Whether the central bank can buy bitcoin, I think it will require a long process to buy it. And Ripplepun held by some but not decentralized banks that do not hold the complete concept of its blockchain.
Topic: Bitcoin buying by central banks (Read 1274 times)
I don't know if they are allowed to buy bitcoin or not but I am sure they wouldn't invest taxes onto bitcoin. They would still go with gold and dollar. Bitcoin was never central money then.
Exactly, this is not feasible else it would have been done by now, I guess the only practical means is for a single billionaire or a group of billionaires to decide to buy all bitcoins from the mass market and keep for themselves only.
Central banks philosophy and that of bitcoin are at cross function, when bitcoin does get fully mined what you have is a stiff supply to large demand which will drive price upward, the only value bitcoin would be a safe haven to store up value and a means of exchange to those who accept it. When bitcoin is fully accepted by the general public, it would be like gold the central banks of every nation if they decide will have to work out the legal framework and all hunt their share of the 21mln btc, the present holders would become billionaires and then the government would take over and control the price of bitcoin imho.
I don't know if they are allowed to buy bitcoin or not but I am sure they wouldn't invest taxes onto bitcoin. They would still go with gold and dollar. Bitcoin was never central money then.
They cant do that. There will be war if they force it to happen.
That is one problem with fiat. You cant just create money if you want to or your own country will fall and might become the poorest country ever with a lot of money circulating.
There is always the legality of everything which bitcoin doesnt have that is why they are arresting random people which owns a lot of bitcoin.
They will just have to go with the flow or there will be world peace and they will all fight against bitcoin.
That is one problem with fiat. You cant just create money if you want to or your own country will fall and might become the poorest country ever with a lot of money circulating.
There is always the legality of everything which bitcoin doesnt have that is why they are arresting random people which owns a lot of bitcoin.
They will just have to go with the flow or there will be world peace and they will all fight against bitcoin.
With respect to their country they was prohibited the Bitcoins. That central banks are not buying the Bitcoins because it won't able to pay that amount of money at a time. Small amount of money is ok but huge amount of money means it's slightly difficult.so they are maintained that as a private. They are not allowed that kind of cryptocurrency.
Does anyone know if btc market cap goes above 50 bln will the central banks be able to buy bitcoin. with only 21,000,000 coins available there could be a quick run up with people hoarding them,so how do they work that out. Just print money 24/7 and buy up all bitcoin.Cheers, JCBTC
At some point, I'm sure that banks, governments, and corporations will start buying Bitcoins. It would be a smart investment and it would help them have some control of this part of the economy.
And by control I mean they can manipulate the price by holding or selling large amounts just like they can with oil or gold. But when they start really buying, the price will rise.
It would be too good to be true
They will definitely push it up to over 9000.
They will definitely push it up to over 9000.
The problem is IF central banks or govt. purchase Bitcoins it is surely not to sell it after. I hardly doubt they are going to buy Bitcoin and then sell to make a profit from it. They will just keep in in the vaults as a reserve. If the Bitcoins are not circulating then it is useless. When the govt's buy gold they don't sell it, they keep it in their reserve
Major banks often carry trillions of dollars in derivatives exposure. Bitcoin may be too small to concern them.
The main difference between banks and bitcoin is, bitcoin is focused towards building long term value. Wheras banks & the finance sector tends to focus on short term gains along a path of least resistance. That could explain why bitcoin continues to grow as it builds value while other things crumble and devalue as short term gains are depleted.
The main difference between banks and bitcoin is, bitcoin is focused towards building long term value. Wheras banks & the finance sector tends to focus on short term gains along a path of least resistance. That could explain why bitcoin continues to grow as it builds value while other things crumble and devalue as short term gains are depleted.
I won't be selling so how they will be buying all bitcoins? this scenario is pretty much impossible for someone to own everything, having more demand in billions will simply means that the price will skyrocket and while some people will be selling, others will continue to hodl just it is right now but so not nobody get some false hopes here, the banking system is made to enslave people, using bitcoin is not an option for them and will be in total contraction with their system.
