Trump abandons Bitcoin ETF

[Rustam Meraj]

Idea of linking success of global decentralized network to wishes of one American politician is very short sighted. News of U.S. executive branch dropping a particular program does not affect the real worth of Bitcoin ETF. ​I think that corporate crypto lobby huge political contributions have sparked dangerous addiction, and I think that it is underwhelming to believe that Bitcoin can be permanently ground under heel of government hammer to promote adoption of private tokens. While dishonest enforcement actions may lead to short term decline in local prices, they will never be able to halt borderless protocol. While institutional wave may be yet another one that will be driven by Trump political path, Bitcoin will always outlast any single administration agenda.

[Lucius]

~snip~

The FED sneezes and the price drops 5%.

The FED sneezes, and everyone in the world catches a cold.
Remember 2008?  A guy from a 3rd world country who never heard of Fannie Mae and whose first thought was it's either a pornstar name or a burger chain lost his house because of a crisis 10,000 km away. This is the thing, the US is still the financial capital of the world, people need to deal with this fact, that's where all the money is, that's what rules the world.

The EU raises interest rates for the first time in three years and some badger in the US just turns to the other side and continues to sleep - the truth is, we are so economically important in the global order that sometimes I wonder if the US has made us just a colony waiting to see what the bosses on the other side of the ocean will do.

Maybe something will finally change in this regard, given that this American president has a very destructive attitude towards the EU and the rest of the world in general - and the other day he appeared at the G7 meeting and literally entered the hall like a cowboy in a saloon with the sentence "I am the boss".

This clearly depicts the world today and I hope it will change - Bitcoin is just a small side story that the most powerful do not take too seriously.

[legiteum]

Firstly, it's pretty evident that you're just one of those braindead MAGA supporters who still believes in this perverted clown which is why your reasoning is crap.

ROFL. Please let the pro-MAGA folks who routinely censored my posts and launched a dishonest smear campaign against my forum handle back in the 2024 election period know that I am now, "one of those braindead MAGA supporters".   

Seriously, dude. I certainly get having a quick and very negative reaction to Trump, but maybe do a little bit more reading before you jump to... conclusions.

Secondly, Vance and Rubio are the next possible successors genius(Not his son etc).

LOL, Vance? You mean the guy that Trump is currently throwing under the bus to blame on the Iran fiasco? 

Little Marco? Seriously? Do you know anything about the GOP voting base?

Trump has always, 100% of the time, prioritized one thing: what is good for Trump. That's it. That's all he cares about. He doesn't care about the USA, and he doesn't care about (snort) his party.

Trump's son is the only one he can trust, so that's who he will endorse. Trump will credibly threaten to destroy the GOP if he doesn't get his way (which is how he won the nomination last time), so the party will have no choice but to get behind Jr. He's currently fifth on Kalshi, and moving up the odds. JD Vance has dropped 18% in the past few weeks. The market is going to figure this out pretty soon (glad I locked in my bet early).

Thirdly, Trump will obviously have an effect on crypto as long as he is the POTUS, but that effect has diminished severely with time. Overall, I know it's most likely pointless reasoning with you MAGA dumdums, but whatever. Smh!

ROFL. Yeah, "MAGA dumdum". That's me. Awesome. I love it.

Anyhow, we agree: Trump is a key pillar of support for the current BTC price. It's slowly going away. The story in the OP was an example of that.

[Marykeller]

Let's Trump continue to promote the garbage he called a coin over Bitcoin. I know by the time he steps down as US president that ends the existence of his coin, but Bitcoin will remain strong in the market, not going anywhere.

I remember when Trump was anti Bitcoin in his first term as US president in 2017 - 2021. Bitcoin survived Trump's criticism of Bitcoin and also gave an ATH during 2021 when Trump's tenure was over.

I will maintain by saying that, Trump wasn't a true believer in Bitcoin. He only uses Bitcoin to gain our support and trust for his selfish gains to enrich himself and his family, and we fall for it.

[philipma1957]

Finally, Trump has only about two years left in his term. Are you overestimating his power and influence over Bitcoin?

Long term, not at all. Indeed, that's always been my point about Trump and the crypto industry staking their reputations on him: at some point, he'll be gone (although his son will surely be the next nominee of his party).

