Category Archives: Bitcoin

If youre watching Thursdays House hearing on misinformation, where Twitter CEO Jack Dorsey, Facebook CEO Mark Zuckerberg, and Google CEO Sundar Pichai are testifying, you might have noticed a clock-like device prominently displayed over Dorseys right shoulder. (Its hard to miss besides Dorsey, a window, and some houseware, its basically the only other thing in frame.) But the device doesnt seem to be showing the time or at least, I havent seen that. So what is it?

Its a bitcoin clock. Specifically, Coinkites $399 BlockClock mini. If youre even tangentially aware of Dorseys love of bitcoin, this will not come as a surprise.

Dorsey is a huge fan of bitcoin:

Dorsey just seems to be into blockchain-based things in general, having just auctioned off his first tweet as an NFT for nearly $3 million. (He donated the proceeds to charity.)

As for the BlockClock mini, it can indeed show the time, but its also a Wi-Fi-enabled device that can also show you the current price of bitcoin and other cryptocurrency-related data. Track prices from exchanges, see blocks as they are published by miners and connect Opendime to display balance, fiat value, and deposit QR codes, reads a description on Coinkites store. (The current price of bitcoin is more than $52,000 as of this writing, if you were wondering.)

If youre enamored with the BlockClock mini after seeing it on Dorseys counter, you may not get it soon. Coinkite lists it as a long lead item and notes in the clocks description that lead times may vary no delivery date guarantees due to high demand. The devices main website also has a big button to Reserve Now <3 that points to Coinkites store, which doesnt fill me with confidence.

Also, its $399.

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Jack Dorsey wants the entire world to know hes got a bitcoin clock - The Verge

Theres one metal thats leaving all commodities -- and even Bitcoin -- in the dust this year. The challenge for investors is buying it.

Iridium, one of the rarest precious metals and mined as a byproduct of platinum and palladium, has surged 131% since the start of January, far beating Bitcoins 85% gain. It has rallied on supply disruptions in the past year and rising demand for use in electronic screens, refiner Heraeus Group said.

With a market much smaller than its more famous sister metals, production issues can have a big impact on prices. Betting on it is difficult too, as demand is dominated by industrial users. Iridium isnt traded on a bourse or through exchange-traded funds, retail buyers are limited to ingots from a handful of dealers and the few major investors dealing in it go straight to producers.

The lead time on the supply side is too long to increase supply in a timely fashion, said Jay Tatum, a portfolio manager at Valent Asset Management. The only near-term solution is higher prices to get people to sell their existing holdings.

Iridium, which is also used in spark plugs, has climbed to $6,000 an ounce, according to Johnson Matthey Plc data. That makes it more than three times more expensive than gold.

Part of iridiums appeal comes from the limited investment in production of platinum, which is largely used in autocatalysts to curb emissions, while investors weigh potential increases in platinum demand from new hydrogen technologies against a shift to electric vehicles.

The outlook for tight supply also helped drive up prices of other platinum-group metals. Palladium is about 9% below an all-time high, rhodium reached a record $29,800 an ounce this week and ruthenium has rallied to an almost 13-year high.

Before it's here, it's on the Bloomberg Terminal.

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One Ultra-Rare Metal Is Doing Much Better Than Bitcoin This Year - Bloomberg

Ray Dalio, founder of the $150 billion hedge fund Bridgewater Associates, believes bitcoin has proven itself in the last 10 years but still sees a good probability that it will be outlawed by governments.

Speaking to Yahoo Finances Andy Serwer on Wednesday, the billionaire investor said it was very likely under a certain set of circumstances that bitcoin would be outlawed as gold was in the 1930s.

Under the U.S. Gold Reserve Act of 1934, it became illegal for individuals to own gold because, according to Dalio, governments did not want gold to compete with money or credit as a store of value.

Every country treasures its monopoly on controlling the supply and demand. They dont want other monies to be operating or competing, because things can get out of control, Dalio added, citing Indias proposed ban on crypto as an example.

He added that bitcoin has proven itself over the last 10 years, having not been hacked and building a significant following.

Dalio has previously warned about the possibility of cryptocurrency bans by governments.

On other occasions, he expressed positive sentiment about bitcoins role as a diversifier in investment portfolios.

In November, prior to BTCs staggering run-up to $50,000 and beyond, Dalio said if bitcoin or other cryptos become material, governments will outlaw it. Theyll use whatever teeth they have to enforce that, he said at the time.

