Bitcoin Forum

What is the gain if the US dollars is backed by Bitcoin? Is this even a possibility? This came from  Kennedy and also Trump claimed that he will make sure that Central bank digital currency won't become a thing.

What is the advantages and the disadvantages you see here? Ate these people just saying anything that they can think of? Or this is possible? The biggest liars of the century are from the politicians around the world , once they get elected they do something else.

Will Bitcoin become better if any of these become possible?

This is not possible because bitcoin is not centralized or controlled by any central authorities. Bitcoin price is derived from demand and supply and nothing more than that. That is why no central authority have the power to control bitcoin price and the reason for its huge adoption as it is totally different from fiat.

You have to include a link to where the information is coming from, most of us will want to read the original news or article where those statements are made concerning Bitcoin as a dollar back currency or assets.


Bitcoin can not back a centralized currency like the United States dollar and even in countries like El Salvador where Bitcoin is made legal tender by the government, still Bitcoin was never used to back their original currency even though the country doesn't have it own currency but make use of the dollar, Bitcoin only still serve as an alternative to the main currency,  because Bitcoin is a decentralized, and no government will want to give authority to what their can not control.


If any politician make such statement, it will likely just be a campaign promises just interest the growing Bitcoin community, to vote him her in, but even at that it will be a bad campaign approach to make such promises.

Bitcoin will become worst if US dollars is backed with Bitcoin, this mean The FED will own Bitcoin as much as they can and if they able to own all the Bitcoin, Bitcoin's maximum supply is just a theory. People who want to own Bitcoin can only buy it from ETFs or centralized exchange, it can't be moved to non custodial wallet. What you get is only the IOU version of Bitcoin, instead of the real Bitcoin.

It was formally the gold standards but the United States government has moved past the commodity backed currency. No possibility in this happening, the US dollars is currently backed by the government and there's no chance that they would make shift to bitcoins which they have no control over as the new backing for their currency when they are ready doing that. It is not everything and any thoughts we have about bitcoins that is possible.

Yep, the moment they can abandon $ from gold standard and people sill trust the $ even though it's backed by nothing, that was their biggest achievement and there's no way they want to use assets to backed their $ because it would ruin their system.

Although there are many adoption toward Bitcoin especially the recent ones SEC approved ETFs, but I don't see it's a good thing for Bitcoin itself. Profit/gain isn't the only one thing that make people interested to own Bitcoin...

How can a volatile asset support a stable asset? How can an unregulated decentralized asset support a centralized asset? Can you give a link showing Mr. Trump's statement about using bitcoin to support USD because I have also followed news related to the US election and cryptocurrency but have not seen any news about this?


If you already know that politicians are the biggest liars of the century then why do you believe what they say? To me, Mr. Trump's recent pro-cryptocurrency statements only serve to increase his votes. He is using every trick to get votes to become president, he has never really cared about bitcoin and cryptocurrency.

But anyway, we only have 2 choices between Trump and Biden. I will choose Trump and believe that if he is elected, the cryptocurrency market will still benefit more under President Biden.

Firstly Op let me start by answering this. My answer is a yes. In fact it already is . For sometime now I have been quite skeptical about how users will cope as Bitcoin adoption goes up and most especially when fees were on the high side from ;

• late last year (period of Ordinal crisis) :-\
• Earlier this year (still because of ordinal crisis of the previous year and also because of the anticipations before the last halving event)
• And the most of it all, the uneconomical fees caused by conjestions in the halving and a couple of other blocks that came after it.

However currently fees are quite ok ( ;D thank goodness)

Secondly Bitcoin can only become an alternative of fiat and won't replace fiat because aside from it being created by Satoshi NAKAMOTO as an alternative, it is also a decentralized currency and therefore can't be controlled by a central body (the government and central bank), and for a currency to become fiat it has to be controlled by a central body which is mainly the government.

Trump and Kennedy if say they will make sure that CBDC (Central Bank Digital Currency) won't be a thing it does not mean they will back the US dollar by Bitcoin, what do you think, they wish to be out of elections, I mean most of the people are already against them, and once they made this statement that they will backup US dollar by Bitcoin, they will already lose the support they have now. So, technically and logically, it's possible, but it's not a reliable thing to do.

As BTC is highly volatile, and if you are from a smart world, you don't reserve funds of your country in a highly volatile currency, instead, you choose a currency, or assets, that will gain value over time, but also not so volatile at the same point. However, they can choose a mixture of assets like BTC, Gold, and silver, etc. etc. to back up their currency. But still, I don't think these two entities are supporting BTC because they love it, its because they love votes, and people who love these, will give their vote to them and after that, they are gone with different accuses.

I don't see a reference link that we can see in full what Kennedy or Trump said as you said and the claim seems a bit ambiguous and doesn't have any value.

Bitcoin has been getting better before it was even talked about and bitcoin has a different side without anyone controlling it. Digital currencies have securities and they are controlled so coordinated that there is no chance of achieving the freedom that bitcoin has. If asked what the advantages are then we can hardly find anything because every thing that is controlled has a much greater level of play.

Politicians have a passion for lying and they deliberately create chaos to make people think otherwise. Remember how Covid-19 emerged and you should know why it happened and what aspects affect the world economy.

Bitcoin will never become a reserve currency for any Fiat. Not at least in next 100 years. It could become a possibility if the world experiences a nuke war and everything is destroyed.

The reason is very simple - no country will want their money printing machinery to become dependent on something which they do not control. It's easy to print money on debt. But if the Fiat becomes dependent on Bitcoin, government cannot print money at their own will. So I don't see this as a possibility.

Btw, do you still believe Trump?

Well, most of these politicians just say things to get more supporters, they're aware that people are beginning to see Bitcoin as an asset class and are investing heavily in it, so they're trying to use that medium to gain the support of people who use an invest in Bitcoin, well I'm not really sure if they'll even keep to their promises but I don't think Bitcoin would improve the value of their currency immediately if backed by it due to it's volatility but if they're thinking of long-term asset to back up the US dollars then Bitcoin Bitcoin could be seen as the best option for that, we've seen it's improvement over the years since it's creation and it still got a lot of potential to improve more over time. And backing the US currency with Bitcoin could further attract lots of new investors making it to gain more in price.

He was talking about CBDC not bitcoin and possibility of USD backed up by Bitcoin is literally zero cause why would someone need USD when they can simply use Bitcoin itself, back in the days which was gold but its physical and hard to keep it secure but bitcoin is just digital and no one could ever know that you have billions worth of BTC if you don't want to reveal it to them.

Bitcoin is scarce, which is useful for pegging purposes. But it's also not as widely recognized as something valuable as gold is, so there can potentially be an issue with that. More importantly, there are two things to mention here. One is that Bitcoin is really volatile, and fiat currencies strive to be stable, so pegging to something volatile is problematic. Another point is that the USD is actually doing alright with current policies, so it doesn't need to be backed up by anything. As for whether it's technically possible, I think it is if the US government buys a lot of BTC and keeps it as its own reserves. But also, it's kind of not possible because the US economy is much-much bigger than BTC's total market capitalization, and even the USD circulation is twice as big as BTC's total market cap.

Forget it, this is will not happen under the current circumstances, governments obtain too many benefits with fiat currencies that are not backed by anything, so backing their currencies is not a decision that politicians will take lightly and at best it will be their last resort, so they will only think about backing their currencies with gold, with bitcoin not being an option, when the economy was in such a bad shape and their fiat currency was no longer trusted that they had no other choice, but since we have not reached that point yet then this scenario wont happen.

The main reason behind the interest of the people for Bitcoin is that Bitcoin is not under the control of anyone and nobody can have access towards the changes in its price. People choose Bitcoin more often for the purpose of investment because it's price is not changeable due to the thoughts of the people therefore I think once it becomes centralized then the number of Bitcoin investors will not be more as that is today.

