Donald Trump's stance on Bitcoin is changing - page 14.

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legendary

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Quote from: bbc.reporter on May 21, 2024, 09:22:07 PM

@legiteum. It appears that bitcoin and the whole of the cryptospace might pump more than 500% under the Biden administration if he signs the bill that will repeal SAB121. This SAB121 that was imposed by uncle Gary is an accounting rule that would force centralized custodians to include the cryptocoins under their custody as liabilities in their balance sheets. I am not quote certain how difficult this will be on the custodians, however, it appears that they are against this.

The bill to repeal this will be on Biden's desk to be signed and created into law or he might veto this. I reckon this might be a signal if Joe Biden has changed to procrypto or if he continues to be anticrypto. The deadline for this is on May 28.

Today Trump officially announced accepting cryptocurrency donations for his presidential campaign. And some rumors say that the Biden administration is panicking because some Democrats are voting against the SEC and that's why the SEC did a 180-degree turn in approving the ETH ETF. I don't know how Biden will handle this bill, but it seems like they won't continue to fight cryptocurrency if they don't want to be surpassed by their opponents in the upcoming presidential election.

Regardless of who will win the upcoming election, I am pretty sure that cryptocurrencies will be a big part of this presidential race and this will be great for the crypto market.

bbc.reporter

legendary

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@legiteum. It appears that bitcoin and the whole of the cryptospace might pump more than 500% under the Biden administration if he signs the bill that will repeal SAB121. This SAB121 that was imposed by uncle Gary is an accounting rule that would force centralized custodians to include the cryptocoins under their custody as liabilities in their balance sheets. I am not quote certain how difficult this will be on the custodians, however, it appears that they are against this.

The bill to repeal this will be on Biden's desk to be signed and created into law or he might veto this. I reckon this might be a signal if Joe Biden has changed to procrypto or if he continues to be anticrypto. The deadline for this is on May 28.

DubemIfedigbo001

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Let love lead

That's a simple manipulation to he favor of crypto lovers ahead of the November Elections. Politicians are psychological experts, they know practical strategies and wordings to trigger support from the masses, here he is taking advantage of the level of bitcoin adoption in the society.

Looking from another angle, government fights anything which challenging their authority and as we all know, bitcoin challenged their power over peoples funds, so he is probably now well convinced that bitcoin is the future of money, so he's now cooperating and accommodating it so him and his government can benefit from it.

NotATether

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No, stop! Take that back! I have not finished stacking enough sats for the next bull run. Get Jim Cramer to praise BTC right now Grin

(Seriously though, a "trump pump" would take the bitcoin price to astronomical new levels. Hopefully everyone else has already filled up their bags, because this kind of thing is going to make everyone forget about the FBI warning people about using cryptocurrencies. This thing is waiting for no one.)

Even 3 months later it's still a big deal.

legiteum

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Quote from: pooya87 on May 20, 2024, 09:58:02 PM

Quote from: legiteum on May 20, 2024, 07:20:18 PM

They actually don't care one way or another, except when consumers start getting ripped off from scams.

Governments usually don't give a damn about people being scammed. Look at all the regulations they put forth, none of them is to protect users. It is always either to KYC them or to take taxes. In other words governments care about their own pockets and care about their control.

Well, speaking of the Democrat the Republicans hate the most, Elizabeth Warren co-authored a very famous bill in Congress to create the Consumer Financial Protection Bureau (CFPB), which is an entire agency that is dedicated to protecting consumers from fraud. This agency has saved Americans billions of dollars in junk fees, and other things. In the US today, if you get some mysterious fee on your bank statement, you can report it to the CFPB and they will investigate, and potentially fine the bank (and make them stop it).

So maybe governments "usually" don't, but sometimes... they do.

pooya87

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Quote from: legiteum on May 20, 2024, 07:20:18 PM

They actually don't care one way or another, except when consumers start getting ripped off from scams.

Governments usually don't give a damn about people being scammed. Look at all the regulations they put forth, none of them is to protect users. It is always either to KYC them or to take taxes. In other words governments care about their own pockets and care about their control.

bbc.reporter

legendary

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On the Democrats and the cryptospace, there are people on social media that are beginning to speculate that the Democrats are retreating on their anticrypto agenda. It also appears that this might begin on the approval of the ETF for Ethereum. The decision on approval or rejection will be on May 23.

