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JCXCRYPTO
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July 12, 2017, 04:47:42 AM
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Does anyone know if btc market cap goes above 50 bln will the central banks be able to buy bitcoin. with only 21,000,000 coins available there could be a quick run up with people hoarding them,so how do they work that out. Just print money 24/7 and buy up all bitcoin.Cheers, JCBTC
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July 12, 2017, 05:29:35 AM
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Does anyone know if btc market cap goes above 50 bln will the central banks be able to buy bitcoin. with only 21,000,000 coins available there could be a quick run up with people hoarding them,so how do they work that out. Just print money 24/7 and buy up all bitcoin.Cheers, JCBTC

1. Governments of countries that are legalising bitcoin might decide to buy small portions of bitcoin as a reserve. In such a situation, bitcoin price would hit the moon. Hoarders wouldn't definitely part with their bitcoin even at this point. Bitcoins are divisible, governments trying to buy all of the bitcoin in circulation would result in making millionaires out of people who own even a few satoshis.

2. Just hoarding doesn't give bitcoin value, it needs to be in circulation to keep the speculation and demand in alignment. Governments move to buy all bitcoins would end in bitcoin breaking all the records making millionaires even billionaires in the process and then the their move to hoard all the bitcoin would kill the demand and speculation. The governments would be shelling out billions to own a dead bitcoin. Would they do it? No.

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July 12, 2017, 05:44:19 AM
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Bitcoin's price is determined on demand and supply. The scenario has been mentioned before, but people were using Bill Gates or a bunch of rich people as the buyer of all these coins as an example. So they buy up all the coins and then what? The demand is there, but there is no supply. They will only receive profits from this, if they sell and then those coins will come back into the supply.

The merchants will also stop accepting Bitcoin, if there are no supply of coins. < This will also influence it's price, because people want it to shift wealth >

These governments will also have to buy up all Crypto currencies, because if Bitcoin is not regularly available, then people will start using another Alt coin. ^smile^ 

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July 12, 2017, 06:12:13 AM
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Does anyone know if btc market cap goes above 50 bln will the central banks be able to buy bitcoin. with only 21,000,000 coins available there could be a quick run up with people hoarding them,so how do they work that out. Just print money 24/7 and buy up all bitcoin.Cheers, JCBTC

Central banks can`t buy bitcoins or any other cryptocurrency becasue they are restricted by legislation.
They can buy only govrenment bonds and monetary gold.You should read more about how a central bank works.
Anyway,this is a bad idea because the central banks could easily manipulate the bitcoin price and put bitcoin under their control.

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July 12, 2017, 06:19:24 AM
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There is lots of legalisation issue based on each country . Government bank or central bank can able to buy the bonds like shares and commodity like gold and silver . But they cant buy bitcoin . Even Ripple is hold by some bank but its not decentralized its not holding complete concept of blockchain.


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July 19, 2017, 06:48:35 PM
 #6

I dont understand why you titled it like that

Were you trying to say that you want to buy BTC at banks?
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July 23, 2017, 04:11:45 AM
 #7

Now bitcoins buy and sell commissions from four percent and more individual commercial and state banks. Specialists in this industry say that Central Banks are forbidden to buy crypto currency. Therefore, there is no danger that central banks will buy up the bitcoins and will influence their course. I think no state is

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July 23, 2017, 04:46:46 AM
 #8

Taxes. And maybe more closely enforced or stiffer tax code requirements for those who own, sell, or use Bitcoin. Central banks may buy some but it's more likely that Investment Banks will buy Bitcoin, I mean they'll buy anything to make themselves some quick money!

Government agencies are more likely to buy Bitcoin than Central Banks. I just don't see what it benefits Central Banks...these aren't investment companies per se.

Read the book.
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July 23, 2017, 05:18:51 AM
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Dude, in most countries banks aren't allowed to buy and, for sure, sell bitcoins
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July 23, 2017, 06:28:02 AM
 #10

This kind of scenario I think have been discussed here in this forum for many times. The idea that central banks may decide to buy all available Bitcoin and thus be able to control the coin is just a fantasy. Central banks for now are not interested with such kind of an idea because if they will do it then it is tantamount to legalizing the cryptocurrency for why would they buy something that is illegal or not recognized as an asset/money?

