Rumor: Trump could declare a Bitcoin strategic reserve

Lucius

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Quote from: vapourminer on July 27, 2024, 11:39:05 AM

if btc becomes a strategic reserve asset of the usa how long before the government prevents private ownership of btc? as in all btc must be held with government approved custodians?

Quote from: legiteum on July 27, 2024, 12:13:49 PM

~snip~
At any moment, the president can say, "either do XYZ or I order the Reserve to be sold off immediately", which will crash the price of Bitcoin. Or the other way around, "accept total control of Bitcoin by the US government, and US taxpayers will drive Bitcoin to $120k"*.
(And I suspect most of the people on this thread calling for the Reserve would gladly accept this bargain).

If we take into account that the majority is interested in BTC only for the reason of profiting as much as possible in the shortest possible time, then all the consequences of the decisions made at some point are not really important for them. The only thing that matters is that these decisions push the price as high as possible and that they manage to sell when that happens.

People don't understand how dangerous such ideas actually are, and I only hope that they will not be realized, because the idea of what Bitcoin should represent will be lost forever.

Wind_FURY

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Quote from: mindrust on July 28, 2024, 06:22:42 AM

Quote from: Poker Player on July 27, 2024, 08:03:07 PM

Well, it seems that the rumor was not misguided, since he announced the creation of a reserve, but with the bitcoin that the USA has confiscated and with those that it will confiscate in the future. This, although huge, was little compared to the speech of Robert F. Kennedy Jr. who clearly understands bitcoin in depth and who announced that if he won (knowing that he does not have the slightest chance of winning) he would create a reserve fund of up to 4 million bitcoins.

Since RFK has zero chances of winning, he can announce that he would buy all 21 million bitcoins if he won. It makes no difference what he says at this point and it doesn’t make any sense to make a comparison.

There's a very big reason why not another Kennedy will be sitting in the Oval Office. It's potentially very dangerous, and it may disrupt the current order of the world. Why? Because he might get the information on John F. Kennedy's assassination and expose the information to the public. The world might not be ready for such information because it will only bring more distrust to their own government.

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Long story short, who cares what he says?

If he says that he will use his family's entire estate - with verifiable proof of authority, to make Bitcoin surge to $1,000,000, I absolutely will care.

SickDayIn

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It's a pretty big claim for Trump to say that the US will hold 1 million BTC for 20 years, however I think it's more likely the US would just hold all of their seized coins to get this amount rather than selling them off, or buying BTC with their USD. They'll reach the 1 million BTC through seizures no doubt.

mindrust

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Quote from: Poker Player on July 27, 2024, 08:03:07 PM

Well, it seems that the rumor was not misguided, since he announced the creation of a reserve, but with the bitcoin that the USA has confiscated and with those that it will confiscate in the future. This, although huge, was little compared to the speech of Robert F. Kennedy Jr. who clearly understands bitcoin in depth and who announced that if he won (knowing that he does not have the slightest chance of winning) he would create a reserve fund of up to 4 million bitcoins.

Since RFK has zero chances of winning, he can announce that he would buy all 21 million bitcoins if he won. It makes no difference what he says at this point and it doesn’t make any sense to make a comparison.

Long story short, who cares what he says?

Poker Player

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Well, it seems that the rumor was not misguided, since he announced the creation of a reserve, but with the bitcoin that the USA has confiscated and with those that it will confiscate in the future. This, although huge, was little compared to the speech of Robert F. Kennedy Jr. who clearly understands bitcoin in depth and who announced that if he won (knowing that he does not have the slightest chance of winning) he would create a reserve fund of up to 4 million bitcoins.

countryfree

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Trump is waiting for someone.
There are very, very few people who can make Trump wait for them.
I expect something big.

MusaPk

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Quote from: The Sceptical Chymist on July 27, 2024, 08:38:37 AM

I'd like to point out the fact that politicians are notorious liars, especially when they're campaigning. Just keep that in mind when evaluating Trump's statement here. Even if he laid out a fully detailed plan and timeline, there would be absolutely no consequences for him if he got elected and simply went back on his word. Politicians are very well known for breaking promises.

When you think about it, it's sad that everyone knows those two facts about our leaders and it's just accepted, usually with absolute indifference.

Also, this announcement was couched with some vague terms like "could announce", "widely expected", and "credible sources". In other words, when I read this I think to myself that I'll believe it when I see it.

Not to forget that US President is not all alone in making directions, there is US congress also that approves or reject legislation's. Trump as an individual may be in favour of Bitcoin but once he take over the charge of US president office then he has to follow what's the State policy on crypto. So far US government is not much in favour of decentralised crypto and there are not many chances that new president will take a U-turn on US government policy on crypto.

legiteum

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Quote from: vapourminer on July 27, 2024, 11:39:05 AM

if btc becomes a strategic reserve asset of the usa how long before the government prevents private ownership of btc? as in all btc must be held with government approved custodians?

"He who can destroy a thing, can control a thing." -- Frank Herbert / Dune

Future headline:

US Taxpayers Prop Up Bitcoin Billionaires

And then watch as populist politicians (many of whom will be Republican populists too!) will want a return on their investment.

