‘Actual Ban’ – Serious Bitcoin Warning Issued as Price Crashes in Ethereum, BNB, XRP, Luna, Solana, Cardano and Avalanche

Bitcoin

BTC
And ethereum and other major cryptocurrencies fell sharply this week with a widespread collapse of asset prices in the markets (despite the Coinbase CEO making a huge prediction for the cryptocurrency).

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Bitcoin price has lost about 10% over the past few days, dropping to levels not seen since January. Ethereum and its biggest competitor BNB

BNB
Solana, Cardano, and Avalanche, with Ripple’s XRP

XRP
Luna Terra slid, too—eliminating more than $100 billion from the cryptocurrency market combined.

Ahead of the collapse in bitcoin and cryptocurrency prices, the chief strategy officer at CoinShares, the $5 billion crypto asset manager, Meltem Demirors, warned that governments would try to ban bitcoin and other cryptocurrencies.

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“What we’re seeing around the world, and something that really worries me, is the use of a Proof of Work attack, and in particular, Bitcoin energy use, as a way to actually implement a ban on Bitcoin without ever mentioning it,” said Demirors, speaking during a reported Crypto Bahamas conference. From before from the inside.

Proof of Work is the name of the decentralized consensus mechanism in Bitcoin that allows so-called Bitcoin miners to secure the network and verify transactions against new coins. Some recent cryptocurrencies, such as Ethereum competitors Solana and Cardano, have adopted a less power-hungry consensus mechanism called Proof of Stake. Ethereum is trying to move to Proof of Stake to better scale and reduce carbon emissions.

Bitcoin, the largest digital currency by value, has been widely criticized for its tearful energy requirements, with some estimates believed to use as much electricity per year as some small countries.

In recent years, as the rising price of Bitcoin has caused an influx of miners, lawmakers and regulators around the world have begun to consider whether to ban Proof-of-Work cryptocurrency mining. In the past year, China’s crypto crackdown has led to a massive exodus of miners from the country, with many of them moving to the United States and Europe.

“Governments will try to ban bitcoin, and they will try to attack bitcoin because it is really hard to do otherwise,” Demirors said.

New York state this week moved closer to an effective ban on bitcoin mining with a bill calling for a two-year moratorium on Proof of Work cryptocurrency mining operations unless the company uses 100% renewable energy and until the state can complete it. The impact study is progressing through the state assembly.

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Last month, leaked EU documents revealed the extent of anti-Bitcoin sentiment among EU officials – and their desire to “protect” the likes of ethereum. Earlier, the environmental activist organization Greenpeace launched a lobbying campaign, funded by the billionaire co-founder of XRP developer Ripple, urging the Bitcoin community to consider switching to Proof of Stake.

“A lot of information [lawmakers are] Getting from other protocols pushes for it.”

Speaking alongside Demirors, Elizabeth Stark, CEO of bitcoin payments development company Lighting Labs, reiterated her concerns. “I think there are a lot of actors who are deliberately trying to attack bitcoin because there is no CEO,” Stark said.

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