I also think the "Trump bump" started dying nine months ago, but I personally think it's still responsible for a big chunk of the current price of BTC. I think when Trump is truly gone, along with his party being out of power, only then will you see the end of the full "Trump bump".

the day joe biden left the office btc was at 105,000

under joe biden btc did a double peak in 2021 both times over 66k.

any trump+btc = love ❤️ was tripping.


he would switch it all to doge today if he knew doge would be 2 dollars a coin by july fourth.

if any one doe not live in the usa and does not pay usa taxes they do not understand how badly the fed gov has hamstrung btc.


last year i hodl i sold under 2000 in coins i made about 1300 profit my tax return is over 150 pages.

the usa government punishes you if you move coins on chain. small amounts or large amounts simply make endless paper work.

and god forbid if you are off chain they can charge you with terrorism .

trump did not one thing to fix it. small amounts moved = fuck you file file file file .

i can hire an accountant and pay around 600 bucks for a return with under 45000 income .

or i can spend a week doing it my self.

i have zero respect for the usa government and how they handle tax returns

[stompix]

The EU raises interest rates for the first time in three years and some badger in the US just turns to the other side and continues to sleep - the truth is, we are so economically important in the global order that sometimes I wonder if the US has made us just a colony waiting to see what the bosses on the other side of the ocean will do.

It's because we are predictable and our wealth is not in markets.
Like seriously, what would interest rates affect, people buying shares in...... .... oh Airbus......hmm...Novo Nordisk  ... there must be another one..
Our combined public companies are 14 trillion, the US has 82 trillion, we have twice as many people as them.
Compared to the US we're midgets!

Maybe something will finally change in this regard,

Yup, our EU parliament will actively monitor the situation and take notes with a final decision to be made in 2140

Remember in 2022 when they said it's too late to build nuclear power plants, that we need energy now and so on. It's been 4 years (average time South Korea builds one) and we're again debating if it takes too long to build one and we need cheap electricity now 
It's not the US or Russia or anything else that is going to be our doom, it's bureaucracy!

[Lucius]

~snip~
Our combined public companies are 14 trillion, the US has 82 trillion, we have twice as many people as them.
Compared to the US we're midgets!

I didn't know that information, but obviously we are very bad at business, and that's why it's no wonder that nobody in the EU sees Bitcoin as a business opportunity, but only as a problem that needs to be curbed at all costs.

Remember in 2022 when they said it's too late to build nuclear power plants, that we need energy now and so on. It's been 4 years (average time South Korea builds one) and we're again debating if it takes too long to build one and we need cheap electricity now 
It's not the US or Russia or anything else that is going to be our doom, it's bureaucracy!

Maybe the thing is that some very influential politicians in the EU still hope that cheap oil and gas will flow from the east, regardless of the fact that only missiles and threats come from there. Bureaucracy is definitely a problem arising from the fact that the interests of national states often conflict with the interests of the EU.

How will they agree on new nuclear power plants when they haven't been able to agree on summer/winter time for years?

[WatChe]

Let's Trump continue to promote the garbage he called a coin over Bitcoin. I know by the time he steps down as US president that ends the existence of his coin, but Bitcoin will remain strong in the market, not going anywhere.

I remember when Trump was anti Bitcoin in his first term as US president in 2017 - 2021. Bitcoin survived Trump's criticism of Bitcoin and also gave an ATH during 2021 when Trump's tenure was over.

I will maintain by saying that, Trump wasn't a true believer in Bitcoin. He only uses Bitcoin to gain our support and trust for his selfish gains to enrich himself and his family, and we fall for it.

Politicians says what people want to listen when are not in government. Once a politicians holds a government office, he says whats the policy of the government. Trump was very much pro Bitcoin when in opposition but as a US President his policies are in accordance with policies of previous governments. Even the new US president will continue the policy. We have to understand that decentralised Bitcoin is not something acceptable to any governments because thats like surrendering the financial control.

[Uhwuchukwu53]

Let's Trump continue to promote the garbage he called a coin over Bitcoin. I know by the time he steps down as US president that ends the existence of his coin, but Bitcoin will remain strong in the market, not going anywhere.

I remember when Trump was anti Bitcoin in his first term as US president in 2017 - 2021. Bitcoin survived Trump's criticism of Bitcoin and also gave an ATH during 2021 when Trump's tenure was over.

I will maintain by saying that, Trump wasn't a true believer in Bitcoin. He only uses Bitcoin to gain our support and trust for his selfish gains to enrich himself and his family, and we fall for it.

Politicians says what people want to listen when are not in government. Once a politicians holds a government office, he says whats the policy of the government. Trump was very much pro Bitcoin when in opposition but as a US President his policies are in accordance with policies of previous governments. Even the new US president will continue the policy. We have to understand that decentralised Bitcoin is not something acceptable to any governments because thats like surrendering the financial control.

