According to the CEO of a cryptocurrency company Bill Barhydt, US authority won`t be able to forbid Bitcoin, because it`s protected by American constitution – BitcoinDoubler2x has learned.
“Authorities of the USA don`t have legal opportunities to prohibit Bitcoin, because it`s protected by American constitution, envisaging freedom of speech” – Barhydt considers.
Most opponents of cryptocurrency claim that Bitcoin don`t have long term potential in sense of investing, because in any time governments of leading countries may ban cryptocurrency. However, it`s worth noting that BTC is based on decentralized network, that`s why its complete shutdown is impossible. Although, legal restrictions are probable.
Bitcoin – is Freedom of Speech
Speaking at the conference Bitcoin 2019 in San Francinsco, Barhydt said that Bitcoin – is the computer code, and a code also is a part of a word. According to the First Amendment, freedom of speech is the civil law protected by the constitution. In such a way, US authorities don`t have the right to forbid cryptocurrency. On the other hand, Bill Barhydt doesn`t deny that authoritarian governments of China and India can make this step.
“People rarely talk about Bitcoin in context of freedom of speech, but it must be guarded by the human right. I am awaiting a Congressional hearing, where we can discuss protection of human rights when working with this technology” – he said.
His statement Barhydt made while discussing the appeal of US Congress to suspend the development of Facebook cryptocurrency project. He noted that the authorities have pressure levers on Libra developers, as it`s more centralized in comparison with Bitcoin. Barhydt said:
“Today it`s impossible to prevent people to store or hand zeros and ones at gadgets, which lie in their pockets. But authorities can put pressure on the ends of the system – banks, exchanges, stablecoins and other instruments, that allow exit cryptocurrency to fiat currency for further spending. However, the government of the USA don`t have opportunities to stop BTC. Supreme Court has already spoken on this subject”.
In July of the previous year the Judge Stephen Breuer mentioned BTC, putting it as an example of changing nature of money. He put forward the theory that probably sometime employees would receive salaries in bitcoins or other cryptocurrencies.