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Dalio on Bitcoin: 'Good Probability' It Will 'Outlawed' by US Gov - CoinDesk - CoinDesk

A month after the first Bitcoin exchange traded fund (ETF) made its debut, more players are in the prep to join the race for a Bitcoin ETF. Global funds giant Fidelity and leading banking institution Goldman Sachs are gearing up to become the first to launch Bitcoin ETF in the United States and expand their digital asset businesses.

Bitcoin ETF is the talk of the town and if you still do not know much about it, here are a few pointers to help you with the all-abouts of this buzzing trend.

Bitcoin ETFs

A traditional ETF is a type of security like stocks, commodities or bonds, or a mixture that trades on an exchange and the funds units (or shares) are bought and sold throughout the day just like stocks.

Bitcoin exchange-traded funds track the value of Bitcoin and trade on traditional market exchanges, without the need for the traders to directly buy or sell the digital asset on a cryptocurrency exchange.

First Bitcoin ETF

The Purpose Bitcoin ETF was the first ever Bitcoin ETF, launched in Canada last month on the Toronto Stock Exchange. Just a month after the launch, the ETF has hit the $1 billion mark in assets under management (AUM). Soon after, two more Bitcoin ETFs were launched to start trading in the traditional stock exchange.

Last week, Brazil also received an approval for its first-ever Bitcoin ETF from the Brazilian Securities and Exchange Commission to list an ETF composed solely of bitcoin on its stock exchange.

Europes ETPs

Several cryptocurrency-linked exchange-traded products (ETPs) exist in Europe that trade like stocks and can track almost any asset class. Various Bitcoin ETPs have also been launched in the region.

Fidelity and Goldman Sachs have filed prospectus with the U.S. Securities & Exchange Commission (SEC) to get its approval for setting a Bitcoin ETF. However, it is not yet assured if the SEC will approve the plan. The regulator has been receiving proposals for ETF launch from various companies over years but hasnt given approval to any as yet. The U.S financial watchdog argued that the bitcoin market is too volatile, lacks sufficient surveillance and is too easily manipulated.

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Bitcoin ETF The race to follow the trend - Mint

The stock markets recovery from last years COVID-driven crash is a testament to the unprecedented level of federal stimulus pumped into the economy over the past twelve months, but few asset classes have benefitted from a rebound in financial markets more than cryptocurrencies.

Bitcoin BTCUSD, +1.18% has risen a staggering 548% during the past twelve months, while Ethereum ETHUSD, +1.63%, the second most valuable cryptocurrency, has gained roughly 690% during that time, according to FactSet, compared to a 71% rise for the S&P 500. But the fate of this rally could depend greatly on President Joe Biden and his administrations regulatory stance to the burgeoning crypto economy, experts tell MarketWatch. Here are the five biggest regulatory questions the Biden administration will face in the coming months and years that will greatly impact cyrpto investors:

Who will be the Comptroller of the Currency?

The agency in charge of chartering and supervising national banks is typically one of the more obscure federal financial regulators. But OCC has caught the attention of the crypto community through its championing of integration between the crypto economy and the legacy financial system under the brief leadership of former Acting Comptroller of the Currency Brian Brooks, said Jackson Mueller, director of policy and government relations at the crypto consultancy Securrency.

Read more: Feds Powell says bitcoin is more of a substitute for gold than the dollar

During his eight months as acting comptroller, Brooks issued issued several guidance letters affirming the ability of nationally chartered banks to serve as custodians of crypto assets and use a type of cryptocurrency called a stablecoin to make payments, among other issues. The big issue is what happens to the guidance issued by Brooks and his team when someone else comes in, Mueller told MarketWatch. Do they go in a completely opposite direction and rescind that guidance?

Stablecoins are a type of cryptocurrency that pegs its value to some other asset. The most popular is Tether, pegged to the U.S. dollar. The crypto community is fond of these instruments because they facilitate transactions between highly volatile digital currencies some analysts argue that Bitcoins rally has been enabled by aggressive issuance of new Tether tokens.

Unlike currencies like Bitcoin and Ether, however, stablecoins are often not decentralized, but run by single companies and backed by assets held by traditional banks. Brooks guidance serves to give federally chartered banks the go-ahead to be a custodian for stablecoins and to use them for their own payments.

