Topic: Everything you wanted to know about Bitcoin Strategic Reserve. - page 8. (Read 3516 times)

That's actually a good question. Probably they buy every day, just like El Salvador. The difference is in the size, though. El Salvador buys around 1 BTC per day. If the Bitcoin act passes, they will be buying more than 500 BTC per day. That could easily cause a supply shock at some point.

In the world we live in, a couple of families own around half of the world's wealth. It's not a Nirvana world, unfortunately, but this is what we have.

This isn't something I worry about. It's not as if we can do anything about it, and "the Bitcoin market" is as free as it gets.

One question: How? Miners can't access lost coins without finding the private key or changing the protocol, and none of that is going to happen.

Probably most crucial to all this is how the government will even acquire all those bitcoins in the first place.

Since Silk Road bitcoin is going there, that means about 800k bitcoins need to be acquired in some way.

But I'm not comfortable with one entity owning 5% of the entire supply, especially when you consider that Satoshi has over 5% and Coinbase alone has another 5%.

There is also the case of lost bitcoins. Not provably-lost coins, but the non-provably-lost type. It is my belief that these coins will eventually be found and make their way to miners, and quite possibly offset the cost of selling coins to the feds.

Bitcoin is a peace instrumentm: in a FIAT world, if you want to go to war, just print a hoard of currency, and buy weapons.
In an hard currency world (Bitcoin) you cannot do that, hence you are forced to choose your battles very wisely, as you have to sign a loan to buy more weapons, and the war must be won, to repay it.
Fiat are backed by armies.
Peace is backed by Bitcoin.

That's a funny statement coming from the fiat-guys. Fiat is only backed by other fiat. Or one could argue it's backed by an army, which makes Bitcoin backed by armies too once governments add it to their Strategic Reserves. Fun times

People have all kinds of foolish expectations, but the market is more complicated than it looks like. When all the stocks are on fire, it's reasonable for bitcoin to lose some percentage as well, because it's plausible that some people liquidate their holdings at that time.

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Powell stated that they "are not allowed" to own any bitcoin. To me, this marks a significant shift in perspective. We've moved from the critique that bitcoin is "backed by nothing other than thin air" to the acknowledgment that "this is not the appropriate department to hold it". It's bullish, but I remain skeptical until I see it put into practice, and so should everyone in this thread. You're relying on politicians to do their job right. Hasn't worked well as far as history is concerned.

Secretaries? I'd expect them to have a newphew that fixes their computer. How hard could it be to ask that nephew to set up a little wallet for storing a million Bitcoin? Just create a private key out of the nuclear launch codes or something Just don't use 00000000 again

1 as well is not surprise. In Every SBR discussion it never was the FED designed to hodl the coins. It either was the Treasury or a newly designed Entity (presumedly non the crypto Kratz, btw).

A lots of details, but no need to change any current scheme or law.

Exactly and I said it in another thread. Powell did not say anything new, strange, or unexpected. He said the truth, that the FED is not trying to set up a crypto reserve at the moment. Why would they? Trump has no power yet and it's his idea. Holding bitcoin should be done by a branch created specifically for that. You don't want to give a bunch of random bankers with traditional background some private keys and hope they'll keep them secure. Most of these grandpas have secretaries that do computer stuff for them. You need to hire crypto experts to set up a cold storage for you, pretty much like EL Salvador has done.

Wow a well written and documented thread, Mr. Filippone are you sure you’re not a professor or a Doctor(Ph.D).

I jus wanna add that the state of Ohio has also introduced a pioneering bill to establish a Bitcoin reserve, spearheaded by State Representative Wes Goodman, potentially positioning the state as the first in the US to hold BTC as a reserve asset.



Powell jus made a lot of people loose their money And even on Wednesday the 18th, President Trump in his speech in the Washington Crypto Policy Summit restated that the US Government is still pro crypto reassuring the crypto enthusiasts that the US intends to keep “our business in the United States, rather than China or some other place” regarding bitcoin.

So hopefully things will change as Trump and his organisations has declared.

I do believe that there is a minimum amount of money that is required to be happy. Sure "money doesn't bring happiness" is true in some senses, like for example while it can purchase great healthcare, like you can get the best doctors and hospitals and medicine and what not, it still doesn't guarantee health for too long, there are plenty of rich people who suffered disease or even death at young age even though they were rich.

However, if you can't pay your rent, do not have money for any good food, or can't buy stuff that you need, that's not going to be good neither, so while you do not need a billion dollars to be happy, you also can't survive on 500 bucks a month neither. As long as you have a minimum amount that covers your survival, rest is all up to you.

If this drops the price of Bitcoin, that means people were expecting something else from the FED. Like.... seriously? Of course the FED doesn't like anything else than the money they themselves print out of thin air.
I'd say it's a good thing if the Bitcoin Federal Reserve is not going to be held by the FED. Create a new agency for this, one that is actually government owned.

From your link:
I'd say 1. and 2. are only good news for Bitcoin, and 3. is no surprise.

