Rumor: Trump could declare a Bitcoin strategic reserve

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: vapourminer on July 27, 2024, 12:39:05 PM

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, 01:13:49 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

legendary

Activity: 2898

Merit: 1823

Quote from: mindrust on July 28, 2024, 07:22:42 AM

Quote from: Poker Player on July 27, 2024, 09:03:07 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.

Quote

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

member

Activity: 154

Merit: 25

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

legendary

Activity: 3276

Merit: 2442

Quote from: Poker Player on July 27, 2024, 09:03:07 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

legendary

Activity: 1372

Merit: 2017

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

legendary

Activity: 3066

Merit: 1047

Your country may be your worst enemy

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

MusaPk

full member

Activity: 742

Merit: 201

Quote from: The Sceptical Chymist on July 27, 2024, 09:38:37 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

member

Activity: 182

Merit: 47

Quote from: vapourminer on July 27, 2024, 12:39:05 PM

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

hero member

Activity: 910

Merit: 582

Quote from: vapourminer on July 27, 2024, 12:39:05 PM

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

legendary

Activity: 4354

Merit: 3614

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

copper member

Activity: 2100

Merit: 960

Part of AOBT - English Translator to Indonesia

Quote from: honestworker on July 20, 2024, 12:34:57 AM

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

legendary

Activity: 3066

Merit: 1047

Your country may be your worst enemy

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

legendary

Activity: 3444

Merit: 6948

Top Crypto Casino

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

hero member

Activity: 1834

Merit: 879

Rollbit.com ⚔️Crypto Futures

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

hero member

Activity: 2520

Merit: 783

Quote from: Cryptoprincess101 on July 26, 2024, 10:56:09 PM

Quote from: OgNasty on July 24, 2024, 08:30:33 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

legendary

Activity: 2898

Merit: 1823

Quote from: Lucius on July 26, 2024, 05:43:06 AM

Quote from: Wind_FURY on July 25, 2024, 10:45:56 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.

Quote

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

full member

Activity: 266

Merit: 120

Quote from: OgNasty on July 24, 2024, 08:30:33 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

legendary

Activity: 1372

Merit: 2017

Quote from: goldkingcoiner on July 26, 2024, 06:14:38 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

legendary

Activity: 2128

Merit: 1884

Verified Bitcoin Hodler

Quote from: Poker Player on July 19, 2024, 10:26:22 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

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: Wind_FURY on July 25, 2024, 10:45:56 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.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: slaman29 on July 24, 2024, 11:24:03 AM

Quote from: Wind_FURY on July 23, 2024, 04:36:29 AM

Germany made a very foolish decision selling billions worth of Bitcoin. Cool

As I did say much further above or in different post, kinda like @Lucius said. This was just normal procedure. They weren't hodling or gambling like Microstrategy does with Bitcoin, they were simply selling (liquidating) because it's seized funds. If it was gold, they would do the same, or USD, same.

This was money they suddenly had, I think they were very happy and we should be happy it's all sold and BTC is above 65k!

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?

justdimin

hero member

Activity: 3122

Merit: 672

www.Crypto.Games: Multiple coins, multiple games

Quote from: Finestream on July 24, 2024, 03:07:18 AM

Quote from: slaman29 on July 20, 2024, 03:02:44 AM

Don't care Trump or Biden or whatever president, but watershed reserve sounds like too much of a huge step forward.

Federal Reserve would never allow it, so I think they will ensure all the politicians never pass such a proposal.

USD will crash and burn even earlier than we expected if this really happens!

That could also be possible knowing this central bank of the US is known to be the most powerful economic institution so most likely whatever the decision made through bitcoin, it’s still up to them if they will allow or approve it, but the fact that it could somehow bring USD down and elevate bitcoin, they will never accept that kind of set-up.

It's true, FED would never allow it. I mean the whole point of its existence is to make USD strong, that is what they are working towards every single day, if they could, they would never print any money, make it scarce so that the price of it would go up. They can't, because the rich folks who own them need money so they print it whenever they want it, but at the same time we have to realize that things won't be that easy.

The problem is that we are talking about an institution that is working towards making it possible for USD to grow, and if we want USD to grow, BTC reserves is not the way to go. Trump can't make that happen unless he gets the greenlight from wealthy lobbyists, if those do greenlight it then it can be done, but in that case it is not really anything Trump does, those wealthy blackrock type of companies could lobby for it whoever is the president, meaning that if they want this, they could have done this during Biden period too, or can do it on Kamala period as well, doesn't really matter at all.

NotATether

legendary

Activity: 1568

Merit: 6660

bitcoincleanup.com / bitmixlist.org

Quote from: honestworker on July 20, 2024, 12:34:57 AM

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

Bitcoin always goes up at election time whether or not a candidate speaks at a Bitcoin conference. It's just that this time it might go up sooner than expected.

Quote from: OgNasty on July 24, 2024, 08:30:33 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.