On uncle Gary's decision, I have predicted that it will be another postponement or a rejection. However, the pump on the market might be telling be that I might be wrong hehehe.

legiteum

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Quote from: Abiky on May 20, 2024, 05:28:09 PM

Quote from: legiteum on May 17, 2024, 09:58:31 PM

Bitcoin went up 500% under president Biden.

Only a fool would vote to radically change the situation under which that happened. Bitcoin holders are going to cut through the politics and go with the safe bet, which is staying the course.

And Elizabeth Warren has always been a staunch critic of crypto. Everybody knows that. Didn't she imply that bad actors where using the tech to avoid sanctions? She even drafted a bill meant to increase oversight on crypto assets. Talk about a Democrat.

Increasing oversight will help the market for Bitcoin because it will make the investment safer. Millions of people have lost $billions on scam crypto projects and crypto brokers, and so forth. Because of that, right now investors must be wary of these investments: because they know it's still the "wild west" when it comes to regulations, meaning people can rip you off and get away with it. This decreases the price of Bitcoin.

Quote

Republicans are much softer towards crypto. You didn't see increased regulatory action against the crypto industry during the past administration (under Trump's leadership). Crypto supporters know who'll they be voting for (either RFK Jr. or Trump). We'll see what will happen after Election Day. Cheesy

You haven't seen anything under Democrats, either. That's why Bitcoin went up 500% under president Biden.

Nobody is "out to get" Bitcoin. I definitely get that some people need that illusion in order to feel "good" about investing in Bitcoin etc., but it's really not true. Bitcoin is perfectly legal in the USA and almost every country in the world. The government isn't trying to kill it. They actually don't care one way or another, except when consumers start getting ripped off from scams.

Abiky

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Quote from: legiteum on May 17, 2024, 09:58:31 PM

Both the chairman of the Fed and the chairman of the SEC were appointed by... President Biden.

Gary Gensler's SEC approved the ETF. He is not anti-Bitcoin. He recently pointed the very true fact that most holders of Bitcoin do so through a financial institution. His interest in making Bitcoin safe to trade for consumers which will ultimately raise the price of Bitcoin because it will reduce the risk of holding it.

Elizabeth Warren proposed taxes on the power taken up by mining. That is a politician looking for a way to raise taxes (from rich people no less), not somebody who is out to get Bitcoin.

Bitcoin went up 500% under president Biden.

Only a fool would vote to radically change the situation under which that happened. Bitcoin holders are going to cut through the politics and go with the safe bet, which is staying the course.

Gary Gensler had no choice but to approve the spot ETFs. He was "cornered" in a wall after Grayscale's victory in court. After the SEC approved Bitcoin spot ETFs, Gary quickly went to advise investors about the risks of investing in such an asset. I'd say he's more skeptical of Bitcoin (and crypto as a whole) than anything else. And Elizabeth Warren has always been a staunch critic of crypto. Everybody knows that. Didn't she imply that bad actors where using the tech to avoid sanctions? She even drafted a bill meant to increase oversight on crypto assets. Talk about a Democrat.

Republicans are much softer towards crypto. You didn't see increased regulatory action against the crypto industry during the past administration (under Trump's leadership). Crypto supporters know who'll they be voting for (either RFK Jr. or Trump). We'll see what will happen after Election Day. Cheesy

Haunebu

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So many gullible members in this thread. That fat idiot must be laughing his ass off thinking how he successfully manipulated so many fools into thinking that he actually gives a damn about the crypto community.

Grow up people! Almost all politicians don't support crypto and the rare few that do support BTC etc have a tough time. Think!

DanWalker

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Quote from: DooMAD on May 16, 2024, 02:35:41 PM

Quote from: Abiky on May 16, 2024, 09:56:50 AM

So Trump finally came down to his senses. Good, because we need as much crypto-friendly politicians in the US as possible. With how fierce the Biden administration has been against the crypto/Blockchain industry, it's likely crypto enthusiasts/supporters will vote for Trump.

If there's any sense in the world, Trump will be in jail. I get that this is a Bitcoin forum, but don't let your passion for BTC blind you to the reality that the man is a criminal and should absolutely be incarcerated.

