Bitcoin getting in bed with Trump = BAD for Bitcoin

[GreatArkansas]

(....)

Bitcoin went up 500% under president Biden. Bitcoin doesn't need special favors from a government in order to survive and thrive. But Bitcoin absolutely can be destroyed if Bitcoin is associated with something the American people wish to consign to the ash heap of history.

The Bitcoin community should, at minimum, stay out of US politics. But insofar as members do, they should support the moderate status quo in Washington that was present when Bitcoin doubled in value over and over again--in other words, support VP Harris for president and the Democrats.

For me, it's not the U.S.A. president that made Bitcoin go up 500%, there are a lot of things to consider.
I don't agree that the Bitcoin community should at minimum stay out of US Politics because at first, Bitcoin itself is decentralized, open for all, and no one can control it. So everyone can have their choice what to do especially when it comes to politics or their personal own views.

[legendbtc]

(....)

Bitcoin went up 500% under president Biden. Bitcoin doesn't need special favors from a government in order to survive and thrive. But Bitcoin absolutely can be destroyed if Bitcoin is associated with something the American people wish to consign to the ash heap of history.

The Bitcoin community should, at minimum, stay out of US politics. But insofar as members do, they should support the moderate status quo in Washington that was present when Bitcoin doubled in value over and over again--in other words, support VP Harris for president and the Democrats.

For me, it's not the U.S.A. president that made Bitcoin go up 500%, there are a lot of things to consider.
I don't agree that the Bitcoin community should at minimum stay out of US Politics because at first, Bitcoin itself is decentralized, open for all, and no one can control it. So everyone can have their choice what to do especially when it comes to politics or their personal own views.

I don't understand why he keeps repeating that in each of his comments, while there are issues like the SEC attacking the cryptocurrency industry, governments increasing control and even trying to shut down mixer...All these bad things are also happening under President Biden but I don't see him mentioning it.
Even if he's right about bitcoin rising 500% under President Biden, what about bitcoin's previous price increases? Bitcoin is 15 years old and has grown by millions of percent, not just that paltry 500%, and that's a pretty modest increase.

in other words, support VP Harris for president and the Democrats.

Did you notice, he said we should stay away from US politics but then emphasized that we should vote for Vice President Harris? LOL.

[davis196]

There are probably 50 forum threads about Donald Trump and Bitcoin on the forum. I think that this discussion is pretty much over and there's nothing new to be said about Trump's pro-Bitcoin position.
Nobody in the crypto world is tying Trump with Bitcoin. Maybe the people, who know nothing about crypto, would link Donald Trump with BTC, but I couldn't care less about their ignorance. Trump is all about low taxes and less regulations, the left wing progressive liberals a.k.a the Democrats want higher taxes and more regulations. This is what I care for, even though I'm not a US citizen. I don't care about LGBTQ and immigrants. By the way, your post seems more like progressive liberal propaganda.

[legiteum]

Nobody in the crypto world is tying Trump with Bitcoin. Maybe the people, who know nothing about crypto, would link Donald Trump with BTC, but I couldn't care less about their ignorance.

I wish that were true, but several billionaire Bitcoin whales are giving Trump millions of dollars in campaign donations because they think (wrongly) that he is "pro-bitcoin". In this election, Bitcoin is being tied to Trump. It may well take years to untie Bitcoin from Trump after this.

Trump is all about low taxes and less regulations, the left wing progressive liberals a.k.a the Democrats want higher taxes and more regulations. This is what I care for, even though I'm not a US citizen. I don't care about LGBTQ and immigrants. By the way, your post seems more like progressive liberal propaganda.

Sure, you love Trump. Fine, that's your opinion. But a little over half of Americans absolutely hate him. There are 10x more gay people in the USA who are mortally threatened by Trump and those who support him than there are Bitcoin holders. And people who live their lives in danger of being harassed or killed on a daily basis are 10x more motivated than people who want some investment of theirs to go up in price.

It's really stupid for people to be tying Bitcoin to Trump in this way.

And if you actually lived in the USA, you would know that Trump doesn't talk about things like taxes and regulations at all. He is running on two major policy goals: making abortion illegal and deporting about 5% of American workers. Regulations hardly changed at all in the last Trump presidency, and the only ones to get a tax break were big corporations. You might not care about US immigrants, but you should at least care about what getting rid of them all in the US will do to the economy here, which will in turn effect the whole world--and the price of Bitcoin.

[NotATether]

And if you actually lived in the USA, you would know that Trump doesn't talk about things like taxes and regulations at all. He is running on two major policy goals: making abortion illegal and deporting about 5% of American workers.

Two things that will hurt the American economy.

Then people will be standing like lemming and wondering: "why is the job market crashing?"