Two things can change the price of Bitcoin one is news and another is demand so if news is spreading in a positive direction then there is a chance that price will also boost. Demand for Bitcoin describes the success in coming days therefore without these two nothing can be a cause of Bitcoin fluctuations as it is not under the control of anyone.

At this point where Bitcoin will be the worst if US $ is backed by Bitcoin, I can agree with it, to accumulate Bitcoin they are not stupid to go for the IOU version of Bitcoin, they will directly offer the OTC deals and incentives to them in every means. Haha, they will start a new monopoly similar to the current one printing more money based on fewer reserves hmm in the way they will sell the IOU version of Bitcoin on the basis of less accumulated on-chain supply an this will be total destruction.

Anyway, there's no point in thinking that way because it's not gonna happen ever. My straight view on Bitcoin is the supply should be more and more decentralized in order to maintain the continuous growth of Bitcoin.

First, I do not think that US dollars will be backed by Bitcoin, there is no gain for the US government to implement such financial system.  Remember the government always wanted to have control over their jurisdiction and if possible even outside their territory.  So even the idea of using Bitcoin to back up their US dollar won't get into the government financial advisors mind.


If in case the US government implemented a US dollar backed by Bitcoin system, then I think the Bitcoin market will surge.  The disadvantage is that, the decentralized nature of Bitcoin might be affected since the future development may point forward to centralization influencing the developers or even taking over the Bitcoin development either by force or negotiation.

Many politicians are known good talker but I do not think that all of them intend to lie, it is that the law is not established by one person alone but rather by the whole legislative system since there is also these judiciative and executive system in the government that influence each others decision.


I believe no, Bitcoin is good as it is having a decentralized nature independent from any political influence.  If Politics enter the Bitcoin ecosystem, we might see "circus" events since I think that there will be a lot of controversy that may happen.

The U.S dollar cannot be backed by BTC, it is important to start topics about things that are realistic, and even if not, it should be something that makes for a good discussion, and not this.

Take note that even if cbdc's fail in the U.S, it still has nothing to do with BTC. The U.S house of reps recently passed a bill to stop the Fed reserves from issuing cbdc, because of its surveillance tendencies, we would have to wait and see how that one develops. As for Trump, he is just doing what he can to win the election ahead, and he probably does not even know what he is talking about.

The politicians are not just liars they are the biggest haters of cryptocurrency because they have no control over the assets of cryptocurrency investors and enthusiast. I think you have got his main aim of speaking good about crypto because his sugar coated speech will increase his chances of getting vote into power but after he is elected as the next president who becomes the speech he made before he was elected? Bitcoin is doing well without the intervention of politicians and government bodies entirely so let no body be deceived to believe that Bitcoin can be used to replace fiat or think that the government will automatically see more reason to encourage Bitcoin believes because they can have the same benefits of regulating and monitoring the transaction of cryptocurrency traders the way they constantly control and monitor the fiat transactions especially in the banks.

There is no doubt that a politician can make big promises and say many things before the elections only to get more votes from people who have these things in mind and would support the politician who promises to work on these things. Now these politicians understand that Bitcoin and cryptocurrencies are a trending topic and there are a lot of people who are in support of these things, so if they show support for Bitcoin and cryptocurrencies, those people will support them in the elections.

Politicians play a lot of mind games, they can tell a lot of lies and make a lot of fake promises to the people only for personal benefits and gains, and as you said, they would forget their promises and claims after the elections. This is at least what happens mostly in third-world countries, I'm not sure about developed nations though.

think about the likely possibility for that first before considering the benefits, government fiats currency is centralized, bitcoin is decentralized, can the two work together except they are the same, because government cant regulate bitcoin.


I will say no to this.


If am getting this correctly, you're referring to him saying that he may clamp down on CBDC, i doubt this.


This is nothing more than a political propaganda sort of or game.

It is impossible, the US dollar can't be backed by Bitcoin because Bitcoin is decentralized.It's just like backing up a centralized asset with a decentralized one,which we know the both can't work together.

The government would never want to terminate the CBDC for no just reason because the CBDC is still controlled/managed/regulated by the government.How sure are you concerning this information?.

It won't because it wasn't invented to be controlled by centralized entities.

I think if you understand the dynamics and the total independence that bitcoin has got maybe you would understand better how well these thing may not really have much effect on bitcoin except in the fact that if you are doing DCA then you may get affected a little. i don't think there's actually really goin to have such a big effect of the dollar on the coin if eventually it happens that all this are in place and bitcoin has got the backing of the dollar in recent times. bitcoin isn't actually dollar dependent , its only valued in dollar due to the universal adaptability of the dollar.

bitcoin will get more acceptability if its backed by the dollar and that's  the major advantage i really get to see in the backing of dollar on bitcoin asides which the block chain technology doesn't allow for bitcoin to be affected so much by the strength or backing of the dollar as its only using dollar for its valuing system asides which the economic situations around dollar may not really get to affect bitcoin well enough

Hmm that's instinctively political propaganda !   :D

But anyway, for me it doesn't make sense that the US dollar will be backed by Bitcoin. It's is  impossible to do because Bitcoin is a commodity, its supply is finite and it has a decentralized ecosystem From all above, Bitcoin is a highly volital assets so I mean it's just completely different from the US Dollar. Considering both in the same aspect is not the right thinking. Theoretically, it is possible, but in reality it doesn't make sense because Bitcoin is a highly volital assets and the US dollar is a stable coin While another thing is that Bitcoin is decentralized and the US dollar is under the control of the central tendency of the Government.  

So the weighing up between Bitcoin and the US $ is impossible. Bitcoin and US dollar weighing up of both of them are different from each other, but backing up US against Bitcoin is a distant thing. It is not possible, it is nothing but a fraud to get votes from the public.
 
Silly D. Trump!  ;D

Exactly, very well said. Obviously,  now that some politicians have mentioned crypto currency or bitcoin itself, many more politicians will also say it or mention it in their promises. This domino effect proves that politician will take the chance in order to make their names popular and attract people to vote for them, and of course it is possible that most of those politicians didn't know what crypto or bitcoin was, but for the sake of votes, they will make promises or keep on mentioning it. Is that the politician you will want? Fake promises involve bitcoin and crypto. Of course not. Maybe some politician or candidate will keep their promises, but before we choose who we will vote for, we need to analyse and know if they will really do what they promise. And not just politicians; some celebrities are also mentioning and spreading the news that they are doing crypto stuff in order to attract popularity.

The question there is: is there any country that has a Bitcoin backup? Can you name a country that has done that? For sure, you can't identify any country that did that because, first of all,
Bitcoin is decentralized and the government is centralized, you know?

In short, what you are saying is impossible, and that cannot be possible. At least it will never happen that Bitcoin will be regulated under government regulation; remember that.

Let me start with my own opinion. I am also an investor in Bitcoin. Talk about its advantages and disadvantages

Advantages:

1. Increased currency stability: If the US dollar is backed by Bitcoin, it may reduce the impact of inflation on the value of the US dollar because the supply of Bitcoin is limited.

2. Reduced financial system risk: Pegging the US dollar to Bitcoin may help reduce risks within the financial system because the decentralized nature of Bitcoin may provide more transparency and security.

Disadvantages:

1. High uncertainty: The Bitcoin market is extremely volatile, and pegging the US dollar to Bitcoin may increase uncertainty in the value of the currency, leading to greater volatility.

2. Legal and regulatory risks: The legal status and regulatory environment of Bitcoin remain unclear, which may pose risks to the stability and legitimacy of the US dollar.

3. Technical challenges: Achieving the peg between the US dollar and Bitcoin requires solving technical and infrastructure challenges, which may be a complex process.

For Kennedy and Trump's remarks, politicians usually put forward various views when discussing monetary policy and financial system reform. Some views may be based on their views on the current situation or for political propaganda purposes. Therefore, these remarks need to be analyzed in depth and combined with other factors to assess their impact.

