Trump’s call for a bitcoin strategic reserve is a very bad idea

[Taskford]

The US national debt continues to grow because they are creating more debt every second of every day. Holding all the assets in the whole world wouldn't prevent that debt from growing as long as they create more of it!

there's another government shutdown looming apparently. what do you think the odds are they don't print more money? everytime they are going to print more money. you can bank on that.

Unfortunately the economists in our world have been too stupid to be able to come up with any other solution. They just repeat the same thing over and over and print more money each time they run out of it. Which is like stealing from every one.

They want the easiest solution and avoid any further sketchy solution that's why they always come up with those actions. If they could just adapt bitcoin and other digital currency that can help their economy then provably that they will not suffer from any economic risk. Then they can take advantage the growth of crypto industry.

They see a huge money on it and instead they disallow or discourage people its best to regulate it and for sure it will produce good income to their country. But this old folks stick with what they know that's why we see slow growth since this officials is stopping its massive adaption. Let see what will happen after this election if these honorable person could bring good solution or adaption of crypto. Hopefully they will not do any crackdown since this is really awful if they still think negative things on crypto.

[Cookdata]

Trump’s call for a bitcoin strategic reserve is a very bad idea https://www.ft.com/content/e0e5e286-1885-4d72-8b65-3333069815c1

"Bitcoin is not going to make America great. What will help this country continue to be great is getting our debt and deficits under our control."


This was a very interesting article explaining why bitcoin can't replace the dollar! Required reading. To anyone that thinks bitcoin get the government out of debt just NO. They need to be able to print more money.   

Trump is frustrated fellow who want to snatch power by all means and I don't blame him, it's because those who were there in his last administration forgot quickly. If I should remind us, all presidential debate have always been on how to protect the dollar and make it stronger with little to no inflation but now, he has slipped that to focus his team to convince Bitcoin community and tell other people how they ate dogs in some regions and abused other people that doesn't go with his opinion.

Let's even say the US accepted Bitcoin as a reserve, then what? When they need money they go and print more US dollar, that's what they have been doing isn't. Does that changes anything about Bitcoin and the purpose. I just know that the day Bitcoin will become a reserve for US, know for sure that even those offering ETF like the Blackrock will be investigated but I know US is smart enough to know this, everything discussed about are just people opinion with no influence in the government policy.

[coolcoinz]

Owning a hard, appreciating asset allows you to decrease your debt and that's what they're trying to do because it's getting out of control.

The US national debt continues to grow because they are creating more debt every second of every day. Holding all the assets in the whole world wouldn't prevent that debt from growing as long as they create more of it!

You're right. I was talking in general that holding bitcoin as a reserve is beneficial for countries that are actively trying to get out of debt.

It's comparable to switching from eating unhealthy food into more healthy unprocessed meals to lose weight, but if you continue to eat like a pregnant pig, it won't change much.

To be fair, I don't deny that the idea is great and I'm pretty sure that if passed, it will be a powerful catalyst for the growth of bitcoin and the entire cryptocurrency industry. But the problem is that I think making this idea a reality will be a huge challenge and not something that can be done easily. That may be why many people think this is a bad idea.

Correct. If it gets approved they most likely won't buy enough to make a change in their budget and fix any problems they're facing.

[dezoel]

Trump is frustrated fellow who want to snatch power by all means and I don't blame him, it's because those who were there in his last administration forgot quickly. If I should remind us, all presidential debate have always been on how to protect the dollar and make it stronger with little to no inflation but now, he has slipped that to focus his team to convince Bitcoin community and tell other people how they ate dogs in some regions and abused other people that doesn't go with his opinion.

Let's even say the US accepted Bitcoin as a reserve, then what? When they need money they go and print more US dollar, that's what they have been doing isn't. Does that changes anything about Bitcoin and the purpose. I just know that the day Bitcoin will become a reserve for US, know for sure that even those offering ETF like the Blackrock will be investigated but I know US is smart enough to know this, everything discussed about are just people opinion with no influence in the government policy.

To be fair I didn't think it was alternative to what he was suggesting. I mean "lets get bitcoin" doesn't automatically mean "also lets not pay our debt and close our deficit", I am pretty sure that when anyone says lets get bitcoin, they are not attacking the debt in that regard, it was probably just as another addition, not as alternative to it.

In any case, Trump is weak, and his ego is the only thing that makes him want to be the president, not his ideals, not any way that he wants to help the nation, he just wants to be called the president of the USA that's it, that's all he cares about, being strong.

In that way, if we think about his approach to bitcoin, we can clearly see that he only likes bitcoin because investors of bitcoin likes him, the moment we start to say anything even remotely bad about him, he will trash bitcoin on live tv and say horrible things about it and will say he will ban it as soon as he becomes president. Hence, it's not really smart to trust him.

