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US Government Won’t Allow Bitcoin to Replace Dollars

US Government Won't Allow Bitcoin to Replace Dollars
  • Dan Nathan, the Founder of Risk Reversal Advisors says that the US will not allow Bitcoin to replace Dollars.
  • However, he mentioned both Bitcoin and Tesla are two risk assets that gained over a trillion dollars in the past six months.
  • Moreover, it might be a difficult situation when both start to drop down together.
  • Furthermore, some countries like Algeria, Bolivia, and Vietnam already banned all activities involving cryptocurrencies.

Dan Nathan says that the US government will not allow Bitcoin to replace Dollars. While not allowing the dollar to fall away from being the world’s reserve currency.

US Government Won’t Allow BTC to Replace USD

Last week, Dan Nathan explained his opinion on bitcoin’s future in an interview with CNBC last week. However, Nathan is the Founder of Risk Reversal Advisors. Moreover, the firm offers consulting services to investment advisors, investment banks, and private firms.

Nathan offered his view soon after the news of Tesla investing $1.5 billion in bitcoin and planning to allow the cryptocurrency as a form of payment. In addition, he mentioned both Bitcoin and Tesla are two risk assets that gained over a trillion dollars in the past six months. It is all because of false hopes.

“The U.S. Treasury and the U.S. government”[will not] “let this thing get out of hand where literally corporates are starting to replace dollars to a large extent”[with bitcoin].

Moreover, Nathan added that it might be a difficult situation when both start to drop down together. More so, the ripple effect that would be seen across currency markets. Nevertheless, no one is discussing the loss right now. He added, “there are no more naysayers in bitcoin.”

According to CoinGecko, the Bitcoin price is at $47,440  with a 24-hour trading volume of over $79.84 billion, at the time of writing. Recently, the Indian government plans to ban cryptocurrency completely in 3 to 6 months.  Furthermore, some countries like Algeria, Bolivia, Morocco, Nepal, Pakistan, and Vietnam already banned all activities involving cryptocurrencies.

Crypto trading has enticed Alyssa Wiselin to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.