I agree with you that Trump does not love bitcoin, his declaration of support for bitcoin or cryptocurrency is just one of his tricks to win people's hearts and the main purpose is still to get people's votes. But look at what's going on, we only have two options: Biden and Trump. As we have seen, the Biden administration is introducing many policies that are not beneficial to bitcoin and cryptocurrency, they are not very friendly to bitcoin. Meanwhile, Trump is a businessman and if he truly supports and has a more friendly view of bitcoin, if he is elected president, it will clearly benefit bitcoin and cryptocurrency.

We are facing the choice of Biden and Trump, we have no other choice. I know that no politician can be trusted, but we should at least choose someone who benefits us rather than someone who is trying to oppose and prevent the development of bitcoin.

legiteum

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Quote from: Abiky on May 17, 2024, 09:15:22 PM

Quote from: legiteum on May 16, 2024, 12:28:28 PM

What are you talking about? Bitcoin went up 500% under president Biden.

Was it because of Biden, or because of the FED's policies and the SEC's approval of spot ETFs? These last two don't have anything to do with President Biden (if I'm not wrong).

Both the chairman of the Fed and the chairman of the SEC were appointed by... President Biden.

Gary Gensler's SEC approved the ETF. He is not anti-Bitcoin. He recently pointed the very true fact that most holders of Bitcoin do so through a financial institution. His interest in making Bitcoin safe to trade for consumers which will ultimately raise the price of Bitcoin because it will reduce the risk of holding it.

Elizabeth Warren proposed taxes on the power taken up by mining. That is a politician looking for a way to raise taxes (from rich people no less), not somebody who is out to get Bitcoin.

Bitcoin went up 500% under president Biden.

Only a fool would vote to radically change the situation under which that happened. Bitcoin holders are going to cut through the politics and go with the safe bet, which is staying the course.

Abiky

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Quote from: legiteum on May 16, 2024, 12:28:28 PM

What are you talking about? Bitcoin went up 500% under president Biden.

Was it because of Biden, or because of the FED's policies and the SEC's approval of spot ETFs? These last two don't have anything to do with President Biden (if I'm not wrong). BTC went to the moon in 2017, and Trump was the sitting president. By that time, former SEC chairman Jay Clayton was in-charge. And he had a much friendlier stance towards crypto/Blockchain tech than current chairman Gary Gensler. Even Elizabeth Warren (a Democrat) is a staunch critic of Bitcoin.

You can see Democrats are more against Bitcoin than Republicans. Under President Biden, regulations towards the crypto industry have become stricter than ever before. Gary Gensler was nominated by Biden himself. And under his command, the SEC has been aggressive against crypto by targeting several crypto exchanges. Even such that some exchanges have closed their doors to US citizens (like Bittrex and Binance). With these facts, I think crypto supporters will feel more inclined to vote for Trump. RFK Jr. is also an alternative, but his chances of winning the election are slim. Only time will tell us the fate of the crypto industry in the USA. Cheesy

nutildah

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Quote from: legiteum on May 16, 2024, 12:28:28 PM

What are you talking about? Bitcoin went up 500% under president Biden.

Over the past 50 years, the (American) economy has tended to fare better under Democratic presidential leadership. That's just the way it is, no matter which candidate says what, I don't make the rules.

One thing to remember is that bitcoin has only ever existed during a bull market. We could have gone into a mean recession during the covid meltdown of March 2020, but the Federal Reserve just printed money like there was no tomorrow, so a larger recession was avoided.

How bitcoin fares during a bear market remains to be seen.

Quote from: legiteum on May 16, 2024, 12:28:28 PM

The safe bet here is to stick with Biden and the Democrats.

For bitcoiners, potentially yes. For everyone else, I dunno. I gotta say, as Real 'Merican, its embarrassing that these two old fogies are the best we have to offer for the most powerful position on earth.

Wind_FURY

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Quote from: DooMAD on May 16, 2024, 02:35:41 PM

Quote from: Abiky on May 16, 2024, 09:56:50 AM

So Trump finally came down to his senses. Good, because we need as much crypto-friendly politicians in the US as possible. With how fierce the Biden administration has been against the crypto/Blockchain industry, it's likely crypto enthusiasts/supporters will vote for Trump.

If there's any sense in the world, Trump will be in jail. I get that this is a Bitcoin forum, but don't let your passion for BTC blind you to the reality that the man is a criminal and should absolutely be incarcerated.

