Bitcoin is dead. That phrase has been repeated by mainstream news over 500 times since 2010. However, in 2024, it was declared dead the least amount of times. Bitcoin faced a significant drop in value, going down to $40,000 at the start of the year. Today, we examine whether anything can truly kill Bitcoin.
Can Regulators Kill Bitcoin?
The Federal Reserve, notably led by Jerome Powell, does not view Bitcoin kindly. Powell and the Fed primarily value stablecoins over Bitcoin and other cryptocurrencies.
“You wouldn’t need stablecoins; you wouldn’t need cryptocurrencies if you had a digital U.S. currency,” tweeted Gov. Greg Abbott.
Additionally, former Treasury Secretary Janet Yellen has expressed concerns regarding cryptocurrencies and has called for regulations on stablecoins. Yellen emphasized the risk of illicit financing linked to them.
Why a Bitcoin Ban Won’t Work
The failure of one country to embrace Bitcoin can lead to another country, or even state, reaping the benefits. Following the Chinese ban on Bitcoin mining, Gov. Abbott indicated Texas’s aspiration to become a crypto hub.
Moreover, a significant shift in US crypto policy during Trump’s presidency has seen states like Wyoming, Texas, and Florida creating attractive environments for crypto innovation.
So, is Bitcoin Dead?
A common mistake among cryptocurrency investors is jumping in without understanding it. The reason Bitcoin is often claimed to be dead is due to panic selling from novice investors inducing volatility. However, Bitcoin’s ability to rise again demonstrates its resilience.
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Key Takeaways
- Claims of Bitcoin’s death are frequent but often unfounded.
- The Federal Reserve, under Jerome Powell, shows a preference for regulatory frameworks surrounding stablecoins.
- Investors must understand cryptocurrency before investing to avoid misleading narratives.