It is quite weird, how people have taken to him like a cult.


But hey: there will continue to be threads about Donald Trump over here until the election is actually over and (if?) he loses and gets out of the press' media cycle.

Also it surprises me how the most public whales are all exchange owners.

[Gallar]

~Snip

By tying Bitcoin to Trump, many are building a brand name for Bitcoin that will be both extremely detrimental to its long-term growth, and very hard to get rid of: Bitcoin will be known as a "Trump thing" for a very long time, if not forever. This is a disaster.

The assumptions you make are not wrong, but I am sure that Bitcoin will not end like that, even though Trump is currently associated with Bitcoin. Because in essence everyone already knows that bitcoin was created by satoshi and every bitcoin holder is its owner. So in my opinion Bitcoin cannot be said to belong to Trump, even though for example the price of Bitcoin has increased due to issues related to Trump.

Bitcoin went up 500% under president Biden. Bitcoin doesn't need special favors from a government in order to survive and thrive. But Bitcoin absolutely can be destroyed if Bitcoin is associated with something the American people wish to consign to the ash heap of history.

Bitcoin is a decentralized asset, so obviously no government or community is able to regulate the price of bitcoin absolutely. Maybe the government or community can only influence society and create a cycle that can only affect the price of bitcoin. So the point is that Biden or Trump will clearly not be able to regulate the price of bitcoin in absolute terms. Because bitcoin is currently a very large asset, it will not be easy to manipulate its price to the maximum. Apart from that, Bitcoin can indeed be destroyed, but I think it will be a little difficult. Because as I said above, Bitcoin is a global asset, so destroying it is not an easy matter.

The Bitcoin community should, at minimum, stay out of US politics. But insofar as members do, they should support the moderate status quo in Washington that was present when Bitcoin doubled in value over and over again--in other words, support VP Harris for president and the Democrats.

Yes, I agree with this. However, even if this is done, the impact of US politics will definitely have a significant impact on Bitcoin. So in essence, even though the bitcoin community stays away from American politics, the impact cannot be avoided, because basically everyone who invests in bitcoin already has habits that are difficult to regulate regarding things like this. And regarding presidential choices, Harris might be better, but I haven't studied what kind of person she is, so for now I won't think too much about Trump or Harris.

[DiMarxist]

support VP Harris for president and the Democrats.

Op you are also bias like those politicians for bitcoin. All the accusations and allegations against Trump, you are also campaigning for the Presidential Candidate for the Democrat Party Kalama Harris. Op the 500% increased your are saying that was caused by Biden, what about the Halving, was it also made it happened? Bitcoin has nothing to do with any political action. And it stands on it own but the world governments are fighting against Bitcoin from different angles.
The next four years, Halving will start again, will you say it is the next president will make Halving to come? Please remove politics from Bitcoin. You can support your candidate and campaign for him that or her that if this person becomes the president, he will favour the Bitcoin community. And not to accused things that are not related to Bitcoin. I see the whole of your speech as a hate speech and and your candidate is good and not another person candidate.
Whether Kalama Harris or Trump. Bitcoin is still active and nobody can tarnished bitcoin. And you are playing primordial Politics which is a killer of real democracy. I don't know if you will have a share from the Kalama Harris government which might be the Prependal Politics you are believing on. But you have to know that US government has a say in bitcoin and if US government support bitcoin, it will make bitcoin to grow well.

Steer clear bitcoin with politics. Go and cast your vote and leave the rest for God.

[OgNasty]

It is probably somewhat bad for Bitcoin in the long run if politicians start playing around with Bitcoin. Someone will get credit for stacking a ton of coins and mooning the market.  Some other person will drain the reserve and cash it in for short term benefits while potentially destroying Bitcoin.  So while it's nice to think about Bitcoin suddenly finding a buyer for a million coins, you'd have to consider that a sort of final hurrah for Bitcoin, as I doubt it would survive the sale of a million coins when times get tough. 

[Catenaccio]

It is probably somewhat bad for Bitcoin in the long run if politicians start playing around with Bitcoin. Someone will get credit for stacking a ton of coins and mooning the market.

People who already accumulated bitcoin, will want to see the market mooning ride as hottest as possible. Because mooning ride will help them to get profit and reduce their waiting time.

Investors can wait for medium term profit or for long term profit and with different vision and investment, capital management and strategy for their own financial status and spending in life, they will have different plans for cashing out too.

Some other person will drain the reserve and cash it in for short term benefits while potentially destroying Bitcoin. 

Cashing out pressure from sellers can affect Bitcoin price on the market in short term if there are many sellers and  more than buyers. In long term, it's not powerful enough to constrain Bitcoin price at low prices. Cashing out pressure happens with time, more or less depends on market phase like bullish or bearish, but it won't be able to destroy Bitcoin.