[larry_vw_1955]

In any case, Trump is weak, and his ego is the only thing that makes him want to be the president, not his ideals, not any way that he wants to help the nation, he just wants to be called the president of the USA that's it, that's all he cares about, being strong.

In that way, if we think about his approach to bitcoin, we can clearly see that he only likes bitcoin because investors of bitcoin likes him, the moment we start to say anything even remotely bad about him, he will trash bitcoin on live tv and say horrible things about it and will say he will ban it as soon as he becomes president. Hence, it's not really smart to trust him.

his son donald jr is no better than he is either. i think donald junior has political ambitions too and wants to be president one day too. that would be a disaster. the trumps don't really help this country at all. that's my opinion. i wish they would stay out of politics.

[martinex]

Correct. If it gets approved they most likely won't buy enough to make a change in their budget and fix any problems they're facing.

Of course, each candidate takes a different approach but I see all of this in the direction of maintaining the dominance of the United States economy. namely maintaining the dominance of the US dollar globally where currently several countries have begun to abandon it (de-dollarization) and both use the highest opportunity at this time by raising the issue of supporting the growth of the digital asset industry, especially BTC.

[ethereumhunter]

Bitcoin is not going to make America great but Bitcoin will make every people in America great if they have an investment in Bitcoin. If a country wants to be great, the leader must think about their citizen and do many things that will give benefit to them.

Many political in the election always say something nice to attract the sympathy of his supporters because they want to elected and get the big voting numbers for them. They don't care with what they promise in the beginning after they elected and will say there is more important thing to do and forget their promise. That is happen in many places because they have their own agenda after they have been elected and will focus to reach their interest. They can say many things about what will they do so we don't have to think much about them and let them do what they want. We as a citizen can see what will happen later so we can not expecting much from them.

[BALIK]

How do you know Trump is lying? Do you have evidence? Do you have a crystal ball that can tell you everything about the future, or are you just making baseless assumptions and trying to impose your thoughts on others? I'm not saying he changed his mind about crypto and actually supports it because I don't have proof of that either but it's too early to say he's just lying and will ignore any discussion about BTC or crypto if he becomes president. The election is not over yet and no one knows what will happen after that.

You don't need a crystal ball to know these things. There are proofs of when Trump talked down on bitcoin in 2019. You could have seen them if you even cared to look for yourself. You just can't believe a politician who has seen that bitcoin is now big and has a lot of people in it and a lot of potential voters. I wonder why that playbook is fooling people like you. He has the support of a lot of tech CEOs and a lot of them are pro bitcoin so how could he be against it?
This is a link to his twitter/X account a post he made in 2019 concerning bitcoin.

It's possible that he has changed his views since then, which I doubt because if he had he would have addressed it. He just switched from the anti-bitcoin and crypto person to a bitcoin-loving person? I think not. He's a politician, it's what they do.

If your parents used to think bitcoin was a scam and they suddenly changed their mind about bitcoin because they realized the benefits of bitcoin. They tell you they don't hate bitcoin anymore, do you think they are liars? I'm not making any claims about Trump, look at what I said.
As I said: the election isn't over yet and let's not rush to judge anything until it happens.

But now, we know that Trump has publicly expressed support for cryptocurrencies, while Harris has ignored and said no to anything related to cryptocurrencies. That shows she does not support the development of cryptocurrencies. As a bitcoin investor, I see no reason to vote for her when she has little to no interest in bitcoin.

This is not very smart. I might even say it's a lame way to choose a president. A president is in charge of everything in the country. I mean every single sector is his responsibility one way or the other, Bitcoin just happens to be a tiny part of it and you're willing to choose a leader simply because he's for bitcoin? Does that make sense to you? So you do not care if the person is competent enough for the job, if their views are what the country needs, the person can be a total maniac but since he's pro-bitcoin you'll vote for him/her?
c'mon!
I think you need to re-evaluate your view on this. A country does not start and stop with bitcoin.

Besides what good does a president being a fan of bitcoin do to bitcoin? Trump was anti-bitcoin when he was president, what effect did that have on bitcoin? So what effect on bitcoin is Kamala going to have as a president that's against bitcoin?
It's high time we stop putting unnecessary importance on people and things that don't matter in the grand scheme of things.
 a president that's against?

I know there are thousands of issues that need to be addressed and crypto is not the only or important factor in this election. But you need to remember that everyone has different lives, circumstances and needs. Your problem may not be my problem or someone else's problem, and that is why everyone has different needs and choices. Maybe your problem is immigration, taxes... but that's not someone else's problem, and people respect your choices, why do you get upset when people don't have the same choices as you?
Why does the United States always have two parties and always have their own supporters?

