Trump shares shocking strategy to take pressure off dollar

[Oshosondy]

I have not heard about this before, what I heard before was that bitcoin may compete with dollar, which will not make the United States government to accept it but Trump is going on a different approach, saying bitcoin adoption will ease the pressure on the dollar instead.

You can read about it yourself: https://www.thestreet.com/crypto/markets/trump-shares-shocking-strategy-to-take-pressure-off-dollar

What do you think about this?

[CryptoYar]

It is interesting how perspectives on Bitcoin are changing. Traditionally many thought Bitcoin would compete with and potentially weaken US dollar worrying that if people used Bitcoin more dollar global standing would suffer. However recent comments from Trump suggest different idea that more Bitcoin use could actually ease pressure on dollar. Maybe this happen if Bitcoin acts as another option for investing taking some of demand off dollar or if accepting crypto helps US lead in new technology boosting its economy. This new way of thinking shows how our understanding of cryptocurrencies in world economy is still evolving.

[Ruttoshi]

I hope that Trump is saying this not because he wants the citizens to love him and because he has his own coin but because it's the fact that increase in bitcoin adoption will ease the pressure on dollar which is the world reserve currency.

However, from the article in the OP, it shows that Trump is diving into crypto with all seriousness, not because he has a strong love for it but because he doesn't want China to overtake the US in cryptocurrency. This is why he is creating a crypto reserve strategy in the US. However, only bitcoin is qualified for this purpose.

[MArsland]

What Trump said is true, but when you look at his role as President which is an obligation to try to strengthen his country's currency, right? but he went a little bit off track which of course makes us wonder if this is just his way of trying to get the community's attention or if the US is really trying to take a new approach to placing Bitcoin.

I will still wait for policies that can continue to strengthen Bitcoin's position in the US.

[hd49728]

I have not heard about this before, what I heard before was that bitcoin may compete with dollar, which will not make the United States government to accept it but Trump is going on a different approach, saying bitcoin adoption will ease the pressure on the dollar instead.

What do you think about this?

Bitcoin is Bitcoin, and the US. dollar is the US. dollar, they are different currencies and Bitcoin can not reduce pressure on the US. dollar or can not increasing the purchasing power of US. dollar. Bitcoin is Bitcoin, itself, and only it is not responsible to fix the central bank system in the USA or the US. dollar.

The US. government, FED, the central bank are responsible for their monetary policy and inflation of the US. dollar and they must rectify these issues by themselves. Bitcoin can not help them to fix those problems, never, no matter what said by Trump, Bitcoin won't be able to do it for him.

See how the purchasing power of US. dollar declines considerbaly with time, but not because of Bitcoin appearance since 2009 and it is mainly because of money printing over time.

[Davidvictorson]

"I noticed more and more you pay in Bitcoin... I mean, people are saying it takes a lot of pressure off the dollar, and it's a great thing for our country.”

The above quote is from the article and I am already drawing my conclusion based on that. He doesn't sound certain. It sounds like he's speculating and saying what the media wants to hear. And even though it's not my business but I don't think it is going to happen for now.

[Marvell1]

It is interesting how perspectives on Bitcoin are changing. Traditionally many thought Bitcoin would compete with and potentially weaken US dollar worrying that if people used Bitcoin more dollar global standing would suffer. However recent comments from Trump suggest different idea that more Bitcoin use could actually ease pressure on dollar. Maybe this happen if Bitcoin acts as another option for investing taking some of demand off dollar or if accepting crypto helps US lead in new technology boosting its economy. This new way of thinking shows how our understanding of cryptocurrencies in world economy is still evolving.

Are politicians' views on Bitcoin changing or are Trump just saying what the media wants to hear?

Honestly I don't understand how that works, can you or someone explain it to me? How will Bitcoin reduce the pressure on the USD when its dominance is gradually declining due to de-dollarization programs, and the US is trying to find ways to prevent this from happening as slowly as possible? Will bitcoin adoption slow or stop dedollarization or will it accelerate it?


I think bitcoin will only help take pressure off the USD and benefit the US unless they control it but as we all know, that will never happen.

[Churchillvv]

This statement is familiar that they are going to ease the pressure on the dollar bill, who pressure the dollar bill in the first place? this question we need to ask. using bitcoin to get the so called desire to scam the world or the people is the biggest threat of all time.