The crypto community was excited at reports that Biden would name Michael Barr, who served at the Treasury Department during the Obama administration, as comptroller. Barr had ties to several fintech companies and he served on an advisory board at Ripple, issuer of the eponymous cryptocurrency XRPUSD, -0.42%. But Barr is reportedly no longer in contention for the job after progressives in the administration protested.

Law professor Mehrsa Baradaran, an expert on the racial wealth gap, has emerged as the odds-on favorite to win the role, and crypto investors are less enthused about this pick, given the skepticism she has shown toward cryptocurrencies in the past.

While I share many of the cryptocurrency industrys concerns with respect to failures of the banking industry, I do not believe cryptocurrency is the best solution to the problems of financial inclusion and equity in banking, Baradaran told the Senate Banking Committee in 2019, arguing instead that Congress should task the Federal Reserve with setting up a digital payments infrastructure available to all Americans.

Read more: Why the coming recession could force the Federal Reserve to swap greenbacks for digital dollars

Are cryptocurrencies a threat to financial stability?

The OCC will not be the only financial regulator concerned with the use of stablecoins, given the growing number of observers who claim that these instruments have enabled the growth of a new shadow banking system that threatens the stability of the U.S. financial system.

Democratic Rep. Rashida Tlaib of Michigan recently proposed a bill that would require issuers of stablecoins to obtain a banking charter and obtain Federal Deposit Insurance Corporation insurance or keep reserves at the Federal Reserve to ensure that all stablecoins can be readily converted into United States dollars, on demand.

Rohan Grey, president of the Modern Money Network, who helped craft the bill, has likened stablecoins to money market mutual funds, which came under great stress during the 2008 financial crisis.

We were looking at history of shadow banking and the examples in which entities would claim theyd invented an instrument that walked and talked like money, that could be used like money, could be considered roughly as safe and stable as money in most circumstances, Grey told The Block in December. But then at moments of crises those claims turned out to be hollow, they became a massive source of systemic risk and inevitably theyd be bailed out in the name of protecting consumers. The effect of that was to privatize gains to socialize losses.

This issue of financial stability means that other regulators, including the Federal Reserve and the Treasury Department, may look to regulate stablecoins in the years to come.

How will the government curb crypto money laundering?

The most immediate regulatory issue that crypto investors will have to face is an impending decision by the Financial Crimes Enforcement Network a Treasury Department unit tasked with fighting money laundering and other financial crimes on new requirements for banks and other intermediaries to maintain records and verify customer identities for certain crypto transactions.

Jerry Brito of the think tank Coin Center says that in the waning days of the Trump administration, Treasury attempted to fast track new rules that were ill considered. New requirements would have enabled the government to learn the owners of private crypto wallets and therefore their entire transaction history, even if that person had done nothing suspicious.

Since the Biden administration has come in, theyve been more deferential to FinCen, who I dont think ever really wanted this as much as [former Treasury Secretary] Steve Mnuchin did, he said, adding that law enforcement was wary the rules would encourage criminals to refrain from transacting with U.S.-based exchanges that are known to cooperate with criminal investigations. The Biden administration will take a more rational approach going forward, said Brito, who is Coin Centers executive director.

What will happen with the Ripple lawsuit?

Gary Gensler, who is expected to be confirmed as chairman of the Securities and Exchange Commission, will have many crypto-related issues to deal with not least of which is a lawsuit filed in December against Ripple by the SEC.

In its complaint, the SEC accused Ripple and its executives Brad Garlinghouse and Christian Larsen of selling more than $1 billion in digital currency without registering with the SEC. While SEC officials have said publicly that they dont believe Bitcoin or Ethereum are securities that must be registered, the lawsuit indicates that the SEC views Ripple differently.

Ive been surprised that the suit wasnt filed a long time ago because Ripple is very different from Bitcoin or Ethereum, Angela Walch, law professor and cryptocurrency expert at St. Marys School of Law, told MarketWatch. Its not truly a decentralized currency because youve had a single company essentially running it.

If the SEC is victorious in its suit, that will go a long way in helping define what types of digital assets will be viewed as currencies and which will be viewed as securities, Walch added.

Will the SEC approve bitcoin ETFs?

Crypto enthusiasts cheered Genslers nomination to lead the SEC, given his history of teaching blockchain and digital currencies at MITs Sloan School of Management. Coin Centers Brito argued that his accession to the role of chairman will be good news for the many financial services firms attempting to sell Bitcoin exchange-traded funds.