Whether Bitcoin will be better depends on how it is implemented and how the market and regulators respond. Bitcoin itself has many unique characteristics, including decentralization, limited supply and security, which may have a positive impact on the monetary system.

People are imagining the future of the United states of America with bitcoin because many politicians are coming out and promising the crypto community of good things. Let us be reminded that these politicians do not care about anything but themselves.

they can and they will lie to our faces if it meant gaining your support and your votes. Whatever the government says and how much they want to say that they are in favor of bitcoin or cryptocurrencies, there will always be a level of resistance and cautiousness from the government.

I have always believed that Bitcoin can always maintain

Bitcoin will always be better for everyone and for every country as well. It's just different in how people treat Bitcoin. The only sad thing about the majority of countries around the world is that the countries' governments and politicians do not recognize the good concept that Bitcoin has.

It's because politicians always prioritize their personal interests over the welfare of the people they are supposed to serve, not the ones being served. This is the reality for all countries around the world at this time.

That doesn't really mean anything, being backed by dollar means that bitcoin is controlled by someone and I don't think that any person here is going to like that idea that there are people out there that can control bitcoin because it's backed by the US dollar, also it's clearly impossible given how decentralized the bitcoin network is, it will never become backed by anything. I don't think that bitcoin being backed by any currency isn't a thing that would make bitcoin better, it will not speed up the transactions or lower the transaction fees so how can you expect bitcoin to be better by just doing that thing.

They can't do anything to bitcoin,no one can control its price,if there are people who will say they will control the bitcoin maybe they are dreaming it is decentralized so even politicians can't control it,bitcoin is for a long term investment and it is the most safe investment in crypto because it is proven and tested for a long time and only time can tell the future of btc not the politicians most of them are liar just like what you said.

With time, I am sure it will be. There are probably two things that I want to see, and after those two things are done I do not think that anything else would be needed, we could grow to trillions of dollars easily without a trouble. First of all, we need to find a way to securely make blocks quicker, so that we can pay somewhere, and make it cheap, and make it fast as well, just as quick as a credit card payment because if we can do that it would be helpful for everyone.

Secondly, we need some app that we can use to pay everywhere, using QR code technology I assume but whatever we can from our phones, which means that we do not require any place to take bitcoin, we need an app that pays that person fiat, but we are paying in bitcoin, hence we can use our bitcoins everywhere.

I can't think of BTC being backed by USD because at first place, the government didn't create Bitcoin. They simply can't do it.
With regards to those politicians, don't get lured on what they're saying especially Trump who is obviously using Bitcoin to gain some popularity.

There are no advantages, or disadvantages because this simply can't happen. You already said that the biggest liars are the politicians, and I always believe that there are still politicians around the world that aren't corrupt and they're down to earth, but most of them are just taking advantage of their people.

Bitcoin can become better, but not in this way. There are many ways for Bitcoin to become better.

Not all countries completely ban the idea of ​​bitcoin as we still see them accepting bitcoin as an investment asset even though it is banned as a legal means of transaction. On the other hand, not all politicians do not recognize the concept of bitcoin because we never know that they themselves are sometimes involved in bitcoin and maybe they are reluctant to provide public information.

Opposition occurs because the state and politicians are too concerned about the operation of bitcoin but they do not completely want to ban it. If they really want to do so then all exchanges should not be given operating permits and everything related to bitcoin should be blocked. In fact, this was not done and in fact they did not try to limit it more strictly except for only a few countries that banned it completely.

The only thing these two politicians can do if they become rulers is to recognize Bitcoin as legal tender as El Salvador did. But the possibility is very small because Bitcoin is not centralized and is not controlled by any authority, the existence of two currencies in one country will make one of them die, in this case the Dollar will be unable to compete with Bitcoin. Politicians will use weapons that are considered the most effective to attract sympathizers to support their programs, Bitcoin is a medium that is very easy to get attention from the public because its increasingly widespread level of development means more and more sympathizers.

I have very often seen politicians choose something that is in demand by various levels of society to use as a weapon in campaigning, but they very easily break all their promises when they are elected. Kennedy and Trump will never be able to control the price of Bitcoin because the concept is always determined by supply and demand. The United States central bank will not agree with this idea because it could weaken the dollar due to Bitcoin and no one can regulate it.

Technology will only benefit us when we use the technology in the right way.
Bitcoin is always good for everyone. It will be good for all countries. But still many governments and central banks see bitcoin as an economic threat due to money laundering through bitcoin. But proper use of bitcoin will make life easier.
But not all countries completely ban the concept of Bitcoin. Because Bitcoin is seen as an investment asset. But transactions are prohibited by legal means.

Lets not buy things they said about bitcoin being connive in any forms of Physical currency because
this is not what the nature opf bitcoin being created by satoshi , this will only change the essence and
the maturity of bitcoin in the future and for sure their plans is for bitcoin to depend in dollars than
dollars depending in bitcoin .
it is our privilege and not by the government , bitcoin was created for the people outside
the office of government and the government will never allow this as it is uncontrollable so why
would they let this to act such way when even them cannot own this?

For now, many people are seeing btc as an investment asset owed to its high volatility factor. So for them, this is a very good market to earn high profits. Education is the key to lessen if not totally discard the negative thoughts towards crypto market and blockchain technology. Because it is indeed real that if blockchain tech is used accordingly, it can serve a lot of amazing things to any business. Just consider the transparency and the duration of transaction it can do to any business, and they will discard the human error in the process. However, such aspect has been utilized only by few up until now. How many big companies are deploying blockchain tech in their business operations?

What kind of support do you mean and how does this support work while the US Dollar has securities that encourage them to be non-identical. Trump is just trying to take advantage of the large community that exists in bitcoin, but I'm not really sure he'll be able to do that even if he returns to power. Politicians do try to influence the public to achieve their desires, but they don't actually do what they say.

There are levels of advantages and disadvantages and I think this idea will never work and I also don't understand what is meant by bitcoin backing the US dollar because bitcoin should be much more independent without anyone's influence.

Bitcoin will be better with or without support from anyone because from its emergence until now Bitcoin has gained the right momentum to make it one of the best coins ever.

The world is fast moving into technology where digital assets come to play more role in means of online payment, which is Bitcoin is a digital currency. Hence Bitcoin has many a many functions such as a digital assets investment and digital currency which no one has control over it, and the only thing that happened to Bitcoin price drop is the politicians play against Bitcoin that gives another opportunity to buy more in a dip point.

I don't think if that will be possible because no one has full control or authority over bitcoin that is why bitcoin is not a centralized, this is not my first time of hearing something like this about Trump threatening to put and end to this digital currency. but ever since then I haven't heard anything concerning that aspect anymore, that's to show that no one has authority over digital currency had it been is that possible they would have put and end to it long time ago.

Nowadays, any difficult task can be solved with the pressure of a few fingers, especially the world has advanced a lot in terms of technology. It will not be possible for anyone to take control over Bitcoin. People are interested in Bitcoin because no one controls it and they are pooling their money there. Many big major  governments have tried, but ultimately failed, to regulate Bitcoin. Above all, Bitcoin is running at a unique speed now and will go far in the future.

Wouldn't being backed by anything make bitcoin a centralized currency? I don't even think that it's possible because a lot of people would be alarmed that this will happen, I mean look at it this way, if bitcoin becomes USD backed, whatever happens to USD will greatly affect the price of bitcoin and we all know how much a lot of organizations want to try their hands on destabilizing the dollar and trying to compete with it in the global markets, bitcoin is going to be greatly affected by it too. Also, a lot of people wouldn't like that idea that it's backed by the USD, a lot of people would probably sell their bitcoins because they don't want the possibility that there's a manipulation that can happen to the market.

