Trump to buy Bakkt, a crypto exchange

[legiteum]

This signals a new era for Bitcoin and crypto generally:

https://www.cnbc.com/2024/11/18/trump-media-in-reported-talks-to-buy-crypto-trading-platform-bakkt-sending-shares-soaring.html

In other words, the US president will be the owner of a major US crypto exchange--and this president is very well known for his self-dealing and disregard for US law, especially US financial law. And voters elected him knowing full-well that he is a convicted criminal, and they didn't care, which effectively makes Trump immune to prosecution.

Years ago, I personally competed with companies in China as a US-based company. What you learn quickly there is that you cannot compete with the government because they control everything--and they will beat your company down and advantage their favored companies in subtle but unstoppable ways. This is going to be the new paradigm in the USA now as well, and competitors like CoinBase and Binance should beware, as well as basically any cryptocurrency that is not Trump's own currency.

People in the crypto business should learn that the US is operating under a new paradigm now--which is exactly what Americans said they wanted, i.e. drastic changes to the US economy.

In particular, companies--and cryptos--that will survive will be the ones best connected to Trump's regime. And companies and cryptos that anger the regime or get in their way as competitors will fall by the wayside, or even be eliminated altogether.

It remains to be seen what companies and cryptos survive in this new paradigm, and which ones get punished, but understanding how your bet is connected to the Trump regime how you will make money in the coming years, just like understanding how your investment plays with the CPC is how you survive in China.

What does this mean specifically? For me, the investments I am watching are: $DOGE, $DJT, $BKKT, $TSLA, $WLFI.

There will be others, and obviously any of the items on that list will rise and fall based on their connect to Trump. For instance, Trump and Musk could have a falling out (Trump's has a history of turning on close associates), and then the Musk-related instruments will plunge.

You need to adjust your thinking for this new paradigm: the actual business logic doesn't matter. Don't say, "but Bakkt isn't as good as Coinbase" or "WLFI is a pure scam" because it doesn't matter: anything with the full backing of the US government, no matter how crappy, is going to prevail, and even decimate it's competitors.

Voters in the US have spoken, and they have voted for drastic changes to the US economy. Unlike last time, Trump and his people are well-prepared to deliver these changes, and unlike last time Trump has a strong political mandate now. Americans want change, and Trump is going to give it to them.

[NotATether]

No thank you.

I'm not using a crypto exchange run by a man who is notorious for leveraging debt onto his properties until they go bankrupt. (If we forget about literally everything else wrong with him that is.)

This is going to become another FTX.

[goldkingcoiner]

Well he is still currently in talks to do so. So any buying decisions are just rumors basically?

If he does actually buy the crypto exchange Bakkt, I think that is a strong signal that Trump is planning to do much much more good things for cryptocurrency. I tend to stay wary until he does it, though.

[Aanuoluwatofunmi]

This signals a new era for Bitcoin and crypto generally:

https://www.cnbc.com/2024/11/18/trump-media-in-reported-talks-to-buy-crypto-trading-platform-bakkt-sending-shares-soaring.html

In other words, the US president will be the owner of a major US crypto exchange--and this president is very well known for his self-dealing and disregard for US law, especially US financial law. And voters elected him knowing full-well that he is a convicted criminal, and they didn't care, which effectively makes Trump immune to prosecution.

Mere investment on an exchange does not change anything about bitcoin narratives or what the US government must do concerning the establishment of a fair and free bitcoin regulation in the region, or for them to adopt bitcoin as a legal tender, we only have to wait for some time to see if all these are going to be a push up to the approach of US on bitcoin or not, there is more to hope for in this new administration only if everything will be pointing at bitcoin and not more on altcoins, anything henceforth concerning Trump should be in favour of bitcoin and then we know that he truly supports for a decentralized network, we hope to see more countries like El-Salvador in the nearest future.

