How will other nations respond to US Bitcoin reserve proposal? - page 2.

fikrett

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Quote from: pakhitheboss on December 12, 2024, 05:22:03 AM

Quote from: NotATether on December 12, 2024, 02:44:26 AM

China looks like the only one stubbornly dragging its feet on this.

China is not being stubborn; rather, it is strategic in its approach to cryptocurrencies. The government does not want Bitcoin or altcoins to operate within the mainland. Instead, they aim to position Hong Kong as a major hub for cryptocurrencies, allowing these assets to thrive outside of the mainland. The Chinese government is also heavily investing in its Central Bank Digital Currency (CBDC), aiming for it to become the dominant currency, rather than allowing cryptocurrencies to take hold in the mainland.

Their ambition is to strengthen the Yuan so that it becomes more powerful than the USD, and they are gradually achieving this through initiatives aimed at de-dollarization. At the same time, they are embracing Bitcoin adoption by using Hong Kong as a base for various developments. They have now granted licenses to all banks to facilitate cryptocurrency and Bitcoin trading. In essence, they have already begun to reserve Bitcoin through the Hong Kong banking system, while the US continues to deliberate on the matter.

This.
Agreed with your take - they try to make their own way out and use CBDC for that matter.
Because of course they would - they want to be an example to follow themselves.

pakhitheboss

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Quote from: NotATether on December 12, 2024, 02:44:26 AM

China looks like the only one stubbornly dragging its feet on this.

China is not being stubborn; rather, it is strategic in its approach to cryptocurrencies. The government does not want Bitcoin or altcoins to operate within the mainland. Instead, they aim to position Hong Kong as a major hub for cryptocurrencies, allowing these assets to thrive outside of the mainland. The Chinese government is also heavily investing in its Central Bank Digital Currency (CBDC), aiming for it to become the dominant currency, rather than allowing cryptocurrencies to take hold in the mainland.

Their ambition is to strengthen the Yuan so that it becomes more powerful than the USD, and they are gradually achieving this through initiatives aimed at de-dollarization. At the same time, they are embracing Bitcoin adoption by using Hong Kong as a base for various developments. They have now granted licenses to all banks to facilitate cryptocurrency and Bitcoin trading. In essence, they have already begun to reserve Bitcoin through the Hong Kong banking system, while the US continues to deliberate on the matter.

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Quote from: Rruchi man on December 12, 2024, 04:28:00 AM

Quote from: Odohu on December 12, 2024, 01:04:45 AM

~

The influence of the United States on other countries is real. Many countries are also not very innovative in their approach to the challenges that they have and will usually prefer to copy the solutions or methods used in tackling these problems that countries like the United States and other big world players use. Countries that depend on the United States for ideas and approaches to challenges will certainly be copying the move by the United States.

Some will try to do their own thing, others - will just copy what already works.
That's in our nature: not only with crypto and adoption but with the adoption of everything else.
Hopefully, it will be done mostly successfully.

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Quote from: $weetne$$ on December 12, 2024, 04:58:46 AM

I do not like this idea of the government having a say on how the price of Bitcoin is going to be moving because I think when the US government begins to buy and other governments follows which is what is going to happen, they will begin to want to control the market and since they can not control the supply and demand directly, they will want to use news and policy to continue the market. The government getting involved very actively in Bitcoin is not going to be good for the market and that is why I wished the government let go and focus on other aspects to let the market grow genuinely without any input from them. The proposal is a good one but we should not only look at the advantage but also the disadvantages so we do not lose the independence that we have with investing in Bitcoin.

I want to tell you: we can only discuss and see how things go, we have no right or way to stop if the government wants to do that with bitcoin. So let's not discuss and worry about what we cannot change, instead, let's adapt to that change.

I believe everyone knows the disadvantages that governments can cause to bitcoin but most understand that there is no way to stop governments from doing so. That is why you will not see anyone talking about the disadvantages but only focusing on the advantages it can bring.

Similar to you, do you have any suggestions to stop the government from intervening and buying bitcoin? So let's look on the bright side and make the most of what we can to get the benefit.

EarnOnVictor

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Quote from: Odohu on December 12, 2024, 01:04:45 AM

I have been thinking about some of the things that happened this year as they relate to Bitcoin and what could possibly happen next year. One thing that that filled my imagination is the reaction of other countries should the US start accumulating Bitcoin based on the promises of President Donald Trump. If this happens, chances are high that nations will be dragging who will hold more because no one wants to be left behind. Imagine what this will do to the price of a Bitcoin.

People have been thinking and asking questions, I am certain that Trump did not think this through before he pronounced it. He was desperate to win an election and indeed the people believed him and the market reacted in that direction. This may not be true when the real implementation starts and a single discouragement from Trump will have an adverse effect on the market. It has always been!