But other people should also not lose the actual context of the message. It doesn't matter if Trump wins, loses, will go in jail, or not. Who cares. Joe Biden could say he's anti-Bitcoin and it would be within context to say that Bitcoin is legitimately in its defining moment. It's not about Trump, it's about Bitcoin. Orange Coin doesn't need Orange Man, but Orange Man NEEDS Orange Coin.

Crypt0Gore

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I have no problem with Biden if not for his strictness with crypto adopters in the United States

I am into mining myself and I know how important is every tinny hashrate you can add up, Biden forcing Bitcoin miners to pay up to 30% tax is not a good calling IMO, I care about Bitcoin miners and this man is trying to make things harder for them.

Upon the profit ratio of mining Bitcoin today, it is almost so unprofitable to mine even with cheap electricity.

Also Biden doesn't seem to have a good mind for crypto, they want to kill it, imagine saying that Bitcoin mining is a threat to the national security of the country? I believe he doesn't know what Bitcoin is, he just wanted it gone, the same agenda that Warren wanted.

I know that Trump is not so pure, but every politicians are dirty, even in my own country, the president right now was once a drug lord and he was never trial or anything, no one is clean to be honest.

legiteum

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Quote from: cryptosize on May 16, 2024, 09:03:26 PM

Quote from: legiteum on May 16, 2024, 12:28:28 PM

Quote from: Abiky on May 16, 2024, 09:56:50 AM

With how fierce the Biden administration has been against the crypto/Blockchain industry, [...]

What are you talking about? Bitcoin went up 500% under president Biden.

Trump promises radical change to our country and to our economy. His plan to deport 5% of the residents of the USA alone will wreak havoc on our economy. Bitcoin can be used to pay for illegal abortions, so his administration will probably want to shut it down the minute the election is over.

The safe bet here is to stick with Biden and the Democrats.

I understand you suffer from huge Orange Man phobia, but why the hell would someone spend their precious Bitcoin to fund illegal abortions? Huh

Why not use cash or XMR?

I've heard tons of stupid arguments from no-coiners, but this probably tops it all!

"No-coiners"? Is that yet another slur you use for somebody who doesn't want Trump for president? And here I thought I heard them all. What does it even mean?

To answer your question, stopping the millions of abortions that occur in the USA every year is going to require a new kind of police state that will dwarf that of the old "war on drugs". They are already talking about stopping people at state borders in order to make sure people aren't trying to get an abortion on the other side of the border.

So anything that the Republicans think people might use to get abortions will be banned. This will certainly include cryptocurrencies.

cryptosize

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Quote from: legiteum on May 16, 2024, 12:28:28 PM

Quote from: Abiky on May 16, 2024, 09:56:50 AM

With how fierce the Biden administration has been against the crypto/Blockchain industry, [...]

What are you talking about? Bitcoin went up 500% under president Biden.

Trump promises radical change to our country and to our economy. His plan to deport 5% of the residents of the USA alone will wreak havoc on our economy. Bitcoin can be used to pay for illegal abortions, so his administration will probably want to shut it down the minute the election is over.

The safe bet here is to stick with Biden and the Democrats.

I understand you suffer from huge Orange Man phobia, but why the hell would someone spend their precious Bitcoin to fund illegal abortions? Huh

Why not use cash or XMR?

I've heard tons of stupid arguments from no-coiners, but this probably tops it all!

DooMAD

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Leave no FUD unchallenged

Quote from: Abiky on May 16, 2024, 09:56:50 AM

So Trump finally came down to his senses. Good, because we need as much crypto-friendly politicians in the US as possible. With how fierce the Biden administration has been against the crypto/Blockchain industry, it's likely crypto enthusiasts/supporters will vote for Trump.

If there's any sense in the world, Trump will be in jail. I get that this is a Bitcoin forum, but don't let your passion for BTC blind you to the reality that the man is a criminal and should absolutely be incarcerated.

legiteum

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Quote from: Abiky on May 16, 2024, 09:56:50 AM

With how fierce the Biden administration has been against the crypto/Blockchain industry, [...]

What are you talking about? Bitcoin went up 500% under president Biden.

Trump promises radical change to our country and to our economy. His plan to deport 5% of the residents of the USA alone will wreak havoc on our economy. Bitcoin can be used to pay for illegal abortions, so his administration will probably want to shut it down the minute the election is over.

The safe bet here is to stick with Biden and the Democrats.

Topic: Donald Trump's stance on Bitcoin is changing - page 14. (Read 4907 times)