Since 2009, there are many cashing out waves and pressure, but Bitcoin has been not destroyed so far.

[DooMAD]

either this election or the next, Trump will be out of power. When that happens, he will be remembered as a convicted criminal who betrayed his country and was extremely nasty to women, people of color, LGBTQ people, immigrants, the disabled, and the half of the Republican party who didn't support him. Trump wishes to criminalize abortion and deport millions of people from the US. Both of these things are extremely unpopular in the US.

Extremely unpopular?  The existence of millions of Trump supporters seems to suggest otherwise.  They love all that abhorrent shit.  That's why they feel like Trump represents them.  It's who they really are.  Disgusting monsters with disgusting beliefs.

Bigotry and hatred are very much prevalent in the US.  You're simply choosing not to see it.  It's certainly no paradise and you need to stop pretending it is.

[goldkingcoiner]

I would not take anything any politician says seriously. Especially before election when he needs voters from every community. If you look into the past, Trump has not been keeping promises. So why should anything change about that?

[Taskford]

I would not take anything any politician says seriously. Especially before election when he needs voters from every community. If you look into the past, Trump has not been keeping promises. So why should anything change about that?

Maybe because people don't have other choice since Trump is I think the only candidate say something nice word about bitcoin and crypto. Since other candidate especially Harris is a clear anti bitcoin candidate. Also its like choosing the less evil among them all since provably if Trump win maybe people have some sort of freedom to use bitcoin in US since this is somehow his promise to his voters.

But I get the point of people who doubt about Trump intention since we can't really deny the fact that he is once a anti bitcoin before. But lets hope for the best that there's really a change of hearts and realize that bitcoin is useful currency and technology which they can take advantage on. I also guess that there's nothing bad happen on bitcoin in Trumps term since if suddenly he announce banning for sure people will provably remember this and it will totally ruin his political career.

[legiteum]

Extremely unpopular?  The existence of millions of Trump supporters seems to suggest otherwise.  They love all that abhorrent shit.  That's why they feel like Trump represents them.  It's who they really are.  Disgusting monsters with disgusting beliefs.

Bigotry and hatred are very much prevalent in the US.  You're simply choosing not to see it.  It's certainly no paradise and you need to stop pretending it is.

While we're both guessing the future here, I think you are wrong.

Why? Because while a lot of Trump's voters in fact love him for his awfulness because of his awfulness, a big chunk of Trump's appeal is fake: it's just Republicans wanting the R to win at all costs. If you want abortion to be illegal--and many do--then you are going to say you "love Trump" regardless of what Trump even is.

But all of that will change the moment Trump is no longer a ticket to a majority, which will happen the moment he loses or is termed out of office. In Germany in the 1950s, thousands of former Nazi officials all collectively said, "oops, sorry about that, we'll never do it again" and moved on into German politics. Hitler became, well, like Hitler in Germany--even though a decade before he would have won a popular vote by a landslide.

The post-Trump GOP will be like this: they will repudiate Trump and join the rest of the US in agreeing about the awful things he did while in office. Not all, of course, and he will always have a cult following (like, um, you know), but the Republican party, wanting to be a majority party again, will join the majority in repudiating him (while maybe blowing a few dog whistles here and there to try to keep at least some of Trump's cult in their tent).

[dezoel]

While I will not speak on behalf of what kind of person Trump is and try to keep this out of politics, one thing is true that he is despised and hated by many many people. While republicans may not want to vote for Kamala, they do not specifically have a reason to "hate" her, she did not do anything that caused rage to anyone, they just find her useless or not worthy which is fine that is democracy and totally right to feel that way, but not hate.

At the same time, Trump causes hatred, he literally has so many people who hate him to their bones, so it is true to say that he is a risky figure. Which means that if we connect trump and bitcoin together, there will be a lot of people who will end up with some issues at the end, and won't be that simple.

You may lose a lot of democrats who will never take a look at bitcoin just because trump supports it, and that is why it is not always good thing for politicians to support crypto, it doesn't help us. Whoever is the one that supports it, they have the opposite side, doesn't even matter if it's Trump or not, or USA or not, in any nation if one side supports crypto then other side will have harder time accepting crypto and that is why politics should not get involved.

[Crypt0Gore]

I don't buy the idea that political involvement with Bitcoin is not helpful, this of course won't increase the transaction speed of Bitcoin or add more utilities to Bitcoin but it will help the awareness side of Bitcoin adoption, this is more than enough.

If you think that backing a country currency with Bitcoin sound stupid then you are not smart either, love or hate trump, I don't care, but using Bitcoin as a backbone of your country's currency is a very good idea.

By the way, Bitcoin is nobody's whore. 