There's no surer way of a defacto takeover of Bitcoin by the US government than essentially giving the US government absolute control over its daily price, which is exactly what the "strategic reserve" would do.

At any moment, the president can say, "either do XYZ or I order the Reserve to be sold off immediately", which will crash the price of Bitcoin. Or the other way around, "accept total control of Bitcoin by the US government, and US taxpayers will drive Bitcoin to $120k"*.

(And I suspect most of the people on this thread calling for the Reserve would gladly accept this bargain).

Franctoshi

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Quote from: vapourminer on July 27, 2024, 11:39:05 AM

if btc becomes a strategic reserve asset of the usa how long before the government prevents private ownership of btc? as in all btc must be held with government approved custodians?

Who knows what is in there plans for Bitcoin, well let's see what he will say at the conference today at Nashville and what happens after if he got elected as the 47th president of the united States should Bitcoin become a strategic reserve for the US and under Trump's administration.

vapourminer

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what is this "brake pedal" you speak of?

if btc becomes a strategic reserve asset of the usa how long before the government prevents private ownership of btc? as in all btc must be held with government approved custodians?

dansus021

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Quote from: honestworker on July 19, 2024, 11:34:57 PM

We should go all in now. Bitcoin bull run is now confirmed if the news comes true.

Well I quite agree with you hahahha if this news come true and Trump get re-elected and the reserve is real the bitcoin can hit different era of prices. I believe the prices can go beyond the 100K and if this true some other country would think about it and could potentially do the same.

Well, Some high-inflation countries might think uses of crypto as a form of payment like El-Salvador did and all of this happen bitcoin price could reach 500K easily per bitcoin

countryfree

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Does anyone know if it's possible to watch Trump live at the Bitcoin conf?

Edit: I found out it's at 2PM. It should be there:

https://www.youtube.com/watch?v=P1n7XipTCck

The Sceptical Chymist

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I'd like to point out the fact that politicians are notorious liars, especially when they're campaigning. Just keep that in mind when evaluating Trump's statement here. Even if he laid out a fully detailed plan and timeline, there would be absolutely no consequences for him if he got elected and simply went back on his word. Politicians are very well known for breaking promises.

When you think about it, it's sad that everyone knows those two facts about our leaders and it's just accepted, usually with absolute indifference.

Also, this announcement was couched with some vague terms like "could announce", "widely expected", and "credible sources". In other words, when I read this I think to myself that I'll believe it when I see it.

Woodie

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At the rate we are all bullish about Bitcoin should Trump bounce back as President of the USA...I see price jumping to an ATH as response to the confirmation of a Trump as POTUS...and if this Bitcoin strategic reserve isn't just some rumour then this could be huge of BTC!

But what I don't understand is how Trump changed goalposts and became Pro-Bitcoin...is this a strategy in trying to get numbers to rally behind him to deliver the seat Roll Eyes

because personally I don't trust Trump and politicians in general who can easily backtrack and forget whatever promises they lead out to get the number's Roll Eyes

whatever happens, the internet doesn't forget!

Taskford

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Quote from: Cryptoprincess101 on July 26, 2024, 09:56:09 PM

Quote from: OgNasty on July 24, 2024, 07:30:33 PM

I think I’m still in shock that a President of the United States is going to speak at a Bitcoin conference. That’s extremely wild to me. I don’t think I would have believed that this could happen a dozen years ago. This cycle will either be the ultimate top for Bitcoin, or we could be looking at the future currency of mankind.

No one would have believed that an influencial US citizen could make such a move that will give Bitcoin more recognition and fame after a long time of loggerhead. Indeed Bitcoin have come to conquer and we should be experiencing a massive increase in the price of Bitcoin anytime soon. Seems Bitcoin has achieved a lot this year, from the United States SEC approval of spot Bitcoin ETF to Bitcoin creating a new ATH and now it's about to experience another milestone should this conference hold. It will be a joyful moment for Bitcoin investors and hodlers.

People don't expect that to have since Biden have a massive campaign against crypto that's why people are so overwhelmed seeing that there's a influential people showing some good support on bitcoin that's why people got hype in this situation especially lots of big names are in support with what that politician doing. Bitcoin has many milestone achieve this year and if that Bitcoin strategic reserve will really happen then imagine the surge of demand will come on bitcoin.

I also imagine how happy those country like El Salvador also those big institutions for seeing this development since for sure they could earn a lot of money from this especially if this event will trigger a bull run again or there would be a huge price increase will happen.

Wind_FURY

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Quote from: Lucius on July 26, 2024, 04:43:06 AM

Quote from: Wind_FURY on July 25, 2024, 09:45:56 AM

I wasn't debating that it shouldn't be normal procedure, but the prosecutor's decision to sell the Bitcoin should have been reconsidered because it was foolish. Why is it foolish? I already said it - Bitcoin's nature as a censorship-resistant cryptocurrency that could weaken political strongholds. Nation-states will need to HODL Bitcoin. If El Salvador had the same opportunity to seize billions worth of Bitcoin from criminals, what would they do?