The idea of backing the US dollar with Bitcoin is an interesting concept, but it's important to note that it currently remains highly speculative and has not been implemented on a large scale. It is not the official stance or policy of the United States government or central bank.

Advantages of such a system could include:

1. Decentralization: Bitcoin operates on a decentralized network, which means that control is distributed among many participants rather than being centralized in a single authority. This decentralization could potentially offer increased transparency and security.

2. Limited supply: Bitcoin is designed to have a finite supply, with a maximum of 21 million coins. This characteristic may provide protection against inflation and could potentially stabilize the value of the currency.

3. Global acceptance: Bitcoin is accepted by a growing number of businesses worldwide, and integrating it into a national currency could potentially facilitate international trade and transactions.

Disadvantages and challenges of backing the US dollar with Bitcoin include:

1. Volatility: Bitcoin's value has been highly volatile since its inception, experiencing significant price fluctuations. This volatility could introduce instability into a national currency system, making it challenging to maintain price stability and confidence.

2. Regulatory concerns: Bitcoin operates in a relatively unregulated environment, which raises concerns about issues such as money laundering, tax evasion, and consumer protection. Integrating Bitcoin into a national currency would require robust regulatory frameworks to address these concerns.

3. Technological challenges: Bitcoin's underlying technology, blockchain, faces scalability and efficiency issues when handling large transaction volumes. Overcoming these challenges on a national scale would require significant technological advancements.

Regarding the claims made by Kennedy and Trump, it's crucial to evaluate political statements critically. Politicians often make promises or express opinions during campaigns, but the actual implementation of such policies depends on various factors, including legal, economic, and societal considerations.

As for the impact on Bitcoin, if a major economy were to adopt Bitcoin as a backing for its currency, it could potentially increase the recognition and adoption of Bitcoin as a legitimate store of value. However, the success of Bitcoin is influenced by numerous factors beyond government policies, including market acceptance, technological developments, and regulatory frameworks.

It's important to stay informed and consider multiple perspectives when evaluating the possibilities and implications of such proposals.

Bitcoin is a decentralized currency that cannot be controlled by anyone. And if anyone wants to link their central currency with this improbable subject, there will surely be a collapse. Bitcoin is a highly volatile currency so it can not backed by any others fiat currencies. If the US dollar is backed by Bitcoin then a bullish period of Bitcoin would bring good news for that country but a bearish period we can see a nautical disaster from which it would never recover. A country can never rely on such a currency. If any politician comes up with such a plan, there is no doubt that the plan will come to an end. I think no one would take such a suicidal decision. Also, I don't think America would knowingly take such a wrong decision. Such comments can only be personal and are not possible at the national level.

Currently Bitcoin has not been used as a replacement for FIAT and I think that is not a problem because Bitcoin can be used as a safe haven for storing your money. Bitcoin is a digital currency but making Bitcoin an asset and utilizing blockchain technology in real cases are positive things to get from Bitcoin. I believe Bitcoin will get better in the future and may truly become the digital currency of the future. But talking about anonymity for now Bitcoin is not truly anonymous while you still use exchanges that ask for KYC. I personally don't have a problem with it although there are some people who want to make transactions completely anonymously.

I don't think central banks will do or even allow that to happen, that is too risky for them given that Bitcoin is highly volatile. Also I don't trust what politicians will tell us as we all know they are only contractual if other admin will take over they will have different priority rather than this one and I don't think they all of them think the same as Trump who is a pro crypto guy.

I don't remember Kennedy or Trump saying anything about the US dollar being backed by BTC.
They said that they won't allow the creation of a CBDC by the Federal Reserve. This has nothing to do with the stupid idea of using BTC to backup the US dollar. This idea has been discussed multiple times on the forum and I don't want to repeat the same arguments over and over again. What do you mean by Bitcoin becoming "better"? Better than what? Fiat currency? Bitcoin is already better than fiat currency, because it doesn't lose it's value in the long term. BTC transactions would be very fast and cheap, if there wasn't any useless shit on the BTC blockchain, like Runes and Ordinals.

Therefore Bitcoin has fantastic value, they are not centralized and no one can control it, this supply and demand is what makes the value even better, but we think Bitcoin is a good choice so far. and not only for some reason that Bitcoin will continue to get better and better.

Absolutely, over the years since it's creation and in the previous halving, Bitcoin has proved itself to be a worthy asset it keeps getting better as the year goes and that's why it influences the price of other Cryptocurrencies. Well the words of those politicians might attract more investors and might even cause more citizens to turn to making investments in Bitcoin but you are right, no individual or business person or even government have control over Bitcoin, it's volatility is what influences it price and it's price would keep getting better which is already proven in different ATHs. Those who knows the potential of Bitcoin are buying more and holding for a long-term instead of having doubts if it would get better, the price of Bitcoin would keep getting better over time, it has a very great potential and it's one of the best Asset to invest on for the future.

Politicians love to talk. Kennedy, Trump, and others play to their base by sounding tough on crypto. Bitcoin isnt going away, they know. Using Bitcoin to back the dollar? Thats quite different. Its uncertain and unlikely to happen soon. The powers that be wont easily give up the dollar's status as the world's reserve currency.

Suppose it does. What would that mean? The first benefit is that Bitcoin would gain huge legitimacy. It would endorse the world's most popular cryptocurrency by the government. That could increase demand and price due to widespread adoption. There may be drawbacks. Tying the currency to Bitcoin could cause U.S. economic turbulence. Bitcoin's price swings could affect interest rates and inflation.

Is it possible? Sure. Is probable? Not so much. Even having this conversation illustrates how far Bitcoin has come. That, my friends, is exciting.

I think that can't be? Because, BTC has a limited supply only while traditional currencies has unknown or maybe have an unlimited supply as they have the machine that allows them to print money whenever they wanted to.

But if let's say it is possible for example, then I think the value of the US dollar won't be stable anymore and it now has a chance to rise higher than what it's usual value. Maybe BTC can become better too, in a way that is now more recognized by the banks and governments but this makes it look centralized in which some users dislike. Trump can ban CBDC and if you ask its advantage, I think it can make their dollar currency more stronger. About the disadvantage, obviously US citizens can't use CBDC anymore.

There would be no reason to back US dollars with Bitcoin because Bitcoin is already a digital currency. So people would just use Bitcoin instead of bitcoin-backed dollars. The reason Gold backed paper money is because Gold is extremely inefficient to use and paper money is much easier to use. But Bitcoin is already digital so there is no efficiency gain from using some other currency backed by Bitcoin, you'd just use Bitcoin. So you get no benefit with bitcoin-backed dollars over just using bitcoin itself, but you get the downside of what if the govt isn't truthful about the dollars actually being backed 100% by bitcoin.

So basically no this would never happen. The question should be, will Bitcoin ever actually REPLACE fiat (ie USD). And the answer to that is likely only if nations actually collapse and new nations are formed with Bitcoin from the start. Because I don't see any govt that controls their own currency abandoning that power to completely switch to Bitcoin. The only exception is probably countries that don't have their own currency or small countries whose own currency isn't used at all outside their nation and so it would make more sense to adopt a global currency (Bitcoin) that would kind of connect them with a larger part of the world.

Right bitcoin is totally decentralised. so if the us dollers is backed by bitcoin then not only America all the countries in the world will suffer a lot economically if bitcoin price fall. so it not possible in any ways.
bitcoin is a strong digital assets and It will always remain as a digital payment method only its usage will increase. that's it

I don’t see how it is possible for Bitcoin to be backed by the US dollar because the value of Bitcoin isn’t fixed. It keeps growing and could be anything at anytime. This is the second post I see talking about Bitcoin being backed by dollar. Is there an agenda because it won’t work. Only someone who doesn’t understand how Bitcoin works that will think it can be backed by dollar.

everything will have its time, bitcoin and dollars have become a reference for comparison in exchange value.!  and I hope that bitcoin can continue to survive, making the dollar value more stable with digital circulation conditions becoming more widely used.