The US dollar is not in any pressure, they took the world golf to themselves in return handing the printed dollar to small countries that has no strong economy and now they are pressured to do what ? are they going to put bitcoin in the position for countries to acquire and hold it then get there resources again?

Historical patterns repeat through trump but we are blinded by the love we have for bitcoin not the bitcoin itself but our profit the return of our investment.

[MinoRaiola]

What trump is saying today may be something else tomorrow, i dont trust him completely. I still think he is good for bitcoin because he is doing it differently and accepting it. He has understood that normally the value can only go up. The picture hd49728 posted is a sign of what inflation does to the value of the dollar. I think Bitcoin is more in the media with trump, but it has gone up in the past without him and it will continue to do so in the future.

[Danica22]

However, from the article in the OP, it shows that Trump is diving into crypto with all seriousness, not because he has a strong love for it but because he doesn't want China to overtake the US in cryptocurrency. This is why he is creating a crypto reserve strategy in the US. However, only bitcoin is qualified for this purpose.

Honestly, I don't know if he knows anything about China that we don't, but I see him constantly talking about China whenever he mentions bitcoin and crypto. But as we all know, China still strictly bans cryptocurrencies, they don't even care about it, let alone compete with the US in this field.

He is seriously getting into crypto but is he doing it for the future of the US or for his own personal gain from it? Because as far as I know, he and his family are making hundreds of millions of dollars from crypto.

If he values ​​bitcoin so much, why did he and his wife create 2 meme coins, why does his family company focus on investing in altcoins and not bitcoin?

[Zaguru12]

Bitcoin is Bitcoin, and the US. dollar is the US. dollar, they are different currencies and Bitcoin can not reduce pressure on the US. dollar or can not increasing the purchasing power of US. dollar. Bitcoin is Bitcoin, itself, and only it is not responsible to fix the central bank system in the USA or the US. dollar.

The US. government, FED, the central bank are responsible for their monetary policy and inflation of the US. dollar and they must rectify these issues by themselves. Bitcoin can not help them to fix those problems, never, no matter what said by Trump, Bitcoin won't be able to do it for him.

People need to realize that the bitcoin cannot increase the value of the country’s currency or neither increases its purchasing power, bitcoin can rather give its users extra advantage instead of using the country’s currency, the dollar in this case can only grow in strength and value base on the economic power of the country which will make it currency attractive, I don’t get what trump meant by it will reduce pressure on dollar but what I know is many will prefer to hold it than hoard dollar and also will prefer using bitcoin for payments most especially cross border transactions than going through the hassle of using the local currency

If he values ​​bitcoin so much, why did he and his wife create 2 meme coins, why does his family company focus on investing in altcoins and not bitcoin?

I personally do not take his words too seriously because the turn of events since his inception as the president of the country doesn’t matches with his self claimed likeness for crypto currency. The $Trump coin helped shill had no business been created in the first place because it lacked any use case

[BtcAnalyst1]

It is interesting how perspectives on Bitcoin are changing. Traditionally many thought Bitcoin would compete with and potentially weaken US dollar worrying that if people used Bitcoin more dollar global standing would suffer. However recent comments from Trump suggest different idea that more Bitcoin use could actually ease pressure on dollar. Maybe this happen if Bitcoin acts as another option for investing taking some of demand off dollar or if accepting crypto helps US lead in new technology boosting its economy. This new way of thinking shows how our understanding of cryptocurrencies in world economy is still evolving.

Yes, change they say is constant, the thought about Bitcoin as alternative currency to Fiat is beginning to strive hard among top profile persons in the society even President Donald Trump is now seeing Bitcoin in another dimension greater than his thought on implementing the bitcion strategic reserve ideas. I think that we are progressing on the crypto economy in recent times and more understanding will certainly come among those that were very critical about Bitcoin in the past.

[Mahiyammahi]

What do you think about this?

The truth is that while Trump's comments may sound interesting or sweet, the reality is much more complex. Bitcoin is not yet in a stable position to replace the much more complex dollar because Bitcoin ownership is only 6% worldwide. The example of El Salvador proves that even though they legalized Bitcoin, they have not been able to bring stability to their economy so far. Do central banks want stability for monetary policy and financial stability or will they choose a volatile currency like Bitcoin?

