US Dollar vs Bitcoin

[doomloop]

We can never know if Trump was sincere about his promises but we are just hoping he makes true to his promises. He got Elon Musk involved so I wouldn't say that he will completely forget about him and all of crypto when it was largely the reason why many voted for him.

If he doesn't make true to his promises, it would backfire on him I think. Many will not be happy and he will probably be viewed negatively by most even those who supported him. Will this be enough for him to actually make true to his promises? I am not so sure.

Even not Bitcoin but as long as he will do good for his country, that was still a big thing. As we know that in most candidates, they always have their own anomalies like they don't fulfil their promises but I think there are some who just do it later on. It is like they are also annoyed about the reminders of the public but that is still good because at least they still did it.

I'm not sure if Trump hired Elon or it was also Elon who introduced himself to Trump but I think it is not their problem anymore if the two broke up their connection later on and we know both of them, they do also have their own conflicts in the past, so it can be expected if where will this one go. The problem is about us because we expected a lot that we ended up trusting our feelings towards them.

[Wexnident]

~

Gold is also the same though? Shouldn't the comparison be between Gold and BTC then? Not that there should be one in the first place since there's no rule or anything that dictates a country should only have oen strategic reserve.

And no, I highly doubt the US dollar would lose its influence just like that. It's (or fiat in general) still going to be mostly used as the main form of trade between people imo and crypto just serves as a digital alternative. It's an "alternative", not a replacement. 

[Farhan99]

With the influence of The president Trump on Bitcoin I think the US dollars will have be so much affected by this new regime of prioritizing Bitcoin over dollars but it won't be like use will be limited no, you'll definitely find alot of people making transactions with it and mind you aside holding Bitcoin in wallets inorder to get a physical fiat to work with it'll be exchanged to the us dollars for smooth and accessible transactions, so it's best the both currencies work hand in hand.

President Trump is so intelligent and smart he knows how to run this country he can manipulate the dollar and bitcoin. it will definitely take time because it has been a few days because of which it will be difficult to make the country as soon as possible. You can think a lot, but what Trump will think will actually happen. But he will think the best because he knows how to run the economy and this time he will run a better country and bring it to number one. So we have to wait for a few days to see if this dollar and bit  What is the effect on the coin then there will be many things that may surprise us.He has made big claims but it will definitely come true for him but it will take time which he will definitely come true.

[icalical]

Whereas the pro-crypto position of Trump drove Bitcoin's value high on the back of very high market optimism, actual implementation to a national Bitcoin reserve is light years from reality. The true nature of skepticism among those in the financial sector weighs into the incredibly slim chances that such a proposal would come into existence with drastic changes in policy at the Federal Reserve and further through Congress-a process that could easily take upwards of years or might stall entirely.

But it's also that Trump's concept might well harbor some kind of peril to the dollar's global position. Bitcoin's volatility and its unregulated nature may clash with the Federal Reserve's present policies of reserves focused on stable assets such as gold and fiat currency in place for locking the economy. Though Bitcoin may attract attention as a potential growth asset, such movement away from the dollar would be gradual, multifaceted in nature-not an overnight movement. It's just too early to assume that Bitcoin is in any position to take over the dollar or, for that matter, even dent it and not create tremendous financial disruption for the US.

[Cryptmuster]

Now that Kamala Harris has conceded and does not seem interested in fighting the results (i.e by conducting a recount), we can now claim Trump to be the next US president for the second time. Of course, he won't have any power over anything until he is inaugurated but looking at the promises he made during his election I think we can start discussing about what could happen when Trump does whatever it he said the past few months once officiated as president.

One that concerns me is his promise of establishing bitcoin as the nation's strategic reserve. Doing this would definitely help with the perception of bitcoin to the general public and would be hugely beneficial to those who are already holding bitcoin now. However we also need to consider what this could mean for the US dollar? With bitcoin getting stronger and stronger and with the help of Trump, traditional financial sectors will dwindle down and interest will turn to digital currencies which is what Trump hopes to do as he mentioned that he wants US to be the world's capital of cryptocurrencies.