That's the same with the dollar, the price of it doesn't really have a fixed value, it moves depending on the demand for it in the global market and the inflation rate so technically it doesn't have a fixed value. It will definitely not work because if you peg bitcoin to the dollar, wouldn't bitcoin become susceptible to the market manipulation and at the same time, the pillars of decentralization would be gone if bitcoin becomes reliant on dollar for value so I'm not sure that better is the word for when bitcoin becomes backed by the dollar.

You have got a point, actually. Maybe we are too focused on bitcoin being acknowledged by governments and being legitimize that we are forgetting its main purpose and that is to completely separate itself from the government or other institutions. I don’t think it will become centralized in nature but surely institutions will get involved which is what we don’t want anymore as crypto enthusiasts.

What politicians say will always be different in their implementation once they are in office. Between words and practice are opposites.

You have the answer. That is the habitat of politicians.
I can't see anything if it comes from politics because they are people who use the moment to attract sympathizers of pro-Bitcoin voters.

All of these are just complementary factors. That means Bitcoin will still be the best in the future.
Bitcoin spot ETF is one of the results of a proof that Bitcoin is the best even before it was approved, Bitcoin has not changed, aka it is still the best.

The bullish season is definitely the season for bitcoin to pump. The government placed restrictions on crypto, they're trying to eradicates scam but we should also know that it's not easy to entrapped our ends. Bitcoin will trigger more bullish run for everyone but we should be careful not to get involved with projects that has do with scams. I know we're trying our best from our end but we should also craved for improvement and become a better status of ourselves in the system.

There is no connection between fraud and bitcoin and that must be straightened out first because fraud is only affiliated with individuals when they run. If the government restricts bitcoin because of fraud then fiat currency must be the main thing to be eradicated because before bitcoin existed fiat currency had played a fairly important role in human life as a means of transaction. There are even many frauds involving fiat currency and much worse money laundering everywhere carried out by greedy people.

Separate fraud from bitcoin or fiat currency because it is affiliated with criminal acts carried out by a group of irresponsible people. When we who understand bitcoin continue to say the word fraud, this will actually have a wrong impact on beginners who read it. The system that is running is already so perfect in Bitcoin and will continue to increase from the initial process until now.

Bitcoin has become better without the influence of any parties or else, this will ruin the purpose of its creation. People love to see how it works today while it was not yet controlled by any known personalities and any changes that may happen will also affect the future of cryptocurrency in general. Therefore, if we want to look at Bitcoin better, then we should help to keep it decentralized in order to maximize its features. Or else, we are putting its end and no benefits gains.

Politicians are also businessmen and they want to control Bitcoin and play the market for bigger benefits. Very unfortunate and that is why some of them hate Bitcoin because they can't put it in their hands.

Bitcoin is already better than traditional Fiat currencies backed by corrupt banks and governments. It's just that people are using it as a store of value instead of a currency. Backing the USD with BTC is a possibility. But the US government won't do it (particularly the FED), especially when they will lose the ability to print money out of thin air. They can't manipulate the economy with BTC the same way they do with Fiat. I think that's the reason why they've moved away from the "Gold Standard" a long time ago.

Let's face it. Bitcoin is and will always be an alternative to Fiat. Replacing the current system is only a pipe dream. Will it get better? Yes. But that depends on developers' (and the community's) efforts to keep it the best sound money in the world. Hopefully, on-chain fees will decline with each network upgrade. As long as decentralization is prioritized, nothing else matters. :)

You are quick to write out the option but I would like you to know that there is something called change and evolution too as this has been the core reason for so many changes and development in the finance world even the Bitcoin we know today is as a result of evolution so I still it very much possible for any changes to affect or new updated to be added to Bitcoin .

And that is all what we need, before bitcoin existed there was no real alternative to the fiat system, and while some may claim that gold was always an alternative, when was the last time you saw someone buying something with gold? Satoshi changed the game forever by inventing bitcoin, so as long as we can buy what we want without the use of fiat then I consider that bitcoin is being successful, regardless of how fiat may be doing at the time.

Yes, Bitcoin will really work, and will function properly as a currency for payment. IN some countries where it is allowed, it is a very suitable alternative to fiat. It's just that, in various other countries, it is not allowed, in the sense that Bitcoin cannot be used as a means of payment and this is against the rules of a country. So, like it or not, so far, for now, using Bitcoin is only limited as a commodity asset for trading or investment. so it is not intended as an alternative to fiat for payments. So, really, the influence of a country's natural regulations is very high for the development of Bitcoin, like it or not, like it or not, unfortunately they are still quite able to control this.

Yes, bitcoin isn't used for fraud because it's bitcoin, everything is used for fraud, it's like people act as if before bitcoin nobody did money laundering or scamming or whatever illegal thing. The worst one is that people talk about how bitcoin can be used for drug purchases, like somehow people didn't use fiat before bitcoin was created anyway. Criminals are criminals, you do not have to compare bitcoin to anything at all, which means that we are going to end up with something much better.

I believe that the best thing to do would be just avoiding the same topic in the end. We should probably consider that we are going to end up with something that will be totally unrelated, people will use whatever they can if they want to do it.

I don't even think politicians want to control BTC, they already know that is not possible, so they simply want to regulate it now and also stop people from using it privately, that's why they are attacking BTC privacy solutions. BTC is decentralized and its improvements is not in the hand of governments or in any central authority, but in the BTC community.

People aren't buying things with Bitcoin either. They're treating it as a store of value just like Gold. The high network fees and market volatility makes it difficult to use BTC like digital cash. Not even the Lightning Network helps.

While I'm confident Bitcoin will improve over time, I wouldn't expect it to replace Fiat for day-to-day payments anytime soon. Hopefully, Bitcoin stays decentralized for generations. :D

Even if bitcoin solves the transaction fee problem and becomes stable, it will never replace fiat for day-to-day payments. The government will never let that happen until they find a way to control it. But if governments find a way to control bitcoin and it becomes centralized, will it still be attractive? So I don't believe that bitcoin will replace fiat currency, and I also don't want bitcoin to become centralized.

I'm happy with how things are going, bitcoin is a highly volatile investment because I can take advantage of that to make a profit. In particular, bitcoin's decentralization will partly help me avoid too strict control from the government.

Yes the Bitcoin is not centralized , but some policy of government can slow down the adoption in many places which the policy that kick against is made just as it's here my country where the government is fighting all exchange even bound the crypto though it did not stop the movement of change it adoption but slow it down baids in my perception on how it would have gone beyond this stage here in my nation as some who lack understanding of it is faced with some phobia of not knowing what next may be the outcome blackout on the process of investing or holding mostly this aspect they are arresting the exchange official and stopping means to exchange the crypto by holder.

Maybe not since they have something want to push aside from bitcoin. We know that they are trying to introduce CBDC to pursue their interest since maybe they want to dominate on the financial system and make everything beyond on their control. That's why they do that action where they require to have this KYC feature on each crypto platform since they want to know the real numbers of people using bitcoin.

That's why hopefully that they don't implement a total ban on bitcoin so that we can still use it since they have all the authority and decide what they want to accept on their country.

So I guess for this issues we should see what government actions will be made in future so hopefully there's no bad news will happen and there mind will shift into something beneficial to us bitcoin users.

If we want mainstream adoption, like shops and markets accepting Bitcoin as a payment method and it being legal to be traded and used around our countries when we need to understand that regulations will follow, we can't have mainstream adoption without regulations and having authorities or institutions involved.

Even if we don't want mainstream adoption, governments and central authorities will still keep interfering as long as people are using cryptocurrencies because they can't let them use something that they don't have any control over, and they will always try to have at least some control over what people are using even if they can't control the network, they will keep tracking transactions and stuff.