Let's see what happens in the future, but Bitcoin has not yet reached the point where it can be an alternative to the global reserve currency.

[Agbe]

Even though am not a big fan of trump I think that for a long while since he became the president he has said something reasonable because the Americans economy especially the dollar has been on alot of pressure due to the economic situation in the world so Americans using Bitcoin as an alternative payment methods will help the dollar to even appreciate more because there will be less pressure on the dollar

[Smartprofit]

In my opinion, Donald Trump realizes that the modern financial system will be transformed very thoroughly in the near future. Many countries are currently implementing central bank digital currencies. And this is a very big challenge for the American dollar. Officially, the American authorities have abandoned the idea of ​​​​creating their own digital dollar. However, they are actively promoting centralized American stablecoins. At the same time, laws have already been adopted according to which only dollars, dollar deposits and American treasury government bonds can be used as collateral for these stablecoins. Thus, the promotion of stablecoins will help strengthen the role of the US dollar. And what is the role of Bitcoin in this system? Bitcoin must accumulate consumer inflation, that is, not allow inflation to penetrate consumer markets and lead to an increase in the cost of American goods, works and services. This is a very important function, and this is why, in my opinion, Donald Trump now supports the first cryptocurrency.

[coolcoinz]

It's funny that they cite the stance of Elizabeth Warren in the end, who's a literal bitcoin hater spewing lies about the industry, for instance repeating the narrative that it's bad for environment, or used to commit crimes, when in fact over 50% of bitcoin mining is done on renewable sources and there's smaller % of bad actors in bitcoin than USD simply because it's transparent and people know it.

As for Trump and his idea, I feel like the USD will head towards collapse anyway. With or without bitcoin, they can't stop it because they're printing money the whole time.

[Ojima-ojo]

I have not heard about this before, what I heard before was that bitcoin may compete with dollar, which will not make the United States government to accept it but Trump is going on a different approach, saying bitcoin adoption will ease the pressure on the dollar instead.

You can read about it yourself: https://www.thestreet.com/crypto/markets/trump-shares-shocking-strategy-to-take-pressure-off-dollar

What do you think about this?

In terms of the alternative feature of Bitcoin, Trump is right, because as a business man, Trump's understanding about alternative financial tools is wide enough to spot the advantages that comes with Bitcoin adoption d how it will redirect some pressure from the United States dollars to Bitcoin.


Take example in the term of carrying out business and deal one can decide to use Bitcoin to settle for business and other deals that require payments without any third party delays.

[cr1776]

If you include stable coins, perhaps.  Since they are (often) backed by the US dollar it ties up a substantial amount of dollars which takes pressure off it a bit. Otherwise I am not sure how, but BTC certainly has outperformed fiat for the last ~16.5 years. Let alone thinking how badly fiat has for 112 years.

[fuguebtc]

In terms of the alternative feature of Bitcoin, Trump is right, because as a business man, Trump's understanding about alternative financial tools is wide enough to spot the advantages that comes with Bitcoin adoption d how it will redirect some pressure from the United States dollars to Bitcoin.

He is not only a businessman but also a billionaire, so he has a deep understanding of financial instruments but that does not mean he knows everything. Especially with bitcoin, a technology, a financial instrument that does not belong to his generation.

If I remember correctly, during the election he made a payment in bitcoin at a bitcoin conference, but he didn't know how to do it and had to ask his assistant for help. I don't think he really knows as much about bitcoin as many people think.

Take example in the term of carrying out business and deal one can decide to use Bitcoin to settle for business and other deals that require payments without any third party delays.

This would indeed take pressure off the dollar but would also reduce demand for the dollar and undermine its dominance. Don't you see the contradiction in that? While the US is trying every way to maintain the dominance of the dollar in the world?

[X-ray]

I suppose its the fact that when M2 chart rises, bitcoin's price also rises absorbing the money printed.

But honestly the main thing that would add massive demand toward dollar and could keep up with the money printing is stablecoin. USD has never been this accessible that even the people who never touched foreign currency are using dollar through stablecoin.

I supposes that's what he meant.