In his most recent blog post, Anthony Pompliano, the founder and CEO of Morgan Creek Digital Capital, said that ‘banning bitcoin will drive more adoption’.
Pompliano made this case regarding Congressman Brad Sherman’s ongoing call to ban digital forms of money in the US. The Morgan Stream official expressed that Rep Sherman believes that the purpose of these digital currencies is to solely aid in the disempowerment of the United States and the rule of law and that the comments were part of a broader statement made while Sherman was trying to look for colleagues to join him in introducing a bill to outlaw cryptocurrencies…and stop purchases by American citizens so that they’d “nip this in the bud.”
Sherman mentioned the negative impact of cryptocurrencies should they gain traction as a global unit of value, stating that an extra-national, distributed digital currency wouldput the governments in the position where the significant sanctions they have on Iran, for example, would become irrelevant.
Sherman concluded by claiming that the final result of cryptocurrencies would be not only to disempower U.S. foreign policy, but even the country’s tax collection and traditional law enforcement and to completely change both the domestic and the global status.
As reports said, Rep. Sherman had previously called for a prohibition on U.S. citizens buying or mining cryptocurrencies. He has called the supporters of initial coin offerings that “charlatans and scammers have always favoured decentralized new enterprises.”
He also claimed, in March last year, that cryptocurrencies are a crock whose value lies in aiding terrorists and criminals.
Bitcoin [BTC]’s expansion in population has been very apparent with noticeable identities in government and also standard organizations taking an unmistakable fascination for its utilization cases and drawbacks.
As indicated by the Bitcoin bull, the motivation behind why lawmakers are criticizing the crypto-ecosystem is that they would lose a lot of power if there was a benefit that tested the current dollar. Pompliano additionally included that the whole procedure of actualizing a blanket ban on digital forms of money would not work in light of the fact that the laws would be almost difficult to implement.
Pompliano mentioned that the comments from politicians were actually attacking the market as a whole at a time when even Facebook was jumping on the cryptocurrency system.
On the off chance that Congressman Sherman is troubled that Bitcoin could hurt the possibilities of the US dollar Pompliano asked readers and viewers to hold up until Sherman discovers that Facebook has the likelihood of turning into a computerized central bank to 2+ billion individuals around the globe. Pompliano added that the genie is out of the bottle and fiat currencies backed by sovereign nations are in profound danger. He also mentioned that all these politicians attacking the market seem to forget that Facebook is about to create its own cryptocurrency having more chances of power than any other.
The Morgan Creek CEO further stated that there were some other reasons why the dollar would be weakened, which included China and even Russia getting into Bitcoin and other cryptocurrencies, and that adding Bitcoin to the country’s roster would not be able to disrupt the dollar in the next 10 to 15 years.