However, Bitcoin will not be able to be controlled by the government, no matter how big their efforts are because Bitcoin is a decentralized asset, Bitcoin will always be that, Satoshi is a pseudonymous, so he will not be able to be found and even intimidated into handing over the cryptographic keys of bitcoins. Bitcoin will always be a decentralized asset forever, it cannot be changed.

Of course governments won't let that happen. Otherwise, they would be giving the power back to the people. It has always been about control from the very beginning. Why do you think Fiat was created in the first place? With central banks in play, governments will be able to do whatever they want with the economy. And no one will be able to stop them. BTC by itself can't be stopped either, so it will co-exist with CBDCs for generations. That's assuming Bitcoin stays decentralized forever.

I sure hope developers improve Bitcoin's on-chain transaction capacity to help keep fees at the minimum. The Ordinals craze will stifle its ability to be used as digital cash. The future is unpredictable, so we can only hope for the best. :D

When you bring something like this and include the source link so we can believe what you are saying, since many of us haven't heard about it, I doubt if this is a made-up story.

However, this is going to be impossible, man. I don't think it will happen because Bitcoin is decentralized, not centrally controlled by anyone. and because from the day it was created, it was not controlled by anybody. Even now, it will not be done that way. Also, remember that US dollars are a centrally controlled currency that is controlled by the US government.


This will not be going to give any advantage to bitcoin but disadvantages because they will disturb the investors by maybe paying tax and other things that were not there before. However, bitcoin is already better as it is now. We just hope for more betterment of bitcoin, and nothing more than that. If any government tries to put their hand in bitcoin, I don't think they will be able to accomplish that because that is not how it was created. I think they can just leave the currency the way it is because regardless of their hatred or something, they can control it.

I am not sure what you are getting at here or how you formed this idea, but US dollars will never be backed by Bitcoin.

Remember that USD is the world reserve currency, and many countries outside of the USA use USD to transact.

The total supply of USD is $25 trillion. Let's round it down to $21 trillion to make math easier. That would make, with a supply of 21 million BTC, that each coin is worth 1 million coin each. That is, taking into account the US government would need to buy EVERY single coin. So in demand alone, the price of 1 btc would be way more than 1 million.

First of all there is no ‘total supply’ of usd as it is not limited. There are also categories of which money we’re talking about. M0 is all the usd in its most liquid form: cash. M1 includes money that are used in exchanges such deposits and checking accounts. M2 includes M1 with the addition of savings and time deposits. M3 and M4 are considered broader categories of money that include large time frames and banks.

It’s difficult to determine how much usd really there is but currently there are only 2 Trillion USD in circulation.
Bitcoin’s value will not be determined by usd’s supply even if it was used to back up usd. Both fiat and crypto have fluctuating prices despite crypto being more volatile.

Gold is a rare asset that no one really is very willing to use it as a mean of exchange and instead prompts to hold it. This is what we are seeing happen to bitcoin but the difference is that bitcoin can still be used as a mean of exchange.
Gold is valuable but bitcoin's accessibility and decentralization are one of the things that give bitcoin the edge compared to gold. Who do you know carries gold around? and who do you know carries bitcoin around? ;D

If anyone told you that Bitcoin will not going to be better, just point out at where Bitcoin is coming from and where it is right now which are significance of where it will going to be in the nearest future to allow investors to experience massive income from their investment. I don't think, politicians will have such opportunity to control the price of Bitcoin than to use all those words to play politics with their citizens to achieve their goal, because Bitcoin will still remain decentralized currency that came to stay for a long period of time. But it will be difficult for Bitcoin not to get better and better again, because if you look the massive population around Bitcoin investment, you will know that the population will continue increasing to make Bitcoin more popular than any other cryptocurrencies in the market.

lol
Politicians are very big liars and that’s why I personally don’t take anything they say to heart because it seems they all forget their promises as soon as they get elected into office and initially I thought it was just my country affected by this actions of the elected representatives of government but I’ve also come to realized that, the almost everywhere in the world is also passing through similar cases.

Op I don’t know if this your post is more political but personally it doesn’t interest me to discuss politics that much but in most cases where you see me involving in political talks the it’s simply because I don’t have a choice but to engage in the takes.

It’s not right to hold any word from the politicians, until it is actualized and I don’t really know if the usdt will later drop against dollar but I’m sure it will take a lot of time.

I think bitcoin will gain more popularity and more investors if the United state dollar is backed by bitcoin because it will send a lot of positive meanings to potential investors and give bitcoin more global recognition.

As we know Bitcoin is not controlled by any central authority and is not centralized. The demand and supply of Bitcoin is not controlled by anyone so no authority can control the price of Bitcoin. In any case, the point you've raised certainly won't have much of an impact on Bitcoin's price. However, the market may be slightly dumping for a temporary period, but later it will rise again.

I think that shouldn't be the metric for us to compare Bitcoin with gold. It's true that we can't carry gold around like Bitcoin because Bitcoin is digital and it is present in our wallet while gold (if we are talking about physical gold) can't be taken everywhere. However, we can also buy digital gold, some merchants and systems allow you to buy digital gold and you will have them in your wallet at all times, you can sell them whenever you want just like Bitcoin, and get cash readily available.

If we look at both from an investment perspective, the biggest advantage of Bitcoin over gold is that it provides investment flexibility which means that a person doesn't need to have a large amount of money to start buying Bitcoin but as low as $10 is enough to get started whereas for gold, you need to buy the minimum unit and that will cost way more than $10.

You are right, that Bitcoin has brought about significant changes in the financial world by introducing a decentralized and digital alternative to the traditional fiat system. But I have noticed that this is just an exchange and both parties agree with what they are exchanging, whether it is gold or something similar, if both parties agree then it is valid.

Correct. The important point is that Bitcoin is not controlled by anyone and is not centralized, so Bitcoin will continue to be a scarce asset in the future, although many people want to prevent it from any authority, Bitcoin will still be better in the future. Bitcoin is currently only a decade old and has already had a huge impact on investors and the community. In my opinion, Bitcoin still has a long way to go to become an investment asset or hedge against inflation.

Even if what the OP said will have an impact on Bitcoin, it is only temporary, especially now that Bitcoin has passed the halving period, of course there are many dynamics going on. but believe me, Bitcoin will be much better in the future, we just need to be patient until the time comes, Bitcoin will make new history in the market.

Keep in mind politicians are the reflex in the mirror of the citizens from their respective countries. Politicians are to be blamed, but if they are able to have so much influence and reach the power positions they are currently in, you have to blame some other people as well...

Bitcoin won't become better because it's endorsed by politicians or governments. Bitcoins exists and works independently of political propagandas, and it has been always like this since the beginning. Probably that is why it has been working so nicely so far, and I hope it still continue working this for a long time yet!

The impact of politicians over Bitcoin, as I see, is the fact they have influence over a lot of people's actions. If they tell people to behave somehow, they immediately follow the orders. Then we could speculate that if politicians ordered people to use Bitcoin, they would adopt it on the same moment, what would have effect over Bitcoin's demand and price positively. The question is, why would they do this? It doesn't seem to benefit them in anyways.

Friendly policies on Bitcoin will definitely attract more investors and thereby increase adoption ,well no one can tell what politicians can do and until they get into office, but I believe Trump administration will be much more friendly with Bitcoin than that of joe Biden administration because I don't think Trump will totally full all the crypto enthusiasts who will support him after election, but I can tell he might not implement everything he has said in his campaign but likely of this, and his economic policies won't hurt the cryptocurrencies industry Because he's Business minded person.

It is the hope of every Bitcoin investors that Bitcoin increases and gets better. I believe the government who are still fighting against Bitcoin will one day come to realisation that Bitcoin is a good currency and not a scam. Many critics are now Bitcoin investors, but the question is, what must have triggered them to change minds? The same reason might been seen by those government and they'll change too.

