According to Tom Lee, co-founder of Fundstrat Global Advisors, states that Bitcoin can be faced with a ban in the event that price will reach $10,000. This appears as Washington quickly banned flavored e-cigarettes without prior warning on September 11. Tom Lee practically vented concerns about the fact that lawmakers are more than willing to wipe out an entire market overnight.
Lee often talks about Bitcoin and noted the previous negative comments that were made by President Donald Trump about cryptocurrencies. This, combined with the way in which e-cigarettes are going to disappear from the country, according to him, means that Bitcoin can end up suffering the exact same fate. He said:
This is un-related but shows White House can issue an ‘executive order’ banning anything. And could even ban bitcoin. Not expecting it. But with current White House, there is “nothing out of bounds nor out of reach.”
The FDA and the US government made a statement and said they want to eradicate e-cigarette use, at least until their safety is properly assessed.
There are different complaints going on, stating that manufacturers deliberately target underage consumers. In addition, there are reports of a lung disease (not named) that is on the rise. This led to ban demands.
Right now, you can no longer legally buy flavored e-cigarettes. All of them have to be withdrawn from the market in under 1 month.
Getting back to the main subject at hand, Tom Lee said that the temperament of the government is directly connected to BTC price.
Donald Trump did tweet his official dislike for cryptocurrencies when BTC/USD reached $10,500. If the value ends up being 10 times higher than that, Lee believes that Donald Trump and his administration is going to forbid all US residents to use cryptocurrencies.
What is interesting is that a state cannot really outlaw the use of Bitcoin since it was designed to be decentralized and unbannable. While people in the community did see this with anger, it is not known how the government could actually apply a Bitcoin ban.
Many industry specialists now keep a close eye on what happens in India. This is because authorities often talk about crypto criminalization, as long as the crypto is not officially approved.
In July, Tim Draper, known for his support of Tezos and Bitcoin, declared that the Indian government is corrupt. He said:
They are in fact saying, ‘we will not tolerate progress.’ It will set them back 40 years.
As already mentioned, banning Bitcoin use is very difficult to do at the moment. However, the statements made by the President of the US can negatively affect the industry, even if the ban cannot be enforced.