[Faisal2202]

Voters in the US have spoken, and they have voted for drastic changes to the US economy. Unlike last time, Trump and his people are well-prepared to deliver these changes, and unlike last time Trump has a strong political mandate now. Americans want change, and Trump is going to give it to them.

How can it a be a bullish news that he is planning on buying the the exchange about which I come to heard about for the first time since my time in crypto. I know as you said it is not as good and not a tier 1 exchange but what make this a more bullish news in compared to the regination of Gary Gensler. Telegram groups are full of the news that he tweeted that he will resign on 20th Jan.

The day when Trump will be inaugurated Gary will leave and this news was too hyped that it will surely put a good effect on the BTC price. Now BTC can easily touch $100k because it's very bullish after this news now. War is getting more serious too so anything can happen till 20th January let's hope for the best.

[legiteum]

[...] Trump should be in favour of bitcoin [...]

Why should Trump be in favor of Bitcoin? How does that make him money?

Trump will make the most money by pumping his own coin, not Bitcoin--which is a competitor for the wallets of Americans. Trump's interest would be to replace everybody's investment in Bitcoin with $WFLI, and everybody's Coinbase/Binance/etc. account with Bakkt.

And the polling is very clear: Trump could do all of this and still very popular. He doesn't need the votes of some people who failed to move from BTC to WFLI in order to gain majorities.

Y'all aren't understanding the power of politics. The Bitcoin community invited this monster into the house in 2024, and it's here to stay  .

[Synchronice]

Bakkt? This is the first time I hear this name. I can't find this exchange on Coinmarketcap and I have never heard about this from anyone on this forum, so I assume it's the least popular crypto exchange and it's strange why would someone want to buy it. Buying an unknown business doesn't seem a logical decision, I think it's better to build a new business instead of buying an unknown.

What you learn quickly there is that you cannot compete with the government because they control everything--and they will beat your company down and advantage their favored companies in subtle but unstoppable ways.

Governments control everything but it's the main question who controls them. I believe that banks and companies like Vanguard and BlackRock have much power, control and influence than individuals who are in politics, i.e. I believe that governments are controlled by big organizations and companies. But I've got your point, you talk about China.

By the way, I think that if Trump builds a crypto exchange, it will be one of the most successful one because of the trust that people will put into it. It's run by a President after all, it can't be scam, can it? I believe this is the approach that people have and that's why it will rapidly and significantly grow, especially when there is Elon Musk on his side, Elon's influence is huge on crypto, we saw how he pumped and dumped multiple coins.

[BIT-BENDER]

I don't see how a news about Trump buying an exchange create buzz for crypto-currency. Yes the people has decided that the want change and they have voted in the man they think can give them that change. Also Trump open expression of friendliness towards crypto-currency has sparked the interest of some people towards Bitcoin.

But still I don't see how his buying an exchange an important issue. Firstly if he is buying it then the exchange must be centralised and amongst the unique features of Bitcoin is it's decentralised nature.

Let's stop getting too hyped by the Media. The media is a strong tool used to manipulate the market and it has its side effects. Trump is in power now let's see how he accomplishes some of his crypto related promises.

[o48o]

No thank you.

I'm not using a crypto exchange run by a man who is notorious for leveraging debt onto his properties until they go bankrupt. (If we forget about literally everything else wrong with him that is.)

This is going to become another FTX.

Staying away from Bakkt (✓)

Whole United States is going to be one big FTX at some point. Because i am certain that his reserve plans aren't ending in BTC (that will already be pumped unnecessary highs). He is going to inflate some crappy crypto as well to be a part of it (probably he at least tries it with World Liberty Financial token). Not that he understand how any of this work, but Elon, who is probably advising him, is going to dunning-kruger this one without thinking of consequences.

At some point i am going to be millionaire just by leverage-shorting everything trump related. Just need to see this pump trough before the inevitable dump of biblical proportions.

[NotFuzzyWarm]

No thank you.
I'm not using a crypto exchange run by a man who is notorious for leveraging debt onto his properties until they go bankrupt. (If we forget about literally everything else wrong with him that is.)