Several major financial services firms have submitted applications to offer bitcoin ETFs, incluind Wisdom Tree, Morgan Stanley MS, -0.19% and VanEck. Theoretically, investors might prefer bitcoin ETFs because purchasing actual bitcoin can be a hassle, as investors have to set up digital wallets or move money on to a crypto exchange. These ETFs, however, could be bought and sold much like traditional stocks.

Gary Gensler is somebody who likes orderly markets, Brito said. What a better way of allowing investors to participate in this asset class in an orderly way than having a well-regulated ETF.

Now read: A bitcoin winter ahead? Crypto expert predicts just that, but after digital asset hits $300,000 at end of 2021

Read more:
Bitcoin, crypto investors will be watching these 5 questions facing the Biden administration - MarketWatch

When the richest person in the world gives his support to a virtual currency you know it's big business.

Elon Musk has told users of an online social media app that he thinks the virtual currency, Bitcoin, is a "good thing."

His comments resulted in the value of Bitcoin rising significantly.

So much so, that a singular Bitcoin went from being worth 3,600 in March last year to more than 27,000 now.

As talk of the currency has gone global, the Bank of Singapore has suggested that the 12-year-old currency could replace gold as its store of value.

However, in October, the head of the Bank of England, Andrew Bailey, warned about the unpredictability of Bitcoin, saying it makes him, "very nervous".

With all this talk you're probably wondering - what is Bitcoin and how does it all work?

Here's everything you need to know.

What is Bitcoin?

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Bitcoin, often described as a cryptocurrency, a virtual currency or a digital currency - is a type of money that is completely virtual.

It's like an online version of cash. You can use it to buy products and services, but not many shops accept Bitcoin yet and some countries have banned it altogether.

However, some companies are beginning to buy into its growing influence.

In October last year, for example, the online payment service, PayPal, announced that it would be allowing its customers to buy and sell Bitcoin.

The physical Bitcoins you see in photos are a novelty. They would be worthless without the private codes printed inside them.

How does Bitcoin work?

A Bitcoin wallet app on a smartphone

Each Bitcoin is basically a computer file which is stored in a 'digital wallet' app on a smartphone or computer.

People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people.

Every single transaction is recorded in a public list called the blockchain.

This makes it possible to trace the history of Bitcoins to stop people from spending coins they do not own, making copies or undo-ing transactions.

How do people get Bitcoins?

There are three main ways people get Bitcoins.

How are new Bitcoins created?

People build special computers to generate Bitcoins

In order for the Bitcoin system to work, people can make their computer process transactions for everybody.

The computers are made to work out incredibly difficult sums. Occasionally they are rewarded with a Bitcoin for the owner to keep.

People set up powerful computers just to try and get Bitcoins. This is called mining.

But the sums are becoming more and more difficult to stop too many Bitcoins being generated.

If you started mining now it could be years before you got a single Bitcoin.

You could end up spending more money on electricity for your computer than the Bitcoin would be worth.

Why are Bitcoins valuable?

Bitcoins are valuable simply because people believe they are

There are lots of things other than money which we consider valuable like gold and diamonds. The Aztecs used cocoa beans as money!

Bitcoins are valuable because people are willing to exchange them for real goods and services, and even cash.

Why do people want Bitcoins?

Some people like the fact that Bitcoin is not controlled by the government or banks.

People can also spend their Bitcoins fairly anonymously. Although all transactions are recorded, nobody would know which 'account number' was yours unless you told them.

In an online chat with social media users in January 2021, the world's richest man, Elon Musk, said he was a big supporter of Bitcoin.

He even went as far as to change his Twitter bio to "#bitcoin".

He has repeatedly shown his support to online currencies in recent years and caused major movements in their values due to his own personal wealth and influence.

This particular endorsement led to the value of Bitcoin to rise significantly.

Is it secure?

Every transaction is recorded publicly so it's very difficult to copy Bitcoins, make fake ones or spend ones you don't own.

It is possible to lose your Bitcoin wallet or delete your Bitcoins and lose them forever. There have also been thefts from websites that let you store your Bitcoins remotely.

The value of Bitcoins has gone up and down over the years since it was created in 2009 and some people don't think it's safe to turn your 'real' money into Bitcoins.

