Categories: CryptoNews

Florida’s Richest Man Wants a Ban on Bitcoin

The financial elite has opposed Bitcoin and other cryptocurrencies for quite some time now. Most of these people got rich through traditional finance and see no merit in Bitcoin because it can’t be controlled or manipulated to their liking. Thomas Peterffy, the richest person in Florida, isn’t a big fan of Bitcoin either. In fact, he claims that the world’s leading cryptocurrency will destabilize the global economy.

Bitcoin is More Powerful Than People Think

Readers of the Wall Street Journal will have noticed the massive full-page advertisement related to Bitcoin in Wednesday’s edition. That ad was paid for by Thomas Peterffy, the founder and chairman of Interactive Brokers LLC, a firm specializing in futures brokerage. Bitcoin is a very real threat to its current business model, to say the least. At the same time, the demand for Bitcoin futures has never been higher, and there are new business opportunities waiting to be explored.

In his open letter, Peterffy claims that Bitcoin is a very serious threat to the economy as we know it, and that it may serve as a destabilizing force given that the US economy is almost at a tipping point. This simply confirms that the wealthy elite don’t want the current financial situation to change unless they can benefit from it. With the rise of Bitcoin, that appears to be a lot harder than most entities would like.

Taking out a full-page newspaper ad will not necessarily help Peterffy’s case, though. Seeking to restrain Bitcoin and other cryptocurrencies from using the same clearing services as financial products is a rather odd request. This is akin to putting forth that only accredited investors should have access to this new form of money. He doesn’t propose a viable alternative either, but merely wants to see Bitcoin disappear once and for all. When the wealthy elite starts asking the government to ban something, you know the situation has changed in favor of the underdog.

Related Post

Moreover, Peterffy’s ad claims there is no fundamental basis on which Bitcoin may be valued. While that statement may be true, it also applies to futures contracts, bank-issued money, and any other financial tool the world possesses today. It is always intriguing when wealthy individuals try to plead their case without knowing how finance works at its core. Then again, we have seen similar comments before and they usually fall on deaf ears.

For some reason, a lot of people still think governments can “ban” Bitcoin. They can try to, but it would not be in their best interest to do so. Introducing taxation guidelines would be a far more beneficial approach for any government, even though it’s also difficult to enforce taxation on something no government or bank controls or issues. It is certainly true Bitcoin and other cryptocurrencies can and will destabilize the economy, but not for the reasons Peterffy may think.

For an individual with a net worth of US$13.8 billion, such comments regarding Bitcoin seem petty at best. While he is entitled to his opinions, they don’t make much sense when looking at the bigger picture. If a Bitcoin bubble were to occur, it would have major ramifications. However, these consequences pale in comparison to a stock market crash or the bankruptcy of one of the world’s biggest banks. All three events are equally likely to happen, but not necessarily in that order.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

10 hours ago

Dogecoin Millionaire Predicts This Undervalued Altcoin Could Match DOGE’s 2021 Gains

Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…

10 hours ago

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

11 hours ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

11 hours ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

15 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

15 hours ago