Won't having bitcoin as their strategic reserve harm US dollar? Especially with the rise of BRICS and their dedollarization agenda, won't Trump be just making their job easier if he were to prioritize bitcoin?

Don't get me wrong, as someone not from the US but is holding bitcoin, if Trump were to follow through his promises it would greatly benefit me but I am just pondering over the real chances of Trump doing this. Am I correct with my assumption that dollar might weaken as bitcoin gets stronger? and if I am, won't that make bitcoin a direct competitor of the US dollar? What will the dollar benefit from Trump doing this? or am I missing something here?

The US dollar is currently the currency of the United States, and nothing will change that, even if Trump can make bitcoin a reserve asset, I don't think that this will be a problem for the US dollar, they can easily coexist in parallel. As for the dollar, it has long since begun to weaken, this is due to monetary policy, when they continue to print a lot of new money to solve current problems and do not think about long-term prospects. Therefore, of course, bitcoin has better prospects in the future compared to the US dollar.

[Catenaccio]

Well the situation with the dollar is more complicated and more dire than this. I'm afraid at this point even if US held all the bitcoins in the world it won't help them save the dollar. After all the national debt is above $35 trillion and the entire 21 million (mined and unmined) bitcoins is only worth $1.6 trillion.

Because they have very big national debt so if they want to solve it, they need a lot of time. Bitcoin as part of their national treasury can help them pay small part of their national debt, it's good than nothing, but they can not expect Bitcoin to help them cleaning up all national debt.

Even all gold can not help them pay all $35T nation debt because total gold marketcap is $17.952 T.

World Debt Clock by nations.
https://www.usdebtclock.org/
https://companiesmarketcap.com/assets-by-market-cap/

[WillyAp]

All countries have gold and foreign exchange reserves that are under the control of Central Banks / the Federal Reserve System.

Do you really believe that some Central banks are under Control of the Federal Reserve system?
Central banks do their own stuff, they have to adhere to international rules should the country wish to play in the global economy, many of those rules come from Switzerland.

As a source of money the Global Economy is unbeaten.

[tabas]

Don't get me wrong, as someone not from the US but is holding bitcoin, if Trump were to follow through his promises it would greatly benefit me but I am just pondering over the real chances of Trump doing this. Am I correct with my assumption that dollar might weaken as bitcoin gets stronger? and if I am, won't that make bitcoin a direct competitor of the US dollar? What will the dollar benefit from Trump doing this? or am I missing something here?

Nope, it won't make Bitcoin a competitor of the US dollars. I think that US dollars will become stronger or recover with Trump but let's not assume too early when he's not yet on the office. And you're forgetting another factor here, the inflation. Once inflation keeps on rising, US dollars will be weakened but on the impact for Bitcoin, we'd see how it is going right now and the price of it keeps on rising. There's a lot of possibilities that it can happen but if it's with Bitcoin alone, we're certain that we're in the bull run already ever since prior to the halving.

[Huppercase]

.
Won't having bitcoin as their strategic reserve harm US dollar? Especially with the rise of BRICS and their dedollarization agenda, won't Trump be just making their job easier if he were to prioritize bitcoin?

Don't get me wrong, as someone not from the US but is holding bitcoin, if Trump were to follow through his promises it would greatly benefit me but I am just pondering over the real chances of Trump doing this. Am I correct with my assumption that dollar might weaken as bitcoin gets stronger? and if I am, won't that make bitcoin a direct competitor of the US dollar? What will the dollar benefit from Trump doing this? or am I missing something here?

You are among people that are straight thinking that no government will allow Bitcoin be as bigger than their foreign currency and that's the truth about this reserve currency with Bitcoin. He is a billionaire in asset all tides to dollar, we don't expect Trum to just come and make Bitcoin bigger than something they have been trying to strengthen for years. I just think the federal reserve was just an illusion or should I say a big dream to make his way to white house.