You are mixing completely different realities, because El Salvador is a small country in Central America that doesn't even have its own national currency (they gave up their currency 20+ years ago) and are dependent on the USD, so the experiment with BTC is not too much of a problem for them.

Countries like Germany, the UK, the US or any major country that has an annual budget in the trillions of $ or EUR have no need to gamble with Bitcoin - because everything is great when the price rises, but what about when we find ourselves in a bear market and the price of BTC loses more of 50% of its value? Each of these countries will prefer to invest in gold, which from the position of each major country makes far more sense than investing in Bitcoin.

No, I was merely talking about different policies, and which group of people actually could see the future, and which group of people were merely thinking short-term. Making a Strategic Reserve with the seized coins would have been a better long-term decision.

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I doubt that Satoshi invented BTC to help states, he invented it to help ordinary little people have an alternative to the system that states represent.

I was talking about the nature of Bitcoin by design, ser, not what you think Satoshi wanted.

Cryptoprincess101

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Quote from: OgNasty on July 24, 2024, 07:30:33 PM

I think I’m still in shock that a President of the United States is going to speak at a Bitcoin conference. That’s extremely wild to me. I don’t think I would have believed that this could happen a dozen years ago. This cycle will either be the ultimate top for Bitcoin, or we could be looking at the future currency of mankind.

No one would have believed that an influencial US citizen could make such a move that will give Bitcoin more recognition and fame after a long time of loggerhead. Indeed Bitcoin have come to conquer and we should be experiencing a massive increase in the price of Bitcoin anytime soon. Seems Bitcoin has achieved a lot this year, from the United States SEC approval of spot Bitcoin ETF to Bitcoin creating a new ATH and now it's about to experience another milestone should this conference hold. It will be a joyful moment for Bitcoin investors and hodlers.

Poker Player

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Quote from: goldkingcoiner on July 26, 2024, 05:14:38 AM

If this happens, then the american people will finally have a money which does not become worthless from year to year. I think they will love that very much.

As for the price of Bitcoin... I can only speculate values of 1 mill+ and upwards (which is going to happen anyway, just at a much faster rate, if it were a strategic reserve).

I agree with the latter, but I am not so sure about the former. The rumor is that he is going to declare a strategic reserve of bitcoin, but I believe the dollar will continue to devalue. He will not back the dollar in bitcoin. The strategic reserve will be in the same way that the US has gold in Fort Knox but the dollar is no longer backed by gold, he would do the same with bitcoin.

In any case, there are less than 24 hours left to find out if this is a rumor or not.

goldkingcoiner

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Quote from: Poker Player on July 19, 2024, 09:26:22 PM

At the moment it seems to be just a rumor but it has already been echoed in several media, so I think it is worth bringing it here.

Quote

Former US president and current Republican presidential candidate Donald Trump could announce Bitcoin as a “strategic reserve asset” during a crypto conference in Nashville later this month, according to rumors on social media.

Trump is widely expected to speak at the upcoming Bitcoin conference in Nashville, which will take place later this month.

Dennis Porter, co-founder and CEO of the Satoshi Action Fund, said he got this information from “credible” sources.

“Adding #Bitcoin as a ‘strategic reserve’ to the US Treasury is a no brainer and once the USA does it, the paradigm will shift and the world will understand they must also have a #Bitcoin position,” he wrote on X.

Read more on:

Trump potentially declaring Bitcoin a strategic reserve asset seen as a ‘watershed moment’

I think if it came true this would be huge. But that's a big if. What do you think about it?

If this happens, then the american people will finally have a money which does not become worthless from year to year. I think they will love that very much.

As for the price of Bitcoin... I can only speculate values of 1 mill+ and upwards (which is going to happen anyway, just at a much faster rate, if it were a strategic reserve).

Lucius

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Quote from: Wind_FURY on July 25, 2024, 09:45:56 AM

I wasn't debating that it shouldn't be normal procedure, but the prosecutor's decision to sell the Bitcoin should have been reconsidered because it was foolish. Why is it foolish? I already said it - Bitcoin's nature as a censorship-resistant cryptocurrency that could weaken political strongholds. Nation-states will need to HODL Bitcoin. If El Salvador had the same opportunity to seize billions worth of Bitcoin from criminals, what would they do?

You are mixing completely different realities, because El Salvador is a small country in Central America that doesn't even have its own national currency (they gave up their currency 20+ years ago) and are dependent on the USD, so the experiment with BTC is not too much of a problem for them.

Countries like Germany, the UK, the US or any major country that has an annual budget in the trillions of $ or EUR have no need to gamble with Bitcoin - because everything is great when the price rises, but what about when we find ourselves in a bear market and the price of BTC loses more of 50% of its value? Each of these countries will prefer to invest in gold, which from the position of each major country makes far more sense than investing in Bitcoin.

I doubt that Satoshi invented BTC to help states, he invented it to help ordinary little people have an alternative to the system that states represent.

Topic: Rumor: Trump could declare a Bitcoin strategic reserve (Read 831 times)