Everything you wanted to know about Bitcoin Strategic Reserve. - page 6.

Sim_card

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Quote

Texas Senator Charles Schwertner files bill to create a Strategic #Bitcoin Reserve in Texas.

Bitcoin is winning... I believe all the states in the US will all have their Bitcoin reserve because Oklahoma State Rep Cody Maynard introduced a bill to create state bitcoin reserve and few hours later, the Senator of Texas Charles Schwertner has filed a bill to create a Bitcoin Strategy Reserve. I am waiting to see which state will be next. Government in the beginning criticized bitcoin as a scam but currently, bitcoin have proven them wrong and they are seeing bitcoin as the future because they don't want to miss out but join the moving train. If you don't have any bitcoin start buying now and don't regret it in future.

fillippone

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Quote from: Frankolala on January 14, 2025, 09:34:57 AM

Various states in US are buying bitcoin as their reserve and what surprised me most today when I found this information that Italy largest bank Intesa Sanpaulo has bought bitcoin worth €1m. I believe this bank is also using bitcoin as strategic reserve to save their fiat funds from depreciation. If governments, banks and big tech firms are using bitcoin as reserve, it means that we should also have our own little bitcoin reserve for the future.

This news has been widely debated over the Italian media, and I guess your read is not correct.
They tested a Bitcoin purchase to test their system as more and more clients are asking them for exposure to this asset class.
No strategic reserve is involved for the moment. Also, with 1 million is very difficult to preserve a banking capital.

PremiumcryptoHub

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Quote from: 2Pizza410000BTC on January 15, 2025, 08:18:07 AM

With the popularity of Bitcoin, almost all countries are now considering keeping their reserves in Bitcoin. There was a time when banks and governments of various countries considered Bitcoin as a very risky asset, but now all those countries are accepting Bitcoin as their reserves. The Malaysian government has directly said that they should not hesitate to buy Bitcoin.

With the rise in popularity of Bitcoin, most countries are now considering holding Bitcoin reserves. We have seen this year that various countries and companies are considering Bitcoin reserves which is definitely an important step for them. When different countries and banks in different countries considered Bitcoin as a risky asset they were completely wrong. Now they have started to understand about the success of Bitcoin investment for which they have now taken important steps i.e they are now starting to properly understand the potential of Bitcoin.

Now the US state of Oklahoma is also considering a Bitcoin reserve.

avp2306

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Quote from: G_Besar on January 14, 2025, 08:09:01 AM

Quote from: skarais on January 12, 2025, 05:22:35 PM

Quote from: fillippone on January 12, 2025, 06:34:33 AM

~~~

It seems to me that the high risk of coin theft when many countries store their bitcoin self custody is one of the reasons why many countries do not store bitcoin. The more countries that do this, the greater the chance that one of them will experience hacking and theft, this is a reasonable concern, especially for third world countries and even developing countries.

I'm not sure how many countries have stored bitcoin self custody so far, it blinds me as to whether there have been any hacking cases.

Hacking cases are still possible at this time especially for Bitcoin storage like that, but lately I have also not found any cases of hacking against one or more countries that already have Bitcoin at this time. Although it is possible that countries that have started to be interested in Bitcoin are still afraid to store Bitcoin because there have been victims of hacking in the last few years. Because hackers also apply new methods along with current technological developments, so things that are feared like that are still possible to happen, although this sometimes also depends on the level of negligence of the state in keeping wallet keys and not giving them carelessly to several people, even though the person is someone who works for the state.

I guess they just know how to secure their wallet and everything should be fine at their ends. Remember that its not easy to hack Bitcoin and those cases usually happen if the person handle the wallet is lazy or not paying attention to much on how they secure their wallets. But since they are big institution so for sure that they know how to secure their wallet and also for sure they have experts that will work on their side so that everything not only safe but also they are doing good on each decision they made on their investment plan on Bitcoin.

Good to see that more country are announcing that they are considering to have Bitcoin reserve and I guess other country would is just waiting for US to make everything official then other more country will also do the same.

2Pizza410000BTC

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Quote

BREAKING: Malaysia’s PM says our central bank and treasury should study Bitcoin and crypto so we aren't left behind.

Source: https://x.com/BitcoinMagazine/status/1879480966315647295?t=8LjXXRbDHgHUX8SW0yNptA&s=19

With the popularity of Bitcoin, almost all countries are now considering keeping their reserves in Bitcoin. There was a time when banks and governments of various countries considered Bitcoin as a very risky asset, but now all those countries are accepting Bitcoin as their reserves. The Malaysian government has directly said that they should not hesitate to buy Bitcoin.

Just Say

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Quote from: Frankolala on January 14, 2025, 09:34:57 AM

Various states in US are buying bitcoin as their reserve and what surprised me most today when I found this information that Italy largest bank Intesa Sanpaulo has bought bitcoin worth €1m. I believe this bank is also using bitcoin as strategic reserve to save their fiat funds from depreciation. If governments, banks and big tech firms are using bitcoin as reserve, it means that we should also have our own little bitcoin reserve for the future.

Yes, just as several states in the United States have buying Bitcoin as their reserves, another state in the United States has begun accepting Bitcoin as a reserve. And that state is Florida. Now Florida has also chosen Bitcoin as its reserve. Also another surprising thing is that a bank in Italy bought Bitcoin, maybe they are the first bank to buy Bitcoin in their country. This Italian bank bought a total of 11 bitcoins. The popularity of Bitcoin is increasing day by day and also many people are accepting Bitcoin as a reserve.

Quote

Political Strategist Samuel Armes reports that Florida will established a Strategic Bitcoin Reserve

https://x.com/BitcoinNewsCom/status/1879265780216496205?t=tAWho-93bedWBgiHTsbaLQ&s=19

Frankolala

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Various states in US are buying bitcoin as their reserve and what surprised me most today when I found this information that Italy largest bank Intesa Sanpaulo has bought bitcoin worth €1m. I believe this bank is also using bitcoin as strategic reserve to save their fiat funds from depreciation. If governments, banks and big tech firms are using bitcoin as reserve, it means that we should also have our own little bitcoin reserve for the future.

G_Besar

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Quote from: skarais on January 12, 2025, 05:22:35 PM

Quote from: fillippone on January 12, 2025, 06:34:33 AM