After we know the future predictions for Bitcoin, what will we decide, whether we will participate to make a profit together or will we just be spectators and see other people's success. but the most important thing is our knowledge about bitcoin, before deciding to join, because we make sure this is for the long term, not a machine to make money in a short time, and if the time comes sooner then that is a bonus for us

After we see the development of Bitcoin to date, it will certainly make people who are new to and have done research about BItcoin will really believe in Bitcoin and will also try to make Bitcoin an asset that they will include in their investment list to get the benefits of holding it. Bitcoin, for the government that is still against Bitcoin, I think they don't want to see people prefer to invest in Bitcoin with the risks they will face or there are other things that the government has not explained in detail.

Those who previously criticized Bitcoin and now prefer to invest in Bitcoin, of course they have done in-depth research on investing in Bitcoin and not just listened to what other people said about Bitcoin so they dare to say what they heard from other people but after they understanding it will certainly turn around and instead choose to invest.

The best coin is Bitcoin, ups and downs are normal, don't feel too much when Bitcoin's price goes down, you have to have confidence that Bitcoin will recover, so whatever happens in the crypto world, don't be easily discouraged when it goes down.

Of course bitcoin will become so much better if any of this come in place, already bitcoin is better and it will be much better once such thing happens and a lot of more nation will accept bitcoin more and more, once I here about some new in bitcoin i always feel so much interested because I understand that bitcoin is the future currency that can become the leader of any digital currency, so therefore bitcoin can always grow more and more higher in the digital world any positive and interesting news concerning cryptocurrency it increases the good news more in bitcoin

It seems the president doesn't even know what Bitcoin is, how can the US Dollar back Bitcoin which is a decentralized currency.  Their is no meaning in all these, it is just a mere talk trying to gain people's interest and I'm not surprised because this is the nature of politicians. No needs for the president to talk too much, the only impact he can offer to bitcoin is mass adoption of bitcoin if truly he has bitcoin in mind.

One thing I know is that bitcoin will always grow even without Donald trump, bitcoin has gone through difficult times but still it still remains what it is. Donald trump can't make bitcoin better because bitcoin is not fiat or a centralized currency. Trump understands that bitcoin has gained so much users, I think he just trying to get favour from bitcoin users.

I too think this as well because trumps has alot of Bitcoin friends like Elon musk and they will advise him well. Trump is going to be more friendly with Bitcoin as he is a business man and understands how to run the affairs that will improve the business of America. The governments can welcome Bitcoin and tax it for the benefit of the country. Bitcoin is going to be better because Bitcoin is good to rise in price and when it does that it will attract more investors. The more investors come in to Bitcoin, the more Bitcoin will have many great mind investing in it that can contribute their Idea on how to make Bitcoin become a better coin. If we have less investors there will not be more talk because everybody will be comfortable with anything that is happening to Bitcoin but as we have more people in Bitcoin, they will be concerned on how to make Bitcoin great for everybody to be able to use them.

We need the reality that bitcoin replacing fiat currency is absolutely impossible, governments will never let that happen. Yes, I prefer the scenario where bitcoin will exist side by side with CBDC or fiat currencies rather than compete with each other and make governments hate bitcoin more.

Regarding transaction fees, I really feel like there is no hope because so far, the developers have remained silent and there is no solution to that problem. Many people think that sooner or later, ORDI or RUNE will disappear and everything will soon return to normal. But I don't believe in that because when BRC20 dies there will also be another version created and they will never stop, transaction fees will never be fixed.

Bitcoin will improve as developers continue to innovate on it. But the beloved cryptocurrency will never reach a point where it will replace existing Fiat currencies. Governments simply won't allow this to happen.

I'm hoping BTC fees decline with subsequent network upgrades (unless the Ordinals craze spirals out of control). The LN is NOT a long-term solution to Bitcoin's problems. Current market volatility, slow confirmation times, and high fees are what's limiting Bitcoin's mainstream adoption. Unless these issues are solved, BTC will remain a store of value forever. Is this what we want?

What must have prompted them to compel their citizens not to use crypto is because they are afraid that, crypto might one day take over their currency, even as I flatiron keep striking. Traditional fiat currencies are likely to experience inflation but aside scam crypto coins, the rest are can much more profitable when you study the market carefully before making any drastic decision that could lead to financial breakdown.

     If your question is possible, then it should have been done long ago and backed up by those countries that heard and knew about Bitcoin, but why didn't anyone do one in 15 years of existing? That's because he can't happen. Why? Because Bitcoin is decentralized and Fiat is under centralization, you know this, right?

     But everyone has the right to decide if they want to have Bitcoin; that's the only beauty of Bitcoin, and it has become a threat to other countries, which is why they hate Bitcoin, but others have adopted and recognized the potential of Bitcoin and even helped their economies.

There’s no reason that bitcoin will be backed by USD as both have opposite currency feature. While USD is solely controlled by the government, bitcoin is never controlled by any third party except of its user or hodler. If ever the time comes that will be possible, maybe we are not talking anymore about bitcoin but USD in the form of its digital currency.

Backing Bitcoin with USD is almost impossible. Especially when the US national debt exceed BTC's market cap. How will the US be able to settle its debt with BTC's current market price? Besides, the FED can't manipulate the economy when BTC has a fixed supply. Its deflationary rate will favor people more than the central bank itself.

Don't get me wrong. Bitcoin will get better (in technical terms). But it will never replace Fiat currencies. The Blockchain can't scale to everyone on Earth. Even if it did, governments won't allow BTC to displace Fiat. At least, Bitcoin is open source and decentralized. I'm confident it will become bigger and stronger than ever with the rollout of subsequent network upgrades. As long as it remains a useful Fiat alternative, there should be nothing to worry about. :D

Yes, it has been noticed that once the fees go high, it gives discouragement to the community and it is not looking good. If the fees remain at their lowest amount, that would gain more interest and adoption instead of fiat money. But I see the situation is now worsening and that is even more worrying and also hard to convince someone to use it when fees are no longer acceptable and fair. If we only have an option to keep it at $1(and below) and fast confirmation, it is more encouraging.

And talking about LN. I'm not sure if it works so well because not all are techy enough which I think that LN is not really the best option to take than waiting for the fees to calm down.

I think bitcoin is the most popular crypto for people to invest or save. Only one country in the world has legalized Bitcoin through legal tender, but it is a globally accepted cryptocurrency and the number of its holders is constantly increasing. Even many investment institutions are choosing to hold Bitcoin and will increase their investment in the future.

I would say that bitcoin is irrelevant to politics. Well, simply because while it would be good or bad depending on what the president does with bitcoin, we have seen the all time high during Biden, and yet a lot of people think that Biden hates bitcoin, or at the very least Biden's team hates bitcoin because not like Biden knows what bitcoin even is, he probably doesn't even know about it.

So all in all, if bitcoin thrived under an administration that people think hates bitcoin, then I would say it really doesn't matter. One thing that would be terrible is if any of them would ban it, and neither is banning it, that is not on the cards, so it really doesn't mean that any of them will make a big difference, it is going to be same in either case.

When Bitcoin was introduced to the world in 2009, it was intended to revolutionize the way people could access and control their money. But that revolution has hardly come to pass. The cryptocurrency's tumultuous first decade was marked by scandals, missteps, and wild price swings—its second has been no different.

Large-scale fraud, theft, regulatory battles, and more continue to make the headlines. It's difficult to say what will happen over the next decade, but here are some thoughts about Bitcoin's future.

Bitcoin's Future
While its price and popularity with certain investors are important, it's critical to note that regardless of value changes, scandals, and news, blockchain developments over the next decade will be the most important.

Issues regarding decentralization, scalability, and security are the factors holding Bitcoin back from more widespread adoption. These concerns must be addressed for the cryptocurrency to gain traction as more than a speculative investment. Bitcoin developers are working diligently to find solutions, but for the most part, they have been unsuccessful.

