The post Experts Warn Of 6102-Style Bitcoin Ban In The US appeared on BitcoinEthereumNews.com.

The Bitcoin community is currently hotly debating the possibility of a US government crackdown on BTC akin to the historic 1933 gold confiscation, an event now ominously referenced in crypto circles as “6102.” David Bailey, CEO of BTC Media, has catapulted this conversation into the spotlight with a series of predictions on X (formerly Twitter), suggesting that the US might enact similar measures against Bitcoin within the next six years. Bailey’s Bitcoin Prediction: A Path To Gold Parity And Panic Bailey’s theory hinges on a sequence of economic and market developments beginning with Bitcoin achieving parity with gold. This milestone, according to Bailey, will skyrocket BTC’s market valuation to an estimated $13 trillion. Such an event, he argues, would not only affirm BTC’s status as a premier asset class but also trigger a domino effect across global financial systems. “Within next 6 years Bitcoin hits parity with gold (I actually think we go beyond by next cycle).” Bailey asserts, outlining the foundation of his hypothesis. He envisages this surge in BTC’s value as a catalyst for widespread economic ramifications. “[It] metastasizes through the economy and capital markets via massive credit expansion and accelerated consumer spending,” Bailey claims. The critical juncture, however, comes with a market correction — a “75% drawdown” that obliterates over $8 trillion in collateral value. This catastrophic loss, Bailey posits, will precipitate a credit crunch and widespread asset liquidation, echoing the devastating impacts of historical market crashes but on a previously unimaginable scale. He further predicts the federal government’s response to the ensuing financial chaos would be to enact measures akin to the gold confiscation order of 1933 but adapted for the digital age. Central to this process would be the nationalization of Bitcoin custodians, such as Coinbase, effectively converting privately held BTC into a federal asset.…

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Filed under: News - @ February 20, 2024 11:20 am