This is going to become another FTX.

Spot on.
One of Trumpolini's favorite money/tax loopholes is overvaluing & leveraging his properties by getting loans against them - income from loans is not taxable. He then defaults on the loans, gets sued resulting in the properties being awarded to the banks who find they are worth far less than advertised. With proceeds from his scheme he then buys more properties and repeats the whole thing over and over.

I see him doing pretty much the same thing with Bakkt.

[coolcoinz]

He's not the owner yet, so I won't comment on that.

Would I use his exchange? Nope because of the KYC and stuff. I don't use any exchanges that do KYC, but I wouldn't use or not use it because of Trump. I have nothing against him.
It's actually good for the country that he won, but we will know more in a year or two. Don't judge before he gets his chance.

I'm all about freedom, so if he wants to own an exchange, why shouldn't he? As long as it's his private money buying it I wish him good luck.

[legiteum]

Governments control everything but it's the main question who controls them. I believe that banks and companies like Vanguard and BlackRock have much power, control and influence than individuals who are in politics, i.e.

If that's the case then why did "the banks" elected Donald Trump?  This is nonsense.

The only person in the world who controls Donald Trump is Donald Trump.

And even if this nonsense were true, then why especially would "the banks" want to increase the price of Bitcoin, rather than some other investments? Conspiracy theories like this make no sense. The state of American politics is plain for all to see, and the situation is rather obvious. There is no mysterious evil force behind it all, just the US president and his 70 million voters.

By the way, I think that if Trump builds a crypto exchange, it will be one of the most successful one because of the trust that people will put into it. It's run by a President after all, it can't be scam, can it? I believe this is the approach that people have and that's why it will rapidly and significantly grow, especially when there is Elon Musk on his side, Elon's influence is huge on crypto, we saw how he pumped and dumped multiple coins.

Now you're getting it. Now add: this other exchange is in direct competition with the president of the USA so I better get my money out of there before it goes bye bye" .

As I said above, competing with Trump in the US is going to be like "competing" with the CPC in China. Maybe if you're careful you can stay out of his way, but the US president does whatever he wants.

No thank you.

I'm not using a crypto exchange run by a man who is notorious for leveraging debt onto his properties until they go bankrupt. (If we forget about literally everything else wrong with him that is.)

This is going to become another FTX.

Staying away from Bakkt (✓)

Whole United States is going to be one big FTX at some point. Because i am certain that his reserve plans aren't ending in BTC (that will already be pumped unnecessary highs). He is going to inflate some crappy crypto as well to be a part of it (probably he at least tries it with World Liberty Financial token). Not that he understand how any of this work, but Elon, who is probably advising him, is going to dunning-kruger this one without thinking of consequences.

At some point i am going to be millionaire just by leverage-shorting everything trump related. Just need to see this pump trough before the inevitable dump of biblical proportions.

This pretty much nails it for me too: ride the temporary Trump pump before Trump and his cronies engage in the mother of all rug-pulls--or Trump is impeached and imprisoned, whichever comes first .

I'm all about freedom, so if he wants to own an exchange, why shouldn't he? As long as it's his private money buying it I wish him good luck.

Him owning a company is not a problem per se, but rather only if he uses the US government to give himself unfair advantages. That's what he did for his businesses in his last presidency--but that was all very small compared to the billions and billions he can make with his own crypto.

[finaleshot2016]

This is definitely a game-changer for crypto in the US, and it’s going to change things up in ways most of us aren’t ready for. If Trump ends up owning Bakkt, it’s not just about him owning an exchange, it’s about power in the space.

Like what you said, when the government is behind a business, it’s not a fair fight anymore. Coinbase, Binance, Bybit and other players could really feel the heat if they don’t align with this new reality.

This is a + for the crypto community (global recognition) but I don't think it'll bring us to the path of freedom and decentralization, who knows, anything can happen but for me, i'll stick to what I'm using now.