Does anyone know if btc market cap goes above 50 bln will the central banks be able to buy bitcoin. with only 21,000,000 coins available there could be a quick run up with people hoarding them,so how do they work that out. Just print money 24/7 and buy up all bitcoin.Cheers, JCBTC
At some point, I'm sure that banks, governments, and corporations will start buying Bitcoins. It would be a smart investment and it would help them have some control of this part of the economy.
And by control I mean they can manipulate the price by holding or selling large amounts just like they can with oil or gold. But when they start really buying, the price will rise.
I think they won't try to buy off all the Bitcoins. They will rather try to regulate the trade through banks and keep the decentralisation under control.
I know that some central banks in Europe are making some experiments with Bitcoin and blockchain. There were even some rumors that some of banks will start to offer Bitcoin related services to their clients but so far I haven't heard that something of this realy happened and came into production. But I will not be surprised if this realy happens in the future.
Central Banks know about bitcoin even before most of us and for the market capitalization reaching a $50billion, I don't see anything special in that because when you break that down into country basis, the amount becomes minute to even attract the attention of commercial banks in our respective countries not to talk of central banks. This cannot be compared to Forex market is even more than that on a weekly basis.
There are more and more options for buying BTC,
I heard an IRA has happened?
I heard an IRA has happened?
It is a question which regards much further investigation. We all know that these network cannot be shut down, so why not just buy up all the coins and profit alongside everyone else rather than introduce legislation that prohibits digital currencies?
Does anyone know if btc market cap goes above 50 bln will the central banks be able to buy bitcoin. with only 21,000,000 coins available there could be a quick run up with people hoarding them,so how do they work that out. Just print money 24/7 and buy up all bitcoin.Cheers, JCBTC
Central banks can`t buy bitcoins or any other cryptocurrency becasue they are restricted by legislation.
They can buy only govrenment bonds and monetary gold.You should read more about how a central bank works.
Maybe The Central Banks are restricted by legislation, but how about the companies that are working or are influenced by the central banks, by the personel or otherwise. Those companies are not bound by legislation. The only bounding on the matter might be in the hands of the governmental regulators. We all know they do not do their job even remotely ok.
There are many ways to avoid the legalities. I had come to conclusions that a law is mostly made for and done by poor people, rich people have their hacks not to obey the law.
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Anyway,this is a bad idea because the central banks could easily manipulate the bitcoin price and put bitcoin under their control.
That is why that could be the case of what is happening. Imagine that right now, they might have the bitcoin all pumped up. If something bad will happen they could easily make bitcoin worth pennies in the panic mode.
central banks will not be able to buy much now because first the coins in circulation are not 21M, they are much less and not only because there are still coin that need to be mined but because many are not on exchange
many people are holding, so at best they might buy 1 millions, and the value of course will increase a lot, because you can't buy all the 1M at current price
many people are holding, so at best they might buy 1 millions, and the value of course will increase a lot, because you can't buy all the 1M at current price
Does anyone know if btc market cap goes above 50 bln will the central banks be able to buy bitcoin. with only 21,000,000 coins available there could be a quick run up with people hoarding them,so how do they work that out. Just print money 24/7 and buy up all bitcoin.Cheers, JCBTC
LOL, how do you think the world works? did you think it is a game where you can just press a button (put in cheat code) and print money?!!
even if they do, the money doesn't evaporate, it goes in the circulation when they "buy" bitcoin with it. and that massive amount of money injected in the economical circle will cripple it.
and why would they do this? what would be the motive?
This kind of scenario I think have been discussed here in this forum for many times. The idea that central banks may decide to buy all available Bitcoin and thus be able to control the coin is just a fantasy. Central banks for now are not interested with such kind of an idea because if they will do it then it is tantamount to legalizing the cryptocurrency for why would they buy something that is illegal or not recognized as an asset/money?
Now, even if central banks are allowed to buy Bitcoin, they can not force the market to follow what they want. They can not command anybody or any of us here to sell our own Bitcoin in our wallets, can they? To make simple statement in the face of the dynamism of the market forces is just like dreaming while still awake.
Now, even if central banks are allowed to buy Bitcoin, they can not force the market to follow what they want. They can not command anybody or any of us here to sell our own Bitcoin in our wallets, can they? To make simple statement in the face of the dynamism of the market forces is just like dreaming while still awake.
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