Topic: Bitcoin start Backing USA dollar (Read 476 times)

It is now 2024, and governments are still not particularly interested in Bitcoin and other decentralized cryptocurrencies. And it is unlikely that anything will change in this regard in the future. States will only use currencies they can control. It is easier for them to create and work with their own CBDCs than with cryptocurrency. But they will use blockchain technology wherever they can apply it. But everything in this world is changing. Perhaps something will change in the relationship between the state and cryptocurrency.

i just realized that you have made this post since 2020 ^{(it's been 4 years)}, but until now the dollar has not been backed up by bitcoin ^{(in the future this might happen)}.  i am optimistic that in the future bitcoin will be used by countries not only the United States but also all countries around the world to back up fiat money because the bitcoin ETF has been approved, even though there are pros and cons to the bitcoin ETF, orthodox investors really like playing with ETFs rather than trying to buy bitcoin conventionally.

True now

These two currencies are both a means of payment and both have a correlation as a currency where the nature of the two is almost the same. Both fiat and bitcoin will have value simply because people are willing to accept them as means of payment. What distinguishes bitcoin and fiat is the system and how it works, bitcoin is decentralized while fiat is centralized. Bitcoin can be used as more than just a means of payment because it is also a profitable investment asset. Fluctuating price will open up the possibility for investors to get greater profit compared to investing in government-controlled asset such as gold and other asset.

Fiat cash is centralized and handily constrained by banks and governments.
Where bitcoin is decentralized, so it is implausible for bitcoin to support up US Dollars.
There's no correlation between bitcoin with fiat. Both have various highlights and characteristics.


The main thing government can do is improve the stock exchange and its economy.
It can be backing up the dollars; there are no rights for bitcoin to do anything with fiat in any case.

Yes,it look like the USA dollar need  bitcoin back up, but the new government that just took over the government will not allow such thing to happen in his regime. Dollar is a centralized currency which is not control by private sector or share any profit from any decentralized investors.
Joe Biden will not allow bitcoin, which is a decentralized currency to back their currency  because many countries will see his government as the wost  government in the history of USA.

It would not be possible for bitcoin to actively and directly back the US dollar for several reasons. But mostly it is because it is a cryptocurrency with a high volatility rate, as opposed to USD which is a fiat currency with regulations left and right. Apart from this, we also have to remember that bitcoin is decentralized, meaning it has no business of choosing to support a single fiat coin when it can support all of them. Still, the boom in media attention inadvertently allowed USD to recover and Bitcoin to flourish despite the pandemic.

This is why bitcoin will not support USD, the volatility. Bitcoin has a crypto volatility and USD is basically fiat that is regulated by the government. USD is one of the popular and easily exchanged currency with bitcoin but I don't think it can back USD.

Why not, because along with seeing the growth of bitcoin from year to year, the United States, especially the government, cannot avoid even going against the flow of bitcoin. I am sure, even many of the government has started to have it.

It is not about actually being capable of providing any insight into the situation, dude is about just writing as many times as he can, no idea what he gains from it but dude joined less than a year ago and has hundreds of topics started here, everyone can message as much as they want but having 250+ topics created with 900 posts means dude has managed to open nearly one topic everyday for a very long time, he just likes to start topics instead of writing on the old ones.

The reason why people do not start topics everyday like how they do in reddit or so is the fact that the ones we have are enough for us, if something new happens we start a new topic as well but that is not the case in here, so we just ignore that completely, we just focus on the ones we have in our hands and talk there since starting another topic on the same idea would be useless. Polo7 is just a troll basically.

well, I think btc will support US dollars. at the same time, it will support money in other countries. Bitcoin is for the globe.

