Will Bitcoin become better

[Kalchef]

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?

[_act_]

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.

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.

[Ojima-ojo]

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.

[Helena Yu]

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.

[Stepstowealth]

What is the gain if the US dollars is backed by Bitcoin? Is this even a possibility?

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.

[Jawhead999]

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

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...

[legendbtc]

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.

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?

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?

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.

[Mia Chloe]

Will Bitcoin become better

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 ( 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.

[Faisal2202]

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?

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.

[lizarder]

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.

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.

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?

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.

[avikz]

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?

[MainIbem]

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?

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.

[jrrsparkles]

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.

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.

[kryptqnick]

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.

[South Park]

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?

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.

[AnonBitCoiner]

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.

[Hamza2424]

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.

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.

[serjent05]

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.

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.

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.

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.

Will Bitcoin become better if any of these become possible?

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.

[Z-tight]

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.

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.

[GiftedMAN]

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.

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?

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?

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.

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.