This concern was expressed by the head of The Bank of England, Andrew Bailey, in October 2020.

He said that he was "very nervous" about people using Bitcoin for payments pointing out that investors should realise its price is extremely volatile.

By this, he meant that the value could drop significantly at any moment and investors could lose a lot of money.

Read more:
Guide: What is Bitcoin and how does it work? - CBBC Newsround

Bitcoin could soar as high as $300,000 in the current bull market based on its historical patterns, according to Bobby Lee, co-founder and former CEO of crypto exchange BTCC.

However, he warned that the bubble will burst after peaking and the cryptocurrency could see declines for years.

"Bitcoin bull market cycles come every four years and this is a big one," said Lee, who is currently the chief executive of crypto wallet Ballet. "I think it could really go up to over $100,000 this summer."

Two of these "mega bull market cycles" have occurred over the last eight years, he told CNBC's "Squawk Box Asia" on Monday, pointing out that the last one was in 2017, when the price of bitcoin surged to nearly $20,000 by the year end from about $1,000 earlier that year.

It could go down by quite a bit and that's when the bubble bursts. In the bitcoin crypto industry, we call it 'bitcoin winter' and it can last from two to three years.

Bobby Lee

founder and CEO, Ballet

With bitcoin entering 2021 at around $30,000, Lee said "even just a 10x value from that" would bring the price of the cryptocurrency to $300,000. He clarified that he was not sure if history would repeat itself.

Bitcoin has had a blockbuster 2021 so far, with the cryptocurrency breaking multiple record levels this year, and surpassing the $60,000 mark earlier in March. It last traded at $57,660.24, according to data from Coin Metrics.

Still, a "bitcoin winter" that could last for years may hit the crypto currency following its bull run, warns Lee.

"It could go down by quite a bit and that's when the bubble bursts," he said. "In the bitcoin crypto industry, we call it 'bitcoin winter' and it can last from two to three years."

Investors should be aware that bitcoin's value could fall as much as 80% to 90% of its value from the all-time peak, the entrepreneur said.

"Bitcoin is very volatile, but the rewards are risk-adjusted, I think," Lee said.

Read more here:
Bitcoin could surge to $300,000 but winter could last for years when the bubble bursts, says crypto entrepreneur - CNBC

Photographer: Andrey Rudakov/Bloomberg

Photographer: Andrey Rudakov/Bloomberg

Fidelity Investments applied to list a Bitcoin exchange-traded fund that would track the cryptocurrency using pricing from U.S.-based exchanges.

The firms Wise Orgin Bitcoin Trust would use underlying prices from exchanges that include Bitstamp, Coinbase, Gemini, itBit and Kraken, Fidelity said in a filing Wednesday with the Securities and Exchange Commission.

The application comes a month after North Americas first Bitcoin ETFs, including the Purpose Bitcoin ETF and another from Evolve Funds Group, began trading in Canada.

Several other Bitcoin ETF proposals in the U.S., including those put forth by Gemini crypto-exchange founders Cameron and Tyler Winklevoss, have failed to pass SEC muster.

The digital assets ecosystem has grown significantly in recent years, creating an even more robust marketplace for investors and accelerating demand among institutions, Fidelity said in an e-mailed statement. An increasingly wide range of investors seeking access to Bitcoin has underscored the need for a more diversified set of products offering exposure to digital assets.

With assistance by Claire Ballentine

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Bitcoin (BTC) ETF: Fidelity Applies for Fund That Tracks the Cryptocurrency - Bloomberg

Bitcoin is dividing opinion on Wall Street, with a rush of investment banks expressing widely divergent views on the cryptocurrency boom.

The digital currency soared 300 per cent last year, and has roughly doubled in the opening weeks of 2021, taking its value to about $60,000. With an estimated 18.7m coins in circulation, that takes the overall value of the market to roughly $1.1tn too big for investment banks to ignore.

But the extra scrutiny from professional analysts is not creating a consensus about its place in financial markets, or whether it should even have one at all.

Citigroup was one of the first big banks to explain its view. In a 108-page report released earlier this month, it said bitcoin may be optimally positioned to become the preferred currency for global trade a prospect that fired up prominent cryptocurrency bulls such as SkyBridge founder Anthony Scaramucci.