Politicians are known for one thing, promise and failed and this is just one of it. The fact that his reelection has made Bitcoin to make run for his money and people are bullish making their money already. He might just go mute directly when he get to office and if he want to make everyone happy, he might just fire Gary Gensler so that people will think he is keeping his promises but this dream is far beyond what anyone should expect, expect little from Trump government regarding Bitcoin.

[RockBell]

You are among people that are straight thinking that no government will allow Bitcoin be as bigger than their foreign currency and that's the truth about this reserve currency with Bitcoin. He is a billionaire in asset all tides to dollar, we don't expect Trum to just come and make Bitcoin bigger than something they have been trying to strengthen for years. I just think the federal reserve was just an illusion or should I say a big dream to make his way to white house.

Even if it is not a foreign currency no country will accept that because it will come with its own implications, it can be accepted as legal tender in other countries and also as an alternative payment but I do not think it will replace any country's currency, and I love the fact that both bitcoin and fiat know their place, trump might have used bitcoin as one of his agenda and that was both in favor of trump and bitcoin and the big truth is that trump or any us citizens will choose their currency first.

Politicians are known for one thing, promise and failed and this is just one of it. The fact that his reelection has made Bitcoin to make run for his money and people are bullish making their money already. He might just go mute directly when he get to office and if he want to make everyone happy, he might just fire Gary Gensler so that people will think he is keeping his promises but this dream is far beyond what anyone should expect, expect little from Trump government regarding Bitcoin.

At the same time, some politicians will consider and try to do most of the things that they have promised, some are very concerned about their political career so they will do everything possible in the interest of their people, and there is truth in what you are saying because we know how all the politicians are and if you look at trump and bitcoin of what way do you think that trump will help bitcoin, except in term of policies and that will be for his people.

[N.O]

Don't get me wrong, as someone not from the US but is holding bitcoin, if Trump were to follow through his promises it would greatly benefit me but I am just pondering over the real chances of Trump doing this. Am I correct with my assumption that dollar might weaken as bitcoin gets stronger? and if I am, won't that make bitcoin a direct competitor of the US dollar? What will the dollar benefit from Trump doing this? or am I missing something here?

Nope, it won't make Bitcoin a competitor of the US dollars. I think that US dollars will become stronger or recover with Trump but let's not assume too early when he's not yet on the office. And you're forgetting another factor here, the inflation. Once inflation keeps on rising, US dollars will be weakened but on the impact for Bitcoin, we'd see how it is going right now and the price of it keeps on rising. There's a lot of possibilities that it can happen but if it's with Bitcoin alone, we're certain that we're in the bull run already ever since prior to the halving.

Yes USD will be strong after the Trump in power. Trump is in the favor of Bitcoin and he think that Cryptocurrency is good for country and I think Bitcoin price will hit to 100k dollar in couple of months because many big investors are investing millions of Dollars in Bitcoin and Bitcoin is safest investment for the future. Every person have to buy USDT if he wants to invest in Bitcoin so demand of USD in increasing and in the future,  USD will be more strong because USA will involve in Wars and they will sell their weapons and their economy will be stronger.Trump is super intelligent man and he knows how to handle the economy and he will take many big steps to do dollar strong on International level. USD is common all the world and all people have some amount of USD.

[Odohu]

Won't having bitcoin as their strategic reserve harm US dollar? Especially with the rise of BRICS and their dedollarization agenda, won't Trump be just making their job easier if he were to prioritize bitcoin?

Don't get me wrong, as someone not from the US but is holding bitcoin, if Trump were to follow through his promises it would greatly benefit me but I am just pondering over the real chances of Trump doing this. Am I correct with my assumption that dollar might weaken as bitcoin gets stronger? and if I am, won't that make bitcoin a direct competitor of the US dollar? What will the dollar benefit from Trump doing this? or am I missing something here?