[Rruchi man]

Because i am certain that his reserve plans aren't ending in BTC (that will already be pumped unnecessary highs). He is going to inflate some crappy crypto as well to be a part of it (probably he at least tries it with World Liberty Financial token).

Just so scary to think, but this can actually happen. Politicians can always pull up surprises, and thinking about it, one negative comment about bitcoin from Trump can actually affect the price of bitcoin since he has been the major reason why we have seen the value of bitcoin on the increase.

Never heard of Bakkt, but I will surely not be in a hurry to give it a try.

[legiteum]

This is a + for the crypto community (global recognition) but I don't think it'll bring us to the path of freedom and decentralization, who knows, anything can happen but for me, i'll stick to what I'm using now.

LOL, "decentralization"?? Are you kidding me?   

Decentralization is out, my friend. The US government propping up Bitcoin as a payoff to the industry backing the last president is the law of the land now.

And in the next election cycle in two years, Americans who did not profit from Bitcoin will.. want their money back, and probably hammer Bitcoin into oblivion.

This was the year that Bitcoin hit the mainstream--and became just like every other major US industry intertwined with the government.

[ABCbits]

This is a + for the crypto community (global recognition) but I don't think it'll bring us to the path of freedom and decentralization, who knows, anything can happen but for me, i'll stick to what I'm using now.

Unless Bakkt going to respect user's privacy with less strict identity verification or less harsh with source of deposited coin, nobody will have more freedom. And as reminder, Bakkt is a centralized exchange.

[Catenaccio]

Unless Bakkt going to respect user's privacy with less strict identity verification or less harsh with source of deposited coin, nobody will have more freedom. And as reminder, Bakkt is a centralized exchange.

They are located in the USA. and they are a US-based exchange so they have to obey to common law and regulation in that nation. I am sure there is no exception on Bakkt even if the exchange ownership changed to Trump, the President-elect.

If Trump change law and regulation in the US to be more friendly for Bitcoin and cryptocurrency market, all exchanges located in the USA will be benefited from new policies. It won't be like only Bakkt exchange will enjoy the benefit, and if it goes like this it will be interest of conflict, that won't happen in my opinion.

Trump is a President but the USA isn't like Russia where Putin can do everything he wants.

[icalical]

News of Trump acquiring the struggling crypto platform Bakkt has raised a number of questions about how it will affect the crypto industry. Bakkt's stock price went up because of that news, but as far as I know, based on its financial track record, it showed that Baakt hasn't been one of the major crypto exchange. This might bring attention to crypto, but not a sign that the only companies that will gain and grow are the ones aligned to Trump's agenda.

I tend to disagree with the criticisms of favoritism and monopolization on OP's posts, the fact that US government is still very active and independent showed recent actions against major exchange like Binance. So, in my opinion rather than couching this as a "new era," this can be viewed as one step further toward crypto mainstream visibility, to be driven by market dynamics, rather than merely political alignment.

[NeuroticFish]

No thank you.

100% agreed. This is about politics and "business as usual", not crypto.
Centralized exchanges are a big questions mark even without obvious political weight. Centralized exchanges are uncertain to care much about privacy and security even when ran by people actually close to crypto world.

And Trump? Really? This is an good news? Did you guys and gals see the movie with "Trump paying with bitcoin?"?!

[shield132]

Why does he want to buy Bakkt and not Coinbase?

This is going to become another FTX.

Why is it going to become another FTX? The owner will be the President of the United States, with all power to do whatever he wants. I think it can be quite the opposite, I'm afraid it will become very successful and set a monopoly on the market. First of all, Trump is trusted by half of the US population, which means they'll trust his businesses and services. Trump is an influencer too, everything he does and posts, is seen by millions or billions of people around the world. He can easily promote his crypto exchange and attract millions of customers around the world. Also, if this exchange fails and becomes another FTX, it will create a serious problem for Trump, won't it? He has all the power and money, I think he won't make that happen.