It noted concerns over capital efficiency, insurance and custody and the environmental impact of cryptocurrencies, and concluded that developments in the near term are likely to prove decisive as the currency balances at the tipping point of mainstream acceptance or a speculative implosion.

Since then, Bank of America and Morgan Stanley Wealth Management have also chimed in.

Total bitcoin returns this year are already among the highest in its short history and investors have noticed, said Bank of Americas global commodity research team. But, the report highlighted serious concerns about the environmental impact of cryptocurrencies, noting that bitcoins annual energy consumption rivals that of the Netherlands because of the energy intensive process of mining new coins.

BofA analysts also said bitcoin was not a suitable hedge against rising inflation and its supply is controlled by a small collection of accounts, dubbed whales.

Lisa Shalett, chief investment officer and head of the global investment office at Morgan Stanley Wealth Management, wrote in a report last week that cryptocurrencies are reaching the threshold of becoming an investable asset class.

She said the evolving regulatory framework, improving liquidity conditions and growing interest from institutional investors have created conditions for cryptocurrencies to become part of mainstream institutional portfolios, similar to how gold markets emerged 45 years ago.

Our recommendation is that investors get educated and consider how and whether to get exposure to this bourgeoning asset class in their portfolio, Shalett wrote.

Others, such as Germanys Commerzbank have deemed bitcoin not worthy of analyst coverage, describing it as a purely speculative asset. French asset manager Amundi also published its first paper on cryptocurrencies on Monday, with deputy chief investment officer Vincent Mortier warning of a possibly brutal price adjustment once major regulators set out rules for the space.

Goldman Sachs restarted its digital currency trading desk in March, a month after Bank of New York Mellon announced it would offer cryptocurrency custody services to its asset management clients.

The rally in bitcoin has been supported by the growing interest from institutional investors. Some companies, prominently including Tesla, have also loaded up. US Federal Reserve chair Jay Powell, meanwhile, said at an event on Monday that crypto assets are more for speculation than for payments.

Letter in response to this article:

Trading knowhow gives big banks a crypto edge/From Alexandre Carteau, Managing Director, Institutional Crypto Trading, TradingScreen, London WC2, UK

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Wall Street banks diverge in views on bitcoin boom - Financial Times

Bridgewater Associates founder Ray Dalio joins 'Influencers with Andy Serwer' to share his thoughts on Bitcoin and cryptocurrencies.

ANDY SERWER: Bitcoin. I mean, so it's a two-part question. Is that in a bubble? Maybe three-part question. Is it dangerous? And what do you think the likelihood of the government outlawing it is? And is that even feasible?

RAY DALIO: Bitcoin has proven itself over the last 10 years. It proved it hasn't been hacked. It's by and large therefore worked on an operational basis. It has built a significant following. It is an alternative, in a sense, storehold of wealth. It's like a digital cash. And those are the pluses. Bubbles are financial assets that have imputed value. It's an asset that doesn't have intrinsic value. It has imputed value. It's whatever we think it is.

And if you look at some of the bubbles in the past, a great book is "Extraordinary Popular Delusions and the Madness of the Crowds" by Mackay, 1845 or something. But he talks about the South Sea bubble, and he talks about the Mississippi bubble and so on. It is when people love it. It's the dot com bubble and so on. And it-- that, you know-- that could be. So when you look at Bitcoin, it's a possibility. You know, it's an alternative because there aren't many such assets. There are not so many assets that might have intrinsic value that can't be messed around.

As far as the government allowing it, the history was, you know, banks always used to exist. And then, with the Bank of England, they decided that it was in their interest to have a monopoly on banking at a country. And so, what we did is every country treasures its monopoly on controlling the supply and demand. They don't want other monies to be operating or competing because things can get out of control.

So I think that it would be very likely that you will have it under a certain set of circumstances outlawed the way gold was outlawed. And you're watching that question arise in India today. India today is making the move to outlaw it, outlaw possession of it. OK, so we have to see what that means.

Now, can they do it? Now we get into the particulars. My understanding from people who are sort of in government surveillance and so on is, yes, it's a-- they can understand, they can track it. They can know who's dealing with it. I don't know. Like, I'm not an expert on that. But, you know, there's a whole way. Is it private wallets? Is it not private wallets? How do you do this, this and the other thing. I would suspect it would be very hard to hold up against that kind of action. So that's what it looks like to me.

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Good probability the U.S. will outlaw bitcoin: Ray Dalio - Yahoo Finance