~~~

It seems to me that the high risk of coin theft when many countries store their bitcoin self custody is one of the reasons why many countries do not store bitcoin. The more countries that do this, the greater the chance that one of them will experience hacking and theft, this is a reasonable concern, especially for third world countries and even developing countries.

I'm not sure how many countries have stored bitcoin self custody so far, it blinds me as to whether there have been any hacking cases.

Hacking cases are still possible at this time especially for Bitcoin storage like that, but lately I have also not found any cases of hacking against one or more countries that already have Bitcoin at this time. Although it is possible that countries that have started to be interested in Bitcoin are still afraid to store Bitcoin because there have been victims of hacking in the last few years. Because hackers also apply new methods along with current technological developments, so things that are feared like that are still possible to happen, although this sometimes also depends on the level of negligence of the state in keeping wallet keys and not giving them carelessly to several people, even though the person is someone who works for the state.

Wind_FURY

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A quote from OP,

Quote

Strategic Partnership with US Miners: this would be an ingenuous way of doing so. The Government could buy the Bitcoins mined in the US at an average price. This would benefit the miners with a stable price and the Government limiting the market impact. The Government could also collect taxes from mining firms directly in BTC and offer these subjects grants to tilt their electricity balance toward carbon neutrality via renewable energy sources or even facilitate ERCOT-style agreements with local grids. This perfectly aligns with Donald Trump's visions on the industry

I believe THAT bolded part of the post makes sense, because Trump could also make a MAGA campaign out of Bitcoin Strategic Reserve program by buying ONLY Bitcoin mined in the USA. PLUS what the post also mentioned - "Mined by Renewable Energy", which could also be used for Trump's MAGA campaign.

Although I don't like the man, that actually looks like it's going to be a smart move. It's good for the US miners, the energy providers, and for the politicians involved in this program.

¯\_(ツ)_/¯

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Quote from: fillippone on January 12, 2025, 06:34:33 AM

I guess in the US the use of Coinbase is very prominent, and it offers a decent level of security for the organisation are not able to do self-custody.
Of course in case some of the state would embark in self custody the chance would skyrocket to very high!

There's not much online about how exchanges really do it. I guess they're keeping it a secret so they're not giving attackers any ideas. I found this something, but I can't tell how reliable it is.
From my perspective, creating a secure offline private key is very easy. But I have no idea how to do this in such a way that you don't have to trust anyone (including yourself), and you're still able to recover the keys even if anyone involved in the creation is long gone, while also making sure none of the involved people can access the keys.

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Quote from: fillippone on January 12, 2025, 02:05:33 PM

Quote from: franky1 on January 12, 2025, 01:23:51 PM

NEVER?
trumps promise?

Don’t get me started on politician promises.
I know the aren’t to be trusted, and also I know bitcoin doesn’t need heroes.
The only thing I was trying to convey is that Trump dismissing his own promises is not the central scenario this time.
Like I haven’t been surprised (on the downside) many times.

It’s wrong to keep trusting in Trump's words when the pattern is so clear.
Although he kept his promises about Bitcoin early on. He followed through with what he said at first but let us be real. I believe that was just a move to get people's attention to prove he is reliable.
If you still, ask me if Trump is so true on what he feels about Bitcoin is real. I cannot be completely so sure about it.