Are you making predictions based on 2020 performance or just a conspiracy theory?
US is country that's sensitive when making decisions and wouldn't want any external body to interfere to their internal income, GDP and thier basic interests. I don't think US will back dollar with BTC but who knows, you might be right, you can't trust the government as they always move in 3 dimension without public awareness.
Another reason why I think this is not possible is because top 10 wallet that own bitcoin aren't really own by them, they have been dormant for years. You really believe US would want to do something they a don't have 90% power over? If they can manage to control 50%, US will do anything to shill Bitcoin.

if bitcoin collaborates with USD, of course, this will be an extraordinary achievement bitcoin will be one of the best investments in the future with USD will further strengthen bitcoin price stability will look better.

It is necessary to remember that USD is a stable currency and this can make bitcoin more stable for the next year. It could be that all will be better and have a higher value and have very good stability for the years to come.

You know there's a reason why they have didn't support the gold standard anymore. They probably want to print a much as they can do. I doubt they would make it their backing asset for the USD. They have a hard time accepting cryptocurrency, then why expect it as their backing asset?

This isn't even technically possible since the government doesn't control bitcoin or have a stock of bitcoin which would enable it to peg the US dollar to it.  The whole point of an asset-backed currency is that the currency is exchangeable on demand for the equivalent of the asset.  When you're on the gold standard, you could only have as many dollars as you had gold to back it up because people could demand gold for the dollars and the government would have to deliver.  That would never work with bitcoin because the government could never have enough to make this possible.

How can bitcoin back the USA dollar when it is one of the most volatile assets on the planet? I mean, if you need something to support a currency, at least that thing has to be stable. In the past, we used to have a Gold standard where monetary was backed by gold.

From my point of view, a strong currency like the USA does not need anything to support it. The current state of the country is more important than any other element. The dollar will be weak if a country is weak and protests happen. And the dollar will be strong if the economy is improved day by day

How exactly should Bitcoins be backing the USD? I don't think Bitcoin investors are interested in such a trade. Most of us here went into cryptos to escape the FIAT trap, backing the USD now would be like going backwards. The USD is fairly important is likely to be as such in the near future. But I do hope that Bitcoins remains an alternative to FIAT and USD in particular. I hope this is not happening. 

yes it may happen and soon more countries will used Bitcoin on making transaction due to the pandemic Fiat money has decreased it's demand because most people are doing transaction online, e-commerce are in most used today, and digital currencies is in demand and soon people will discover cryptocurrencies due to the facts that most digital banks are crypto currencies supported.

Is this even a makes sense consideration?

I mean seriously? A cash-backed cryptocurrency.. that's still makes sense. But a cryptocurrency backing FIAT ? This is just new to me , convince us on how that thing could ever happen.
Bitcoin would simply categorized as a commodity if this makes sense to be realized.

It would be interesting if it really could be the fact that the US Dollar will be backed by Bitcoin. But unfortunately it is impossible in my opinion,
because the volatile price of Bitcoin and Bitcoin has not been accepted in all countries in the world. These two reasons prevent Bitcoin backing
US Dollar, Moreover, the US government cannot control Bitcoin, making it impossible for the US Dollar to be backed by Bitcoin.

lol . i didnt even knew that its possible for usd to be backed by btc because users here seem to agree but how come when theres a debate before that usd and btc are enemy because usd is made by the government while btc is a non government and said to be made only by one person which is satoshi nakamoto .

 infact there are even alot of questions if usdt is really backed by usd when infact both of them are kinda related to each other while btc and usd are clearly incompatible

LOL, tell telling is very easy. Yet, let just go with the flow talking about it. Who knows that this guy's speculation is right because there are reports or posts here too that bitcoin is not really he first cryptocurrency and that this type of digital currency has been use already in those agents use to travel to other countries to investigate and since bringing money with them is difficult then they use this kind of technology to transfer money without getting caught through anonymity. These are just possibilities but who knows that satoshi really are a group of military personnel who made it for their mission outside their country.

BTC? No I am not believing that the government is going to be doing that. It’s true that they may be having other plans , before this time there has been some talks that the government might unveil the Fedcoin and through this Fedcoin they are going to be able to make lots of money from it. But this BTC part? Nah it’s not something that seems possible to me.