Major key word that hit up in me is the facts " government see decentralized as threat" as I paraphrase this is correct, trump may not key to any thing that may seem to pulled out financial control or divide financial control as them is major benefactor of financial control all over the world where most currency are trading with total freedom will cut down this their benefits, for instance just as they have war with Iran where they decide to use toy and collect their oil trade through crypto currency it will definitely reduce their financial influence and control, that is one major reason government is kicking against decentralized where their control can't be reached to exist. The problem with many towards trump is over hipe what he will do in a well organized system of government been a president don't give right to decide everything without the options or opinion of your cabinet though trump is meant to make greater move considering his promises and him been business taccum which would have been a better beacon of strength to Bitcoin investor who strongly believe on him.

[Hamza2424]

This is yet another sign that Trump is pulling away from Bitcoin while still pumping his own products. That's a very bearish sign for Bitcoin since US government action can severely affect the price

Huh? It is not a bearish sign, to be honest I don't give any sats to this news at all. They left because the competition was high in this field according to them. So there is nothing wrong, they might not want a plan where they have to reserve BTC for a long time, instead they might be exploring other beneficial options. So there is nothing wrong there, this is not bearish news.

We all know already Trump does not give his two cents to the crypto industry, he is doing it because the industry was attracting a lot of money. If he would not have straightened out these rules someone else would have in another country like Dubai maybe, and the investors would walk out there.

It would be a loss for the US. Trump launched his own plans in crypto to make money, he made it, and now he does not care about it. We are being sold this story that without him, without the US, BTC is nothing, especially you are one of the people selling this story. I don't know why, but I don't care, and you might have some good points, but I have read many topics and posts from you, they are all very one sided. Anyway you are open to share your opinions though.

[Giwagi56]

https://finance.yahoo.com/markets/crypto/articles/trumps-truth-social-pulls-bitcoin-100426533.html

This is slightly old news, but it flew below the radar. Trump was planning a Bitcoin ETF and now he has abandoned the idea.

This is yet another sign that Trump is pulling away from Bitcoin while still pumping his own products. That's a very bearish sign for Bitcoin since US government action can severely affect the price: say if the US president decided he'd make more money if he told people to buy his coin and not Bitcoin. Or worse, if he directed US government agencies to make enforcement actions that benefitted himself and his products at the expense of Bitcoin.

The crypto industry--now the biggest political donor in the United States--cemented itself tightly to Trump and his party starting in the 2024 election cycle. Hence, a major indicator of Bitcoin's price is going to be the political success (or failure) of Trump and his party.

Trump is like other politicians who are doing things for their own benefit, i remember when he wanted to be the president and want people to vote him he use bitcoin as some key to get people attention to win election, I never believed in Trump from the beginning and those who know him very well will not believe him because he is not type of the person some of us think he is, Trump plan is to do something bigger than bitcoin that people will think he is has done better than Satoshi and that will never going to work because Bitcoin can never be abandon or think another coin will be better than Bitcoin. This will also open some people eyes to know that all politicians are the same and they never care about people.

[purple_sparkles]

Trump is a very unpredictable person, and it’s extremely difficult to track his behavioral strategy. In some countries, there are even diplomatic training programs that teach senior officials and government representatives how to negotiate with him, because his behavior and decisions are so unpredictable that they can throw people off their logical thinking and interfere with making the right decisions. What he says today may be completely irrelevant tomorrow.Still, I think that in his own mind all of this is somehow systematized around a certain benefit, but I can’t say that this benefit is for his voters, it seems more likely that it is for himself. One thing he can definitely be manipulated through is his sense of grandeur. If that were directed toward good causes, he could bring about huge changes in the world. But when that vector is aimed in the wrong direction, it leads to exactly the kinds of problems we are feeling now.

[buwaytress]

Oh no! Anyway.

I don't think there is any impact from this, good or bad. In fact, I don't think ETFs carry any more significant meaning to the market. If people didn't by now know they could get coin without ETFs, they aren't interested in getting any, or are already on some dumb app "holding" sats. Big yawn.

[legiteum]

Major key word that hit up in me is the facts " government see decentralized as threat" [...]

Oh get real. The US government is not "threatened" by Bitcoin--that's just some marketing crap that Bitcoin whales spread around to get people to buy more Bitcoin so their bags get bigger. It gives Bitcoin a tinge of sinfulness even though it's absolutely legal in the US to the point where the US president owns a half billion dollars worth.

Trump is like other politicians who are doing things for their own benefit, [...]

I'll defend my home country by saying this: Trump is not like other politicians, or any other politician in US history. Never before has a president used his office so blatantly and at such an enormous scale to enrich himself personally. There is simply no precedent. Therefore one would hope that after Trump, the US could become less corrupt at the highest levels. Hopefully.