Now, even if central banks are allowed to buy Bitcoin, they can not force the market to follow what they want. They can not command anybody or any of us here to sell our own Bitcoin in our wallets, can they? To make simple statement in the face of the dynamism of the market forces is just like dreaming while still awake.
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July 23, 2017, 06:40:52 AM
 #11

Does anyone know if btc market cap goes above 50 bln will the central banks be able to buy bitcoin. with only 21,000,000 coins available there could be a quick run up with people hoarding them,so how do they work that out. Just print money 24/7 and buy up all bitcoin.Cheers, JCBTC

LOL, how do you think the world works? did you think it is a game where you can just press a button (put in cheat code) and print money?!!
even if they do, the money doesn't evaporate, it goes in the circulation when they "buy" bitcoin with it. and that massive amount of money injected in the economical circle will cripple it.
and why would they do this? what would be the motive?

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July 23, 2017, 06:50:16 AM
 #12

central banks will not be able to buy much now because first the coins in circulation are not 21M, they are much less and not only because there are still coin that need to be mined but because many are not on exchange

many people are holding, so at best they might buy 1 millions, and the value of course will increase a lot, because you can't buy all the 1M at current price
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July 24, 2017, 07:39:20 AM
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Does anyone know if btc market cap goes above 50 bln will the central banks be able to buy bitcoin. with only 21,000,000 coins available there could be a quick run up with people hoarding them,so how do they work that out. Just print money 24/7 and buy up all bitcoin.Cheers, JCBTC

Central banks can`t buy bitcoins or any other cryptocurrency becasue they are restricted by legislation.
They can buy only govrenment bonds and monetary gold.You should read more about how a central bank works.


Maybe The Central Banks are restricted by legislation, but how about the companies that are working or are influenced by the central banks, by the personel or otherwise. Those companies are not bound by legislation. The only bounding on the matter might be in the hands of the governmental regulators. We all know they do not do their job even remotely ok.

There are many ways to avoid the legalities. I had come to conclusions that a law is mostly made for and done by poor people, rich people have their hacks not to obey the law.

Quote
Anyway,this is a bad idea because the central banks could easily manipulate the bitcoin price and put bitcoin under their control.

That is why that could be the case of what is happening. Imagine that right now, they might have the bitcoin all pumped up. If something bad will happen they could easily make bitcoin worth pennies in the panic mode.
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July 24, 2017, 07:42:34 AM
 #14

It is a question which regards much further investigation. We all know that these network cannot be shut down, so why not just buy up all the coins and profit alongside everyone else rather than introduce legislation that prohibits digital currencies?

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July 24, 2017, 12:20:34 PM
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There are more and more options for buying BTC,

I heard an IRA has happened?

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July 24, 2017, 12:40:41 PM
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Central Banks know about bitcoin even before most of us and for the market capitalization reaching a $50billion, I don't see anything special in that because when you break that down into country basis, the amount becomes minute to even attract the attention of commercial banks in our respective countries not to talk of central banks. This cannot be compared to Forex market is even more than that on a weekly basis.
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August 13, 2017, 03:37:19 PM
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I know that some central banks in Europe are making some experiments with Bitcoin and blockchain. There were even some rumors that some of banks will start to offer Bitcoin related services to their clients but so far I haven't heard that something of this realy happened and came into production. But I will not be surprised if this realy happens in the future.

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VFabio
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August 13, 2017, 04:04:03 PM
 #18

I think they won't try to buy off all the Bitcoins. They will rather try to regulate the trade through banks and keep the decentralisation under control.

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aardvark15
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August 13, 2017, 04:20:55 PM
 #19

Does anyone know if btc market cap goes above 50 bln will the central banks be able to buy bitcoin. with only 21,000,000 coins available there could be a quick run up with people hoarding them,so how do they work that out. Just print money 24/7 and buy up all bitcoin.Cheers, JCBTC

At some point, I'm sure that banks, governments, and corporations will start buying Bitcoins. It would be a smart investment and it would help them have some control of this part of the economy.

And by control I mean they can manipulate the price by holding or selling large amounts just like they can with oil or gold. But when they start really buying, the price will rise.














 

 

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OmegaStarScream
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August 13, 2017, 04:42:01 PM
 #20

I won't be selling so how they will be buying all bitcoins? this scenario is pretty much impossible for someone to own everything, having more demand in billions will simply means that the price will skyrocket and while some people will be selling, others will continue to hodl just it is right now but so not nobody get some false hopes here, the banking system is made to enslave people, using bitcoin is not an option for them and will be in total contraction with their system.

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