Reference : https://www.investopedia.com/tech/what-will-happen-bitcoin-next-decade/

No, it is not possible for the US dollar to be backed by bitcoin or anything else for that matter any longer.  The US dollar was once back by gold, but they got rid of that as it was not really a good idea, only in theory. 

Bitcoin will get better, there's no doubt in my mind about that.  Some of the most important things are transactions speeds/costs which I know is being worked on.  I just wish it was going a little bit quicker, but...Rome wasn't built overnight.

There is nothing hidden about Bitcoin but the problem is that we might be arguing whether to invest in it or to look for anything other thing to out money it. From day one, there had been people that have never thought if investing in Bitcoin and all they think was Bitcoin was going to fall and could never rise again. Now we can see that the price keeps going bullish and everyone is ready to take the opportunity to make money from the bull that is why we are seeing institutional traders and firms buying and accumulating because they are convinced that the price is going to skyrocket soon.

We know that Bitcoin cannot be linked to politics. Just because politicians say something about Bitcoin while talking does not mean that Bitcoin will continue on its way or not. Generally Since they like to talk about every subject, it is natural for them to talk about a popular and proven entity.

I don't think Bitcoin investors will invest based on the opinion of a political person. People who invest in Bitcoin are generally people who do their own research and act in a planned manner. Of course, not all investors are the same and there are people who will invest with the guidance of politicians, but the investors I am talking about are real Bitcoin investors.

It won't be possible. Bitcoin is made to gain freedom from any group or entity, that's why it comes with a decentralized nature so that any third party cannot access one's bitcoin ownership except the owner itself. And if there are chances that bitcoin will backed USD, certainly no. Although no one holds the future with bitcoin, but as long as bitcoin remain decentralized, USD and other currencies will never be successful in getting bitcoin to back up them.

It's not fiat, it can't support bitcoin, including dollars, Bitcoin doesn't depend on fiat. Currently, many people doubt this, so there are opinions about the badness of Bitcoin. This is a stupid thing. In my opinion, there's no need to waste your thoughts on things like that. Bitcoin stands alone and cannot be linked to anything, including fiat.

With how centralized the crypto market is, we could say BTC is heavily-dependent on Fiat to survive. Even if the cryptocurrency is decentralized by design. The approval of spot ETFs has made matters worse. I've noticed that the strengthening of Fiat currencies (particularly the USD), has has a negative effect over crypto market prices. A weakening USD should be able to turn things bullish again.

Technically-speaking, Bitcoin will get better. That's assuming developers (and the community) continue to support it. BTC has done well over the past 15 years, so I'm confident it will last another 1-2 decades. Perhaps, even more. We can't predict the future, so lets hope for the best. :)

Is bitcoin now an anti government because that is only the reason why we should ever consider any such possibility as a positive sign for bitcoin, but for now as best as we know, bitcoin is just acting as an alternative to the central bank currency which is the traditional financial system which have alot of limitations.


But then also it almost impossible to have such situations since bitcoin would never be backed by the US dollars on a centralised mode.

But in the end something like this will also not have a big impact and is sustainable because after all, it is very difficult to force people not to adopt bitcoin even if it starts with government regulation.

We have seen conditions like this happen in China and not even once but many times. But in the end, the development of bitcoin which is difficult to control makes the ban regulation not go according to plan even though the perceived impact remains when China tries to ban bitcoin but the resulting impact is still unable to drop bitcoin so that in the end the situation remains the same and nothing is different.

By looking at a situation like this, I think trying to ban bitcoin again will ultimately result in the same result where the impact that will be generated is not as big as expected which makes them try to get back close to bitcoin and even try to adopt bitcoin as an approach that is actually more effective than banning it.

Well, the idea of backing the US dollar with Bitcoin is interesting but very difficult. Bitcoin has a limited supply and is usde worldwide, which could help the dolllar. However, Bitcoin’s value changes a lot, and it uses a lot of energy. There are also many rules and security risks.

Changing to a Bitcoin-backed dollar would needs big changes in laws and systems, and it’s unclear if there’s enough political support. Politicians like Kennedy and Trump may talk about this to get attention, but making it happen is much harder. If it did happens, it could make Bitcoin more accepted and drive new ideas, but the path to get there is very complex.

Since government and politicians are not the one controlling BTC, it will not be possible for all those things to come to reality because they only have power to control decentralized currency and dollar, they can make it better or worse to their citizens.

You can research to know when the price of BTC is coming from and where the price is right now, I believe you will agree with me that BTC will continue to get better to allow those that put their money to earn a good profits that will make them to continue to choose BTC among others cryptocurrencies.

That is why is very good to have knowledge of BTC before going into the business, because it will be difficult for people to deceive you with fake information that will discourage you from BTC business.

I don't think the USD will be backed by BTC. It's nearly impossible. This is only a pipe dream for those obessed with the cryptocurrency. We need to face the fact (reality) that Bitcoin is limited by design (both as in max supply and network performance). It will get better for sure, but not to a point where it will replace VISA or other centralized payment processors. It won't be able to replace Fiat either. Governments simply won't allow this to happen.

I'm fine with that as long as BTC proves to be a reliable alternative that's decentralized and truly censorship-resistant. The recent approval of spot ETFs in the US and abroad, will further propel the cryptocurrency's price to the moon. Hopefully, the Blockchain itself doesn't get compromised in the long run.

This will never be possible, as Bitcoin is not regulated by any authority and its demand cannot outstrip its supply. Moreover, no country's government controls Bitcoin, the demand for Bitcoin is currently much greater than the supply of Bitcoin. If the US dollar is banked with Bitcoin then the position of Bitcoin will worsen, although it is not possible, but I think that the value of Bitcoin will decrease a lot. That is why it is never possible and the value of Bitcoin will always be high and no one has the power to lower it. Also, Bitcoin is not a property, and if the US dollar is with the bank with the Bitcoin, then it would certainly become property, and this is never possible.

I don’t believe it will ever happen. The best a country can do is recognize bitcoin as a legal tender but to use it to back up their currency would be a whole another thing. They can even make their own currency but there are factors to consider if they were to back up usd with bitcoin. First of all, they need to consider its volatility. Its volatility accounts for the reluctance of using it as back up.
Come on they are politicians and they control the government. Would you really believe such words? They are basically saying that they want to remove themselves as the intermediary between transactions. They are just saying whatever we want to hear.
It could legitimize bitcoin. I don’t think it’s bitcoin that will improve but rather the people who already hold bitcoin would definitely be very lucky.

 Yes I agree, Bitcoin runs on a different market than USD and we think they will continue to be at odds, considering that USD follows a government system and where Bitcoin runs on a decentralized market, it can be said that no one can control Bitcoin, and this is the Cryptocurrency market where Bitcoin is far superior in every way we know.

No, it's not possible, the US dollar can't be backed by Bitcoin, but Bitcoin can on the other hand be backed by the USD which is senior and has witnessed centuries that Bitcoin has never witnessed. Also, the US dollar is linked to the strongest economy in the world, what is Bitcoin linked to? So don't let us even go there.

Trump is everywhere now, I hope we will rest soon. 8) But I love the way you are not a bigot about this and it's true that politicians can't be trusted, of which Trump will be one of the worst when it comes to sincerity. Was the CBDC possible during Biden's administration, did they even push it, why is Trump lousy about it?

Let's assume that he made good his intention if elected, for how long, won't another government take over after 4 years, so why is he acting as if he will be the US president forever? People should be wise.

As for the advantage of CBDC, there will be wider access to the USD globally. But the disadvantage is that it will kill many financial services.

No, Bitcoin will not be better and may not be negatively affected either because CBDC is centralised and Bitcoin is decentralised, they serve different purposes.