[pinggoki]

They say shit like getting their debts under their control when the USA is just lending money to themselves anyway, I mean that's what they do right? Or am I seeing it wrong because their debts are in the trillions already and there's no way that a country could ever survive in terms economic turmoil because unpaid debts in that amount should be enough to destroy a country's economy. I don't the role that bitcoin's going to do in all of this, I think that no matter what happens in this election season, bitcoin's going to be doing just fine.

[Wind_FURY]

They say shit like getting their debts under their control when the USA is just lending money to themselves anyway, I mean that's what they do right? Or am I seeing it wrong because their debts are in the trillions already and there's no way that a country could ever survive in terms economic turmoil because unpaid debts in that amount should be enough to destroy a country's economy. I don't the role that bitcoin's going to do in all of this, I think that no matter what happens in this election season, bitcoin's going to be doing just fine.

Plus they own the money printer for the currency that's used to pay the debt.

BUT no matter how much criticism everyone makes against that system, the Cabal will never stop with their endless printing of money. There may be those periods of Quantitative Tightening, but if we zoom out, their balance sheet is always expanding. That's good for Bitcoin.

Buy the DIP, and HODL.

[pooya87]

BUT no matter how much criticism everyone makes against that system, the Cabal will never stop with their endless printing of money. There may be those periods of Quantitative Tightening, but if we zoom out, their balance sheet is always expanding.

Sadly they will continue down this path until everything falls apart and hyperinflation becomes "normal" like what we see in different countries like Argentina with its 200%-300% inflation rate! By then it will be too late to find a solution.

Although I agree that it is all good for bitcoin...

[Alpha Marine]

If your parents used to think bitcoin was a scam and they suddenly changed their mind about bitcoin because they realized the benefits of bitcoin. They tell you they don't hate bitcoin anymore, do you think they are liars? I'm not making any claims about Trump, look at what I said.
As I said: the election isn't over yet and let's not rush to judge anything until it happens.

I understand your analogy and to be honest I was expecting something like this. The thing is, My parents are people I know personally, they're people I can trust and know when they're genuine or not. How will I tell if a politician is genuine? I don't him, I don't know if he's just saying what he's saying for the camera and the vote, the only way I have to judge and support him is based on his past actions. What he has done in his past political positions. That is why people rise from office to office in politics. You don't expect people to take your word for it when you have said something opposite previously. If it was Kamala who said something similar about Bitcoin in past and now she's famzing Bitcoin, you'll hold it against her, so why is the case different from Trump's?

I know there are thousands of issues that need to be addressed and crypto is not the only or important factor in this election. But you need to remember that everyone has different lives, circumstances and needs. Your problem may not be my problem or someone else's problem, and that is why everyone has different needs and choices. Maybe your problem is immigration, taxes... but that's not someone else's problem, and people respect your choices, why do you get upset when people don't have the same choices as you?

What do you mean by "why are you getting upset?" Do I sound upset? We're just having a discussion. Can't, we disagree on something and have a discussion or a debate about it in a civil manner? I believe we can because an election is a decision that affects all parties involved. Any candidate that wins rules the whole country and affects the whole country not just the people who voted for and supported that candidate, so I believe I have a right to point out to you that this candidate you're supporting is not the best person for the job and you also have a right to either ignore me or indulge me and say the candidate your supporting is the best person for the job. It doesn't have to be emotional.

If we want to look at it objectively, I doubt that a candidate can believe in things that we all believe in. There have to be parts we do not agree with, it's normal. If a person agrees with a candidate on every aspect then either the person just follows that politician because he loves him so he doesn't want to be critical or the politician is just saying what that person wants to hear.
I have a lot to say on this but it seems I've already said a lot so I don't want to say more but you should know that the whole country is what should be put in perspective, not just our personal agendas.
For instance, let's say I'm into Bitcoin and I make all my money from Bitcoin, so I will support a candidate simply because he is favourable to Bitcoin and has made me more money, but has a shitty security or health policy and people are affected by it, I should ignore all that and support him?

Why does the United States always have two parties and always have their own supporters?

I don't know if there are people who might take this the wrong way or find this offensive, but I'm going to say it anyway.
If Hitler was contesting for election in the US today, he would have supporters. All it takes is good PR and a little whitewashing and you'll be surprised at the people that would be solidly behind him.

[larry_vw_1955]

Sadly they will continue down this path until everything falls apart and hyperinflation becomes "normal" like what we see in different countries like Argentina with its 200%-300% inflation rate! By then it will be too late to find a solution.

wages seem to be going up very quickly $25 per hour is just minimum wage pretty much. not even a liveable wage in some places.