I feel worried when you guys bring contradictions where there is none. Bitcoin is not fighting the US dollar, it was not created to replace it rather created to coexist with the other currencies by offering digital alternative to fiat. Somehow people find a way to bring in rivalry between Bitcoin and fiat forgetting that whatever the value of Bitcoin becomes, it will always be tagged to the US dollar.

If the US decide to invest heavily in Bitcoin and make it their reserve currency, it will not do more than gold have done over the years because it is the same purpose gold is serving for several countries at the moment. It will only make Bitcoin stronger and more precious but will not mean an end to the dominance of the US dollar.

[tabas]

Nope, it won't make Bitcoin a competitor of the US dollars. I think that US dollars will become stronger or recover with Trump but let's not assume too early when he's not yet on the office. And you're forgetting another factor here, the inflation. Once inflation keeps on rising, US dollars will be weakened but on the impact for Bitcoin, we'd see how it is going right now and the price of it keeps on rising. There's a lot of possibilities that it can happen but if it's with Bitcoin alone, we're certain that we're in the bull run already ever since prior to the halving.

Yes USD will be strong after the Trump in power. Trump is in the favor of Bitcoin and he think that Cryptocurrency is good for country and I think Bitcoin price will hit to 100k dollar in couple of months because many big investors are investing millions of Dollars in Bitcoin and Bitcoin is safest investment for the future.

We're so close to $100k, we're just $11k away and last week we're just about rounding with $66k. So, that addition in price to hit $100k is very close if Bitcoin has this pattern the same thing as how it's going on right now.

Every person have to buy USDT if he wants to invest in Bitcoin so demand of USD in increasing and in the future,  USD will be more strong because USA will involve in Wars and they will sell their weapons and their economy will be stronger.Trump is super intelligent man and he knows how to handle the economy and he will take many big steps to do dollar strong on International level. USD is common all the world and all people have some amount of USD.

But that's not how everyone is going to invest in Bitcoin. They can buy with any supporting fiat that they have and in those countries that are fine with cryptocurrencies, they can directly buy that with the pairs of their local currency and doesn't have to convert first into USD/USDT because that will only give them lower quantity as more they convert, the lesser amount of value of the conversion will happen.

[GeorgeJohn]

~

Gold is also the same though? Shouldn't the comparison be between Gold and BTC then? Not that there should be one in the first place since there's no rule or anything that dictates a country should only have oen strategic reserve.

And no, I highly doubt the US dollar would lose its influence just like that. It's (or fiat in general) still going to be mostly used as the main form of trade between people imo and crypto just serves as a digital alternative. It's an "alternative", not a replacement. 

It's obvious that u.s dollars can never loss a value, and instead of u.s dollars to depreciate in value it neither increases, so I believe that what makes the currency of u.s to remain valid is because is a world tradable currency, because if it's not tradable I don't think that many people will be using their currency, are you aware that the currency of u.s affect other countries currency, so its better we understand such concepts, in addition, cryptocurrency is a supporting tools of fiat currency, people misunderstood the objectives of bitcoin to another thing.

[EarnOnVictor]

-snip-
Don't get me wrong, as someone not from the US but is holding bitcoin, if Trump were to follow through his promises it would greatly benefit me but I am just pondering over the real chances of Trump doing this. Am I correct with my assumption that dollar might weaken as bitcoin gets stronger? and if I am, won't that make bitcoin a direct competitor of the US dollar? What will the dollar benefit from Trump doing this? or am I missing something here?

I understand your school of thought and concern, but No, Bitcoin will not affect the strength and relevance of the USD, the two can do well under Trump and everything will be fine. If you check the market reaction towards the US election when Trump was winning and eventually won, you would realise that the USD strengthened both in its Index (#USDX) and across all the FX board, including against the mighty Gold. In spite of that, Bitcoin and other cryptocurrencies rose sharply as well. This can only hint that even if Bitcoin reaches $500k during Trump's administration, it still doesn't mean a weak US dollar in the interbank market. The only right interpretation is that Bitcoin strengthened better than the US dollar at that time.

