Will Trump Ban Bitcoin? — with David Moadel
hello everybody and welcome to looking
at the markets with David Motel will
Trump ban Bitcoin would the President of
the United States actually go so far as
to ban or outlaw crypto currencies in
the United States that might sound
far-fetched but these are unprecedented
times we’re living in and a lot of
unusual things that were inconceivable
not that long ago are happening right
now as we speak
and so you need to maybe think about the
possibility that Trump could and even
would ban Bitcoin I mean not a lot of
people predicted that the Trump
administration would ban flavored
cigarettes in the United States and yet
here we are this is from the government
website US Department of Health and
Human Services and it’s official Trump
administration combating epidemic of
youth East cigarette use with a plan to
clear the market of unauthorized non
tobacco flavor to e-cigarette products
here’s the quote the Trump
administration is making it clear that
we intend to clear the market of
flavored cigarettes to reverse the
deeply concerning epidemic of youth
these cigarette use that is impacting
children families schools and
communities and that’s according to the
Health and Human Services Secretary
Alex’s are you might agree with this or
not agree with this but for this
discussion it doesn’t matter so much it
just matters that they’re doing it you
might think that they have the
constitutional right you might not but
that might not matter in the end because
this is what’s happening it is going
into effect so again not long ago people
did not expect this most people most
people did not predict this they
couldn’t imagine and they wondered
whether this could actually happen but
it is happening could Bitcoin be next
you might be thinking non tobacco flavor
to a cigarette flavor to ISA
products has nothing to do with Bitcoin
and cryptocurrencies but the connection
here the common theme is that this
administration is banning something that
people did not expect and that previous
administrations would never have even
considered banning so and this is not a
commentary positive or negative on Trump
and his administration this is not a
political statement at all I have a
tendency to stay neutral on things like
that I’m just letting you know something
that could impact you as an investor I
mean we have to look at the past there
was precious metals bands going on
confiscations and the outlaw of gold and
silver at one time in this country you
might not be aware of that here’s a
quote from Mike Maloney confiscation all
comes down to this
the government makes the rules changes
the rules and enforces the rules though
it lacks the moral right it can
contribute it can create legal authority
though it lacks the constitutional
empowerment it can turn a blind eye to
the Constitution the Constitution did
not stop the government from taking
people’s gold in 1933
this is history this is real folks I’ll
give you the facts really quickly
labeled executive order 6102 President
Franklin Roosevelt signed a law on April
5th 1933 forbidding the hoarding of gold
Quinn gold bullion and gold certificates
within the continental United States
it basically meant that private owners
were required to take their coins bars
or gold certificates to a bank and
exchange them for US dollars at the
prevailing rate at that time of twenty
dollars and 67 cents per ounce
imagine that gold was selling was
trading at that price back then
unimaginable now now were they serious
about it well violators were subject to
fines of up to ten thousand dollars and
that was a lot of money back then along
with up to ten years in prison
so yeah they were serious about it they
were enforcing it
soon afterwards President Roosevelt
increased the official price of gold to
$35 per ounce remember they had just
forced Americans to sell it to the
government at twenty dollars and 67
cents per ounce
so they made quite a profit on that what
about silver while a year after the 1933
confiscation order President Roosevelt
signed executive order 681 4 which
required the delivery of all silver to
the United States for coinage so there
you go
silver was not exempt either the
government was and is willing to ban
things that are of value things that
compete with the US dollar things that
are potentially a threat to the done the
domination the dominance of the US
dollar as a store of value they did it
before could they do it again that’s a
question you have to answer for yourself
but we can see the evidence there and
Trump ins Trump has made his opinion
clear on cryptocurrency this is these
are tweets from him this is from Donald
Trump on Twitter quote I am NOT a fan of
Bitcoin and other cryptocurrencies which
in his opinion are not money and whose
value is highly volatile I’ll agree with
him on that point and based on thin air
I don’t necessarily agree with him on
that point though unregulated crypto
assets can facilitate unlawful behavior
including drug trade and other illegal
activity the tweets continue
similarly Facebook libros virtual
currency in quotes will have little
standing or dependability that remains
to be seen if Facebook and other
companies want to become a bank they
must seek a new banking charter and
become subject to all banking
regulations just like other banks both
national and international
we have only one real currency in the
USA this is his opinion
and it is stronger than ever both
dependable and reliable again his
opinion it is by far the most dominant
currency anywhere in the world that’s
true for now and will always stay that
way his opinion it is called the United
States dollar so that’s Donald Trump’s
stance on not only crypto generally and
Bitcoin but on Facebook’s Libre coin and
on the US dollar and here is fun strats
Thomas Lee’s response to people
wondering whether Trump will ban or
would ban cryptocurrency Thomas Lee from
fund Stratus saying in a tweet the
president could sign an executive order
banning Bitcoin Donald Trump according
to Thomas Lee did it for Venezuelan
crypto and this would probably lead to a
fork interesting and here’s Thomas Lee
again saying that the White House can
issue an executive order banning
anything and could even ban Bitcoin now
he’s not expecting it according to this
tweet but with current white hat with
the current White House there’s nothing
out of bounds nor out of reach and he
posts a picture making a reference to
the flavored e cigarette band that we
just referred to before so is it
possible sure I mean going back to what
mike maloney referred to the government
makes the rules and they can break or
change the rules will Trump ban Bitcoin
I tend to agree with Thomas Lee here
it’s not likely in the short term but
again not too many people expected the
EF Lee you know flavored e-cigarette ban
so you got to prepare yourself for any
possibility also be aware though just
because it might be banned in the United
States doesn’t mean it would be banned
in other places like China and Europe
and around the world
Venezuela places like that so in places
where inflation is
a serious threat to the fiat currency so
it could still thrive in Venezuela
Argentina even Zimbabwe places where
inflation is just devastating to the
local economies and the national
economies so these are things to think
about I don’t expect this to happen in
the short term I do not expect it to
happen in 2019 but 2020 it’s something
you got to think about all right but I’m
still bullish at least throughout 2019
and probably 2020 as far as Bitcoin goes
you know I think it’s taken a breather
it’s pausing at around the $10,000 per
Bitcoin level but you know keep in mind
it was thirty two hundred dollars per
Bitcoin or thereabouts not that long ago
and now it’s up to ten thousand so it’s
still a bull market at least in the
short term I’m still bullish on it at
least for the time being okay so there’s
my opinion this is not investing advice
you got to make your own decisions folks
okay but you know I hope you’ll look to
my channel for the latest developments
in cryptocurrency Bitcoin and Finance in
general thanks a lot for watching and
listening I’ll talk to you again soon