Although I agree that it is all good for bitcoin...

it's not good for bitcoin if people can't even buy food. how are they going to be able to have any discretionary income to buy bitcoin then? 

[pooya87]

it's not good for bitcoin if people can't even buy food. how are they going to be able to have any discretionary income to buy bitcoin then? 

To invest in bitcoin you have to have capital already. People who are going to not-be able to afford food due to inflation are currently in lower class living hand to mouth; and such people are not really investing in bitcoin or anything else for that matter. Something that won't change after the inflation either.

Those with capital who are making investments, usually the middle class and upper class, will start looking for solid assets as a hedge against inflation. They will start investing in bitcoin as one of the options when inflation rises.

[Wind_FURY]

BUT no matter how much criticism everyone makes against that system, the Cabal will never stop with their endless printing of money. There may be those periods of Quantitative Tightening, but if we zoom out, their balance sheet is always expanding.

Sadly they will continue down this path until everything falls apart and hyperinflation becomes "normal" like what we see in different countries like Argentina with its 200%-300% inflation rate! By then it will be too late to find a solution.

Although I agree that it is all good for bitcoin...

 

I don't want to make an enemy of the legacy system, but if they truly want/need to continue their use of the money printer, then for the positive market value it brings to Bitcoin, let's encourage them to do it. Haha! The mere reason why a seven digit Bitcoin price valuation is currently becoming more and MORE possible after each cycle is because of them and their policies.

[larry_vw_1955]

 

I don't want to make an enemy of the legacy system, but if they truly want/need to continue their use of the money printer, then for the positive market value it brings to Bitcoin, let's encourage them to do it. Haha! The mere reason why a seven digit Bitcoin price valuation is currently becoming more and MORE possible after each cycle is because of them and their policies.

but then it makes bitcoin being worth $1,000,000 more of an expectation and less of any real accomplishment. the more they print money, if bitcoin doesn't keep going up then that means bitcoin is going down even if it stays at the same price. i think in 2010 dollars bitcoin is probably really only worth maybe $25,000 or maybe only $10,000. because of all the inflation.

[dificanovi]

Trump’s call for a bitcoin strategic reserve is a very bad idea https://www.ft.com/content/e0e5e286-1885-4d72-8b65-3333069815c1

"Bitcoin is not going to make America great. What will help this country continue to be great is getting our debt and deficits under our control."


This was a very interesting article explaining why bitcoin can't replace the dollar! Required reading. To anyone that thinks bitcoin get the government out of debt just NO. They need to be able to print more money.

I also think so, Bitcoin is not the right choice to pay off all national debts because the supply of bitcoin is limited, even some bitcoins have been lost due to their negligence in not storing their bitcoin wallet private keys safely. Currently bitcoin is not the right choice to pay off national debts, but with the increase in the price of bitcoins tending to rise from year to year, maybe one day bitcoin can be used to pay off national debts.

[larry_vw_1955]

I also think so, Bitcoin is not the right choice to pay off all national debts because the supply of bitcoin is limited, even some bitcoins have been lost due to their negligence in not storing their bitcoin wallet private keys safely. Currently bitcoin is not the right choice to pay off national debts, but with the increase in the price of bitcoins tending to rise from year to year, maybe one day bitcoin can be used to pay off national debts.

i think one main  reason bitcoin price rises is because of inflation since the government is printing more money making it more worthless. so that seems like a dog trying to chase its tail thinking that you can print more money to buy bitcoin and then use that bitcoin to pay back the money you printed.

[pooya87]

i think one main  reason bitcoin price rises is because of inflation since the government is printing more money making it more worthless. so that seems like a dog trying to chase its tail thinking that you can print more money to buy bitcoin and then use that bitcoin to pay back the money you printed.

That's just a contributing factor not the main reason. The main reason still remains the same as it has always been which is adoption. When more people adopt bitcoin, there is more money coming in. That increasing demand alongside the limited supply of bitcoin results in increasing price.

[larry_vw_1955]

That's just a contributing factor not the main reason. The main reason still remains the same as it has always been which is adoption. When more people adopt bitcoin, there is more money coming in. That increasing demand alongside the limited supply of bitcoin results in increasing price.

but who exactly is adopting bitcoin. i know it's not everyday people here in the usa. bitcoin doesn't offer anything to them. they might keep hearing about it but they don't have any use for it just like they don't have any use for TSLA stock. they hear about it but they don't care...

at some point we have to admit that the adoption phase is over and see what the deal is that is making price go up. if it is going up at all...