[WillyAp]

I understand your school of thought and concern, but No, Bitcoin will not affect the strength and relevance of the USD, the two can do well under Trump and everything will be fine. If you check the market reaction towards the US election when Trump was winning and eventually won, you would realise that the USD strengthened both in its Index (#USDX) and across all the FX board, including against the mighty Gold. In spite of that, Bitcoin and other cryptocurrencies rose sharply as well. This can only hint that even if Bitcoin reaches $500k during Trump's administration, it still doesn't mean a weak US dollar in the interbank market. The only right interpretation is that Bitcoin strengthened better than the US dollar at that time.

Yes and that is basically a strong indication that the finance sector's Money has found a new object.
Shares and Bitcoin/Crypto. The more regulation the more crypto will turn into a shares like object. Good for many people. Not so good for not a few.

[kryptqnick]

We're already seeing a very positive impact of Trump on the price of Bitcoin. I was very surprised to see it so high today, to be honest. But pumps are not usually consistent. We see a bull run now, for sure. But that doesn't mean it won't end abruptly at some point. People are very excited, anticipating some very pro-crypto times in the US with the Trump administration. However, I think we'll experience the most of it right now, and then once Trump is actually in power, that won't matter much. Sort of like the price went up amidst anticipations of ETF approvals, but then when the approvals actually happened, there was little impact.

[justdimin]

You are among people that are straight thinking that no government will allow Bitcoin be as bigger than their foreign currency and that's the truth about this reserve currency with Bitcoin. He is a billionaire in asset all tides to dollar, we don't expect Trum to just come and make Bitcoin bigger than something they have been trying to strengthen for years. I just think the federal reserve was just an illusion or should I say a big dream to make his way to white house.

Even if it is not a foreign currency no country will accept that because it will come with its own implications, it can be accepted as legal tender in other countries and also as an alternative payment but I do not think it will replace any country's currency, and I love the fact that both bitcoin and fiat know their place, trump might have used bitcoin as one of his agenda and that was both in favor of trump and bitcoin and the big truth is that trump or any us citizens will choose their currency first.

I would guess that if you are living in a nation like Zimbabwe, then you can't really stop bitcoin to grow. I am not saying that nation specifically, but any nation like that, the idea is that if the nations currency is unstable and not really a good thing to use, people start using other stuff. Like in Cyprus, they started using pounds after a while back in the day, because their own currency basically became shit. That type of stuff happens all around the world, people start to use other currencies, instead of their own.

Why not bitcoin then, if something like that happens, they may use dollars, or they may start using bitcoin instead, that could happen. One thing preventing that right now is the fact that bitcoin is still quite expensive while using it, the transaction cost is a lot and people do not like that part, why spend that much for every single transaction, and it's definitely not quick enough neither, still takes so many minutes, it has to be under a minute as well.

[Coyster]

Won't having bitcoin as their strategic reserve harm US dollar?

I don't see how it will, they are basically going to buy bitcoin and just hodl it, and remember that even if they are buying a lot of bitcoins, for a country like the U.S., it will only cost them a very tiny percent of their annual budget. I am more worried about the BTC network, if Trump goes ahead with this, it is likely that countries in Europe may also follow in their footsteps, it might not be a good thing for the network if centralized governments begin to buy and hodl a large amount of bitcoin, they will be able to manipulate the price.

[mindrust]

Won't having bitcoin as their strategic reserve harm US dollar? Especially with the rise of BRICS and their dedollarization agenda, won't Trump be just making their job easier if he were to prioritize bitcoin?

Actually it is the opposite. Having btc as the strategic reserve would strengthen the dollar even more. What if the US decide to print BTC backed USD in the future? I know it sounds impossible at the moment but if bitcoin rises to ridiculous price levels, the US pays off its debt with btc and then they can print BTC backed USD with the remaining reserves they have.

I think that's a plausible strategy. The US will hit multiple birds with one stone. They'll get rid of their debt, will become filthy rich and make USD great again.