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Quote from: fillippone on January 12, 2025, 06:34:33 AM

Quote from: LoyceV on January 12, 2025, 05:24:25 AM

~~~

I hope it’s very low.
I guess in the US the use of Coinbase is very prominent, and it offers a decent level of security for the organisation are not able to do self-custody.
Of course in case some of the state would embark in self custody the chance would skyrocket to very high!

It seems to me that the high risk of coin theft when many countries store their bitcoin self custody is one of the reasons why many countries do not store bitcoin. The more countries that do this, the greater the chance that one of them will experience hacking and theft, this is a reasonable concern, especially for third world countries and even developing countries.

I'm not sure how many countries have stored bitcoin self custody so far, it blinds me as to whether there have been any hacking cases.

fillippone

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Quote from: franky1 on January 12, 2025, 02:20:33 PM

doesnt need heroes?

It does not.
It’s easy to put some hero on the throne, and it’s certain that sooner or later that hero will fall from the throne.
There is a reason why the only hero in the Bitcoin world disappeared: luckily, I must say, the Bitcoin ecosystem is prone to kill its idols.
This is a good thing: Bitcoin must be free and not personalised.

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Quote from: fillippone on January 12, 2025, 02:05:33 PM

Quote from: franky1 on January 12, 2025, 01:23:51 PM

NEVER?
trumps promise?

Don’t get me started on politician promises.
I know the aren’t to be trusted, and also I know bitcoin doesn’t need heroes.
The only thing I was trying to convey is that Trump dismissing his own promises is not the central scenario this time.
Like I haven’t been surprised (on the downside) many times.

doesnt need heroes?
how come many people are faming up trump as the bitcoin reserve hero
even though many central banks across the planet, including the US have been discussing regulation and oversight of such for a few years (within the BIS organisation) pre-trump

..
anyways the ETF's didnt break bitcoins economic logic, nor the cycles pattern.. so lets not make bitcoin reserves into some market hero/villain.. most of those institutional deals wont even be done directly on CEX public markets

fillippone

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Quote from: franky1 on January 12, 2025, 01:23:51 PM

NEVER?
trumps promise?

Don’t get me started on politician promises.
I know the aren’t to be trusted, and also I know bitcoin doesn’t need heroes.
The only thing I was trying to convey is that Trump dismissing his own promises is not the central scenario this time.
Like I haven’t been surprised (on the downside) many times.

franky1

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Quote from: fillippone on January 10, 2025, 03:49:08 PM

Quote from: dezoel on January 10, 2025, 01:19:00 PM

CBDC is definitely the way they are planning to go with, and having CBDC backed by the bitcoin holding they have, could cause them to have their cake and eat it too. Th

Trump said many times that the US will never have a CBDC.
Of course, it's only a politician's promise, but it's an easy one to maintain.
In case he set up a CBDC or hints so, there will probably be an unwind on more difficult ones, like the institution of a BSR.

NEVER?
trumps promise?
...... and what about after 2028
politicians promises come with a time limit, all they can do is delay things until they are no longer in power to be blamed

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Quote from: fillippone on January 12, 2025, 05:17:23 AM

I am not sure of the freedom of each State to create its own Bitcoin Reserve.
It would be nice to see the 50 States voting on similar bills, just trying to front-run the Federal Bitcoin Strategic Reserve.
I guess, ultimately, a sort of coordination might be necessary.

Since some lawmakers of various State Houses of Representatives are proposing the establishment of a strategic Bitcoin reserve, it could be that it is the state legislative house has the power to make such laws. Just like there are different state laws on marijuana, abortion, etc., some Legislative House might vote against having a Bitcoin reserve. The possibility of all the states forming a single front on this issue might not be visible since they might not have similar laws.

fillippone

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Quote from: LoyceV on January 12, 2025, 05:24:25 AM

Quote from: fillippone on January 12, 2025, 05:17:23 AM

It would be nice to see the 50 States voting on similar bills, just trying to front-run the Federal Bitcoin Strategic Reserve.

If that many States create a Bitcoin storage, what are the odds that one of them is going to get their coins stolen?

I hope it’s very low.
I guess in the US the use of Coinbase is very prominent, and it offers a decent level of security for the organisation are not able to do self-custody.
Of course in case some of the state would embark in self custody the chance would skyrocket to very high!

LoyceV

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Quote from: fillippone on January 12, 2025, 05:17:23 AM

It would be nice to see the 50 States voting on similar bills, just trying to front-run the Federal Bitcoin Strategic Reserve.

If that many States create a Bitcoin storage, what are the odds that one of them is going to get their coins stolen?

fillippone

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I am not sure of the freedom of each State to create its own Bitcoin Reserve.
It would be nice to see the 50 States voting on similar bills, just trying to front-run the Federal Bitcoin Strategic Reserve.
I guess, ultimately, a sort of coordination might be necessary.

Topic: Everything you wanted to know about Bitcoin Strategic Reserve. - page 6. (Read 3516 times)