Nobody really cares how much of BTC they are holding, whether it is 1 BTC or not, they are just more into how much it is worth in dollars. If someone is holding 1BTC that they got at $2000 and it falls to $500, they are definitely going to be so worried for sure. It’s been like that since the start, it’s just the USD worth that’s attracting some of them.

What?!
Not again.
You mean the one posting here named "satoshi" is CIA?  
That's something new for me. I didn't know he had that much spare time rather than protecting the secrets of the government.

Again with the claims without proofs. I can't imagine where you are getting this kind of ideas.
Deep Web? Too much fictional movies?

Bitcoin was created to last Long until 2030
That Long the fiat system Will last.
And for that Long need backing  its a btc.

Btc was created by the central Inteligency services
With Military grade tecolody.
To be bullet proof and scared asset with limited supply.
Btc Will continue Where gold failed.

I think there will be feedback, we will see that now the US has legalized BTC. there must be an advantage for them

The only "backing" that needs to be done with the US dollar is to give the toxic banking debt back to the central banks. It would also be handy if they gave back the assets they bought with the valueless dollar as well.

I always thought that giving up the Gold Standard was a bad idea. Now we have a chance to rebuild the health of the financial system by a pegging fiat currencies to Bitcoin - aka the Digital Gold.

Of course this could not happen at all, but it certainly won't happen overnight unless we will assist a worldwide shocking event that will wake us up. However in the event that nations do institute Bitcoin reserves - the price would skyrocket perhaps even above the $1M mark.

If there is something that should back the USD again, it would be gold and not bitcoins.

Imagine USD being backed by something that can easily be obtained if the price is right, that'll be problematic since countries can band together if they want to and sabotage bitcoin's price, and you end up with a weakened dollar with practically little to no value. Plus, unlike gold, bitcoin has no other uses apart from being a temporary 'hedge' from failing assets and currencies, and its value is built on the fact that there are tons of infrastructure invested to mine this coin, and miners wouldn't let those investments go to waste. Add speculation to the mix and you get bitcoin.

USD will not go back to the gold standard, nor the US would be introducing something to back up their currency. With the current setup of the dollar, they can create something out of nothing literally if they wanted to, and the repercussions wouldn't be that severe short-term as it can be evenly spread out into years--even decades--up until a recession occurs and they'll just start at square 1 again as if nothing happened. The specifications of the USD is 'perfect' in most aspects and in sync with how the world economy goes right now, and bitcoin just doesn't rhyme with all those control methods from a central governing body.

nah, u are crazy now, let me explain a little , perhaps u change ur mind.
first, Bitcoin, u know exactly has a fixed amount , then u want bitcoin backing US dollars ? something unlimited ? can be printed anytime by their goverment ?
well, to make it simple, a century ago , US dollars is backed by Gold, Over the time that the United States dollar was backed by gold, it experienced major fluctuations in value in relation to the world market. On 1963,the United States resolved the situation by following the example of most other nations and changing their currency system.

you know what that means? should I be more clear about that?

Is this a joke or something? Tell us how can a Fiat currency provide something that the Issuer of this currency does not recognize? And in the case of the dollar - not only the Issuer but also the rest of the world.
Do you want your salary to be lottery vouchers instead of dollars? I don't think you do. And no one wants to. Where does this overwhelming desire to use btc everywhere come from? Are you all right?

We must be realistic Bitcoin cannot meet all these requirements and more for it to start backing the USA dollar.

Bitcoin by its nature, especially volatility, cannot compete with this role.

Now that you have been aware of the freezing of funds by Tether, you're talking nonsense. There's no sense anymore with what you are suggesting about the backing up of dollar, about bitcoin and other related topics about cryptocurrency.
Maybe you have to make up yourself and start thinking that you need to say things with a sense or even it's just an opinion, think of it first before saying it.

u can say something like that, but can u tell how to make it happen ? , it's decentralized after all, just how something like btc which it always have fluctuating value will backing something stable value ? of course its not make a sense .