But note that if the US can do this successfully, other nations will follow, however, I don't see how that will add to the USA or USD, if not subtracts. This means that Trump has "shot his country in the leg." Grin

$weetne$$

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Quote from: Odohu on December 12, 2024, 01:04:45 AM

I have been thinking about some of the things that happened this year as they relate to Bitcoin and what could possibly happen next year. One thing that that filled my imagination is the reaction of other countries should the US start accumulating Bitcoin based on the promises of President Donald Trump. If this happens, chances are high that nations will be dragging who will hold more because no one wants to be left behind. Imagine what this will do to the price of a Bitcoin.

I do not like this idea of the government having a say on how the price of Bitcoin is going to be moving because I think when the US government begins to buy and other governments follows which is what is going to happen, they will begin to want to control the market and since they can not control the supply and demand directly, they will want to use news and policy to continue the market. The government getting involved very actively in Bitcoin is not going to be good for the market and that is why I wished the government let go and focus on other aspects to let the market grow genuinely without any input from them. The proposal is a good one but we should not only look at the advantage but also the disadvantages so we do not lose the independence that we have with investing in Bitcoin.

Rruchi man

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Quote from: Odohu on December 12, 2024, 01:04:45 AM

~

The influence of the United States on other countries is real. Many countries are also not very innovative in their approach to the challenges that they have and will usually prefer to copy the solutions or methods used in tackling these problems that countries like the United States and other big world players use. Countries that depend on the United States for ideas and approaches to challenges will certainly be copying the move by the United States.

?

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Quote from: Helena Yu on December 12, 2024, 04:00:42 AM

Only ignorant people who think it will not affect other countries.

Anything that the US doing, other countries will follow. If the US officially accept Bitcoin as their reserve, the other country will do same. It will be the beginning to mass adoption, anyone especially government will hold Bitcoin as much as they can.

We might not see bear season once government hold the most.

We might see further down the line, but the bear will come anyway.
It may be halted, but it may never be stopped. Just like the bull.

Taskford

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Quote from: Odohu on December 12, 2024, 01:04:45 AM

I have been thinking about some of the things that happened this year as they relate to Bitcoin and what could possibly happen next year. One thing that that filled my imagination is the reaction of other countries should the US start accumulating Bitcoin based on the promises of President Donald Trump. If this happens, chances are high that nations will be dragging who will hold more because no one wants to be left behind. Imagine what this will do to the price of a Bitcoin.

Anyways, this is just my imagination

I think No, Bitcoin is somehow new to world leaders and also they might find it so risky due to its volatile nature plus this coin is commonly related to some illegal activities online which adds up the discouragement to adapt it legally.

But for sure that once they already see that more countries are becoming successful with their adaption or adding it to their reserve then there's huge chance that the number of countries will make this happen will grow.

So lets see on what US will do next year since for sure that their influence will gather a lot more attention also a deciding factor for some country to follow what they do.

fikrett

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Your imagination will become a reality with time.
Just keep on dreaming and don't change.
Grin

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Quote from: Oshosondy on December 12, 2024, 01:11:13 AM

We have discussed about this time and times over on this forum. Yes it is true that if United States adopts bitcoin as a strategic reserve, other countries will consider to do the same. Even I read or we discussed about another country recently which is having the same plan. Also a state in United States like New York is having such a plan. Most countries like to follow what United States do so many countries will start buying bitcoin to their reserves.

Vancouver, as I remember, is also on it.
So, yep - the US will become and example to follow surely.
To a different degree, with different ideas - but it would be a precedent.

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Quote from: NotATether on December 12, 2024, 02:44:26 AM

There are surely going to be many countries who will want to copy the USA's model of a Bitcoin reserve (El Salvador too). And even the ones who don't will go through some measures to at least legalize it.

China looks like the only one stubbornly dragging its feet on this.

China is for its own thing.
They want to control things and not let them flow like they should.

Helena Yu

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Only ignorant people who think it will not affect other countries.

Anything that the US doing, other countries will follow. If the US officially accept Bitcoin as their reserve, the other country will do same. It will be the beginning to mass adoption, anyone especially government will hold Bitcoin as much as they can.

We might not see bear season once government hold the most.

NotATether

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There are surely going to be many countries who will want to copy the USA's model of a Bitcoin reserve (El Salvador too). And even the ones who don't will go through some measures to at least legalize it.

China looks like the only one stubbornly dragging its feet on this.

Oshosondy

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We have discussed about this time and times over on this forum. Yes it is true that if United States adopts bitcoin as a strategic reserve, other countries will consider to do the same. Even I read or we discussed about another country recently which is having the same plan. Also a state in United States like New York is having such a plan. Most countries like to follow what United States do so many countries will start buying bitcoin to their reserves.

Odohu

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I have been thinking about some of the things that happened this year as they relate to Bitcoin and what could possibly happen next year. One thing that that filled my imagination is the reaction of other countries should the US start accumulating Bitcoin based on the promises of President Donald Trump. If this happens, chances are high that nations will be dragging who will hold more because no one wants to be left behind. Imagine what this will do to the price of a Bitcoin.

Anyways, this is just my imagination

Topic: How will other nations respond to US Bitcoin reserve proposal? - page 2. (Read 254 times)