television was full with only one news that was bitcoin’s value. 

At that time, many people started showing interest in digital gold and started spending their money. Now the government was in tension that people were showing interest in the unauthenticated currency rather than the actual domestic currency that is secure and safe in centralized hands. So by increasing the interest of the citizens making the government afraid and forcing them to restrict the cryptocurrency. When the popularity or value of this digital coin rises, the government starts applying burdensome restrictions to control it.

Dalio also held bitcoin and said that there is no alternative to bitcoin as an investment, and no other investment can beat bitcoin. He also supports this digital gold currency but said that the government would kill it at the rise in value (bitcoin success).

Read: Effective Tips For Successful Crypto Trading [An Ultimate Guide]

The China and India’s Restrictions

China was known as the prominent bitcoin mining hub because it reaches seventy-four per cent of the mining hashrate contribution by using the high resources of the country. When the popularity of these crypto coins started increasing among the citizens of China, the government was afraid because of their authentication nature. So China banned these coins to prevent unauthorized transactions, tax evasions and clean the polluted environment through harmful gasses and oil output. So many Chinese citizens in the career mining turned from China to other countries. 

The central bank of India is also against bitcoin and other crypto coins. When the value of bitcoin rose to 64,000 dollars in November 2021, then, the government of India was forced to take strict action against this unauthorized currency. Moreover, there are strenuous tax guidelines applied to the bitcoin cryptocurrency to manage it, so no one will think to buy or mine it.

According to the new tax regulations on the cryptocurrency, any bitcoin user who will make a profit from it has to pay thirty per cent of the tax to the government. Every time you do a transaction on a bitcoin exchange, you will have to give one per cent of TDS, whether the amount is small or big. The bitcoin exchange deducts some percentage of the bitcoin transaction at the time of withdrawal of money to the bank account. You were so having too much tax on crypto in India. Who will try to trade Bitcoin or other crypto coins?

Mining is now looking impossible for individuals because they spend a lot of money on resources to earn 20-30% profit. If the 30% goes to the government without excluding expenses, there is no use in earning with bitcoin mining.

Christopher Austin

Hello, I am Christopher Austin. You will mostly find me writing articles related to gaming on Techinerd. Providing knowledge that I have related to gaming to everyone is my passion and I love to do the same. Other then gaming, I also love to write articles on other technology related topics as well. Other than that, I am the digital media manager at Techinerd as well.

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