It's not simple. Do you think that people would love to use a cryptocurrency that could freeze their funds? There is a possibility that whether you do something bad or not, they have the ability to freeze your funds and won't be able to use it. Just like the banks freezing your bank accounts. What do you think with that?
(https://cryptobriefing.com/tether-can-freeze-destroy-your-usdt/)

It will hard for bitcoin to start backing USA dollar. Bitcoin is a decentralized currency which is not control by the government compared to fiat money which is centralized and it control by the government. Fiat money is very popular to people which the government will not allow bitcoin which is not control by the government to improve their economy in the country.

The government has what it takes to improve their dollar to back up all their stock market and others things not to collapse before 2021.
I think dollar is older than bitcoin so it will be difficult for bitcoin to start backing dollar in the areas of economy.

How do you sign up for dollar crypto backed by bitcoin? Any bounty? Any shills? Any roadmap? What algorithm? Premine?

Cryptocurrencies cannot back fiat

For Backing we do need something:
Non Volatile
Stable
Usually acceptable all over the world
Etc..

Cryptocurrencies are certainly in the rear end of the spectrum when we are talking about Volatility and such , for right now I think we have not yet reached a state where cryptocurrencies can do that.

Therefore I believe it cannot back USD in any case. When it comes to government , they have to back up banks and are mostly are very interconnected with them , banks are the number 1 competitor of cryptocurrencies therefore it would not only create an economic unrest but issues in the governance.

I thought that bitcoin was being backed by fiat currency from the start not only USD but other currencies as well. Bitcoin now could be exchange to different currencies so I do not have doubt that others will going to say that Dollars  will going to be as backed up by bitcoin. For me this is ideal and hopefully that one day all government or other system will going to acknowledge bitcoin as digital currency. If that will going to happen then all that has been holding bitcoin has advantage over others thay aren't aware of bitcoin until now.

Ironically, Bitcoin is only attractive to a lot of Bitcoin owners-- probably even the majority-- because of its price in USD or other fiat. I guess it is an undeniable fact that a lot of people who flocked to Bitcoin are essentially investors. If, for example, Bitcoin's USD equivalent would fall to, say $2,000, they would be extremely disappointed even if the reality is that their number of Bitcoins are intact. They would suddenly forget that 1BTC is 1BTC still and that the supply is still very much limited and so on.

Bitcoin's main price is convertible to the dollar then, bitcoin will do the same to stabilize the dollar's situation?

This clarifies the idea you have in mind polo. US won't allow their currency be backed up by cryptocurrency. They would support it somehow and it's just a matter of time through their words of mouth but seeing it to happen as you're thinking, I don't think so.

There is no way Bitcoin would be used to back USA Dollar, what is the size of US economy and what is the market cap of BTC. People to understand somethings about Centralised government and their currencies, they want control and as long as Bitcoin remain decentralised they won't touch it, they will just create their own digital currencies.

The EU is looking to create a blockchain-based stable currency and how will it help them create liquidity? China is also ready to bring its cryptocurrency to use nationwide.
How does the US create its own cryptocurrency or will they use Bitcoin to liquidate its cash flow?
This knowledge is too much for me. We hope to receive a reasonable explanation.

This is not even a consideration.  IF the US wanted to be backed by something they would go back to the gd standard which they wont do either.  Right now governments are looking to distance themselves from crypto, not use it as a backing to their own soveign currency

I Can say im Economic expert
The More is that oil reserves are full so anyone Can know.
So the USA and eu Will join Now their Economic.
To join its for Liquitity

Yes. Surely it will happen to help save the dollar after the oil has reduced its role in supporting the dollar's value. I have followed your post on how oil impacts the dollar. Can you elaborate more? I find your discussion topics recently informative and quite interesting.

The USA dollar need good backer.

The Bitcoin is perfect to backing Up USA dollar.
That Can Work like real fractional reserve.
I think 2021 year the dollar Will be backed by BTC