[Marvell1]

I don't buy the idea that political involvement with Bitcoin is not helpful, this of course won't increase the transaction speed of Bitcoin or add more utilities to Bitcoin but it will help the awareness side of Bitcoin adoption, this is more than enough.

If you think that backing a country currency with Bitcoin sound stupid then you are not smart either, love or hate trump, I don't care, but using Bitcoin as a backbone of your country's currency is a very good idea.

By the way, Bitcoin is nobody's whore. 

It will have positive and negative effects on bitcoin, the negative side is that it causes division in the bitcoin community because we do not support the same candidate and start heated arguments. But in the long run, you are right that this will have a positive impact on bitcoin's reputation and popularity.

Even though I support Trump, I still agree with the OP's perspective on this issue. I don't think using bitcoin as a USD backbone is an idea that will ever come to fruition. Bitcoin is a volatile asset, and using a highly volatile asset to back a stable currency seems absurd. Second: The US government abolished the gold standard with the purpose of helping them print money more easily and thereby helping them manipulate the world more easily. So the idea of ​​using bitcoin to replace gold as a standard will never happen.

[$weetne$$]

Trump, in short, will go down in history as the worst president in US history. His own party, who will want to continue to have a chance of holding power, will abandon him and everything he stood for. By tying Bitcoin to Trump, many are building a brand name for Bitcoin that will be both extremely detrimental to its long-term growth, and very hard to get rid of: Bitcoin will be known as a "Trump thing" for a very long time, if not forever. This is a disaster.

You are speaking more out of hate for Donald Trump than your love for Bitcoin. Have you also considered some positive things that we can get from Donald Trump always speaking about Bitcoin. More people are going to hear about Bitcoin despite what the outcome of the election is going to be therefore it is a win situation for Bitcoin. More life will improve when they follow up and invest in Bitcoin. For the regulations, this might just be the start of the US putting more thinking into adopting Bitcoin in an attempt to try to control it but since they can not, it will just give Bitcoin room to become more successful. Donald Trump is not the fact public figure to associate himself with Bitcoin and we have forgotten all about the, the same thing can happen to him too while Bitcoin keep succeeding.

[Agbamoni]

By tying Bitcoin to Trump, many are building a brand name for Bitcoin that will be both extremely detrimental to its long-term growth, and very hard to get rid of: Bitcoin will be known as a "Trump thing" for a very long time, if not forever. This is a disaster.

Bitcoin went up 500% under president Biden. Bitcoin doesn't need special favors from a government in order to survive and thrive. But Bitcoin absolutely can be destroyed if Bitcoin is associated with something the American people wish to consign to the ash heap of history.

This is happening naturally. I do not know why people are so much concerned about what can not be stopped. Trump knows already that people are so much in crypto and he is using it to try to become elected as the next United States president. It is Trump that needs the help of bitcoin enthusiasts and not bitcoin that needs the help of Trump. If Trump won or did not win the election, bitcoin will survive. If Trump wins the election and later went to prison, bitcoin will still survive. Even the whole Chinese government were unable to crackdown how bitcoin is in their country, not to talk of a single person in United States.

I still don't know why people are raising alarm and debate on this news when it is the least of our worries. Trump has no say on Bitcoin if using Bitcoin as hype or a means to win his political ambition is his priority then he should do it. But for Bitcoin enthusiasts are worried about the fear of power the US government has and what may affect Bitcoin if Trump is elected.

[DooMAD]

More people are going to hear about Bitcoin despite what the outcome of the election is going to be

And they're immediately going to associate it with alt-right proto-fascists and want no part of it.  You clearly have no concept of reputation.  If people see any connection between racists, sexists, homophobes and other backwards beliefs (like the average Trump supporter embodies), they're going to link that negativity with Bitcoin.

Guilt by association.  Bitcoin gets a bad reputation because the people talking the loudest about it are disgusting bigots.  But Trump supporters are too fucking stupid to understand that.

[Cryptoprincess101]

The Bitcoin community should, at minimum, stay out of US politics. But insofar as members do, they should support the moderate status quo in Washington that was present when Bitcoin doubled in value over and over again--in other words,

I don't think the Bitcoin community should completely exonerate themselves from the politics of the United States of America because even though Bitcoin was created out of anonymity and as a decentralized medium of exchange and transactions without government intervention but you need to know that the decisions of the United States can one way or the other affect the activities of Bitcoin because they are the world power now so even if everything will not work the same way they are being said at pre election campaigns but we all need positivity and an atmosphere that we can thrive freely without any fear of criticism just like it was in the past when Bitcoin was still developing even though the development is still in progress but it has witnessed significant improvements so far.

support VP Harris for president and the Democrats.

Everyone has freedom of choice so you are entitled to take your own decisions as everyone cannot move in same path.