Demeester: intolerance towards Bitcoin could materialize in 2020

Binance CEO Changpeng Zhao expressed his disagreement with an opinion shared by the famous Bitcoin analyst Tuur Demeester about the future of Bitcoin itself.

Zhao published a post on his Twitter profile in which he exposed his surprisingly bullish forecast on Bitcoin, claiming to believe in his ability to resist world powers that could try to control him.

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In the latest episode of the Untold Stories podcast, the famous host Charlie Shrem hosted Demeester. According to Shrem's tweet to which Zhao replied, Demeester believes there is a good chance that some "bitcoin intolerance" will start to develop and spread around the world.

The analyst says that while Bitcoin's global relevance continues to grow, many countries will do everything they can to reduce or completely destroy it.

Given the fact that Bitcoin, in many cases, is actually competitive with traditional currencies, it is plausible that these countries react by trying to hinder the cryptocurrency market.

Among the possible future countermeasures, the application of new limitations or even an absolute ban cannot be excluded.

A controversial forecast

Zhao totally disagrees. According to the CEO, the climate around the crypto sector is currently very relaxed and can boast the explicit involvement of the governments of some countries.

He asserted that there is at least one key difference between the 2017 upward race and the forthcoming race, namely that in 2017 there was no broad basis for adoption by governments, while now the United States, China, Japan, Singapore, Malta, Bermuda (and many others) are openly in favor of Bitcoin and look positively at its evolution.

In general, many countries, such as those listed above, are making progress in regulating the crypto sector. Although the legislation still has a long way to go in this regard, Zhao stresses that an intolerance towards Bitcoin is unlikely, given that these countries have shown an intention aimed more at welcoming than at countering cryptocurrency.

In another tweet, responding directly to Shrem, Zhao suggests that even if such a circumstance actually does occur, this would have an unexpected effect, such as fostering rapid growth of Bitcoin or moving crypto resources to another more privacy-focused asset.

However, Demeester's comment cannot be completely ignored. It is true that many countries look at the crypto world with interest, but seem to be much more focused on creating their own digital currencies and a Central Bank Digital Currency (CBDC).

Some central banks, including the Bank of England, are already looking into the development of their own cryptocurrency. China is already testing its digital yuan. These countries, when their respective CBDCs are ready, could deliver Demeester's predictions by stifling the growth of Bitcoin and, by extension, the wider cryptocurrency market.