It reminds me of this famous quote:

Powell says Fed cannot hold bitcoin, not seeking to change that


Most likely this is the news that bring the price down.

But let's see how Trump will response to this, or if he can vetoed it to make it a law (not sure about this, I'm not a US citizen).

We all know that this is going to be the race in the future, with Russia and China amongst those who wanted to stockpile Bitcoin as reserved.

If you have read how the statement that the IMF gave to El-Salvador, they strongly said that if El-Salvador wants to get a loan from them then Nayib Bukele must limit the use of bitcoin in his country as one of the conditions to borrow money from them.

This may be a special concern again regarding the policy of what Trump proposes about Bitcoin as a US strategic reserve asset.

Okay, what possibilities will be conveyed when this policy is deliberately not agreed upon “I have proposed Bitcoin but the results of congress are deliberately manipulated (instead of fulfilling his promises)” the rest of the time he is hands off with what he has said during his campaign.

At this point, the Government has no choice than to do the needful, Bitcoin as an asset class would ensure that cause many governments are beginning to see the potential of Bitcoin when it comes to nation building, they've seen how well it could help improve their economy if only they can buy and reserve for the future therefore, that's why several government are beginning to copy what El-Salvador did with the coin and directly or indirectly they'll be forced to give in to financial freedom in the near future, embracing Bitcoin alone would ensure that. The Banking system is failing and several governments would turn to their Bitcoin reserve to back up their fiat and also as a hedge to inflation and i believe that with time, Bitcoin would be widely used for carrying out transactions around the globe when all the major economys jump in. Their are more better days ahead it's just a matter of time.

https://www.cryptotimes.io/2024/12/17/eu-mp-sarah-knafo-warns-of-digital-euro-promotes-bitcoin/

Another been outspoken about the dangers of totalitarianism and limitations(against Inflation) of the CBDC

That's the thing with unions like this
I bet before they come to a mutual agreement many countries might have gone against the indecisiveness of the union or they would all be left behind.
Government doesn't go hand to hand with giving freedom
So won't be surprised if they take their time.

In addition to these two countries, a France member of the European Union proposed to follow the same principle as El Salvador, and build a bitcoin strategic reserve: https://x.com/saylor/status/1869014535698563573.

This is precisely what I meant by "encouraging everyone to follow". Judging by the economic incompetence of the members in the EU, I would expect them to be the last who adopt the proposal, but there's clearly a tendency towards that direction. More members are starting to wake up from the totalitarian central bank system we've had so far, because now they recognize there is an alternative.

What i think is that Trump is a powerful personnel who has a vision to make America great again, he wants them to remain at the top and he's bent on achieving that, Bitcoin as an asset class has a good store of value and can also be used as a hedge for inflation it's a good thing many governments that críticísed are beginning to see it's potential of nation building when it comes to strengthening the economy and of course owning the largest Bitcoin reserve would ensure that America remains at the top in future.

 The citizens of Trumps nation should be happy that they've got a president that believes in Bitcoin and it's potential, Bitcoin is a good way to secure a better future when it comes to finance and trump being a Bitcoin lover would ensure that certain regulations against Bitcoin by the previous regime would be kicked and majority won't miss out of accumulating it and enjoy it's future benefits.

with this statement of his, I see a courageous man that have decided to make a huge good difference in Bitcoin investment  for Americans and Bitcoin enthusiasts in general, though those are just words but bold step at sight and very encouraging, I think for me trump stands for a no nonsense in terms of success pursuit, people may see those statement as nothing but coming from the world poweful president elect, it's a good win for Bitcoin and at this point anyome still being skeptical about Bitcoin investment is not doing him or herself good.

Trump doesn't want to joke with Bitcoin investment because he understands the importance of a nation identifying and having Bitcoin reserves for a long-term, he has proven that he is economically sound to have seen Bitcoin future potentials and wanting to embrace it in full, what grows a nation economy is by making good financial policies that has the ability to trigger a country economy in the future, for me I think Trumps statement show that he has idenfy what Bitcoin is capable doing if they consider having it as a reserve, he understands what it meant to have a long-term asset that is profitable in the future, he wants America to have Bitcoin reserves in quantum which is good for America and the entire Bitcoin community worldwide.

Those people still procrastinating to invest should start now before the will regret their actions in the future, Bitcoin is an investment of the future and anyone that want to come into Bitcoin investment should abide by those concept and apply them in other to scale through, Bitcoin has come to stay and I think the best thing anyone can be doing now is to keep acumulating and holding for a long-term benefit.

It's clear that they don't really want bitcoin for what it is but only wants to use it as much as they can, infact price manipulation will become an obvious effect of making bitcoin a strategic reserve. The volatility of bitcoin wouldn't be normal anymore, it's always going to be in favour of one government or another leaving individual holders in an uncertainty. It's still not bad they big countries are proposing BSR but my big question always remains are we safe?

I felt weird around this forum when I was saying things like this because everyone seems to have a very different perspective of governments especially the US government proposing BSR and I believe that your opinion will be their biggest play because obviously there no other strategy other there that can beat becoming the top holders.