Future currency of mankind it's looking like. Most people have not even bought their shares of Bitcoin yet, and scarcity is what makes the Bitcoin price rise higher. The next bull run will definitely activate many of these people. (In the USA.)

OgNasty

donator

Activity: 4760

Merit: 4323

Leading Crypto Sports Betting & Casino Platform

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.

Maslate

hero member

Activity: 2954

Merit: 672

Message @Hhampuz if you are looking for a CM!

With or without Trump, this has always been the original plan for bitcoin. Even if we don’t see it as a global currency, at least we can utilize it as a reserved one. However, with Trump around, having him as an instrument to achieve bitcoin’s original design might now come into possibility. But we all know the process might not be that fast and easy, as Trump’s government if he will luckily win soon, will still gain an approval with the Federal Reserve and I think this is quite something that requires a lot of discussion before it will be approved and be granted.

slaman29

legendary

Activity: 2674

Merit: 1226

Livecasino, 20% cashback, no fuss payouts.

Quote from: Wind_FURY on July 23, 2024, 04:36:29 AM

Germany made a very foolish decision selling billions worth of Bitcoin. Cool

As I did say much further above or in different post, kinda like @Lucius said. This was just normal procedure. They weren't hodling or gambling like Microstrategy does with Bitcoin, they were simply selling (liquidating) because it's seized funds. If it was gold, they would do the same, or USD, same.

This was money they suddenly had, I think they were very happy and we should be happy it's all sold and BTC is above 65k!

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: Poker Player on July 23, 2024, 09:52:31 AM

Quote from: anarkiboy on July 23, 2024, 05:52:06 AM

Oh yeah, using Bitcoin - a Chinese mined coin on Chinese hardware with a doomed security model as a strategic reserve for the USA Cheesy

I doubt they are this dumb.

Just with your choice of nickname it was already clear that you are not exactly the most appropriate to give lessons about dumb people.

What is valuable is valuable, period. A ton of 24 karat gold, no matter if it was mined and produced in China, using Chinese machinery, is worth its weight in gold. This is the same thing.

And how stupid you are, you haven't even noticed that the miners left China years ago to go to the USA. You retard.

Plus with that "produced in China" debate + Bitcoin as a censorship-resistant cryptocurrency that could weaken political strongholds - the more cause for the U.S. to start doing something to attract more hashing power within their borders. I believe that in the future, we'll see nation-states/governments competing for who among them HODLs Bitcoin most and which region accommodates the most hashing power.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: Wind_FURY on July 23, 2024, 09:39:17 AM

OK relax ser. But I believe a prosecutor ordered the sale, no? If that's actually true, then the prosecutor could have also delay the sale, or probably not order the sale at all.

It is not clear to me that the majority of people on this forum (and in general) think that the German government has anything to do with the decision to sell or not sell the seized BTC - it is not something they decide on, and I believe that the majority had no idea that this was happening at all. The decision to sell came in accordance with the law on seized property and was initiated by the province of Saxony, which only followed the law.

Quote from: Wind_FURY on July 23, 2024, 09:39:17 AM

BUT it was also GOOD that they did the sale. It illustrated that the market has enough liquidity to take a large amount of supply in a short amount of time.

It is even stranger that people think that 50k BTC can have a significant impact on the market, especially when we have spot ETFs that can remove those same BTC from the market in 2-3 days.

BALIK

copper member

Activity: 2156

Merit: 604

🍓 BALIK Never DM First

Quote from: Finestream on July 24, 2024, 03:07:18 AM

Quote from: slaman29 on July 20, 2024, 03:02:44 AM

Don't care Trump or Biden or whatever president, but watershed reserve sounds like too much of a huge step forward.

Federal Reserve would never allow it, so I think they will ensure all the politicians never pass such a proposal.

USD will crash and burn even earlier than we expected if this really happens!

That could also be possible knowing this central bank of the US is known to be the most powerful economic institution so most likely whatever the decision made through bitcoin, it’s still up to them if they will allow or approve it, but the fact that it could somehow bring USD down and elevate bitcoin, they will never accept that kind of set-up.

I agree with slaman29's point of view more, this is just Mr. Trump's idea, not that of Congress or the Fed and we know the Fed has never mentioned or shown interest in bitcoin. So I believe that if Trump proposed, the Fed would find a way to stop this immediately and as far as I know, the national reserves are under the control of the Fed, the US government has no decision-making power. Like the amount of gold reserves that the US holds, more than 8 thousand tons of gold are stored by the Fed, not the government.

Additionally, I don't think it's a wise idea to use an asset with a fairly small capitalization and high volatility as a reserve asset. They will face huge risks, so I don't think this idea will be adopted and become a reality, although I also support Trump's election this time.

Finestream

hero member

Activity: 3052

Merit: 606

Quote from: slaman29 on July 20, 2024, 03:02:44 AM

Don't care Trump or Biden or whatever president, but watershed reserve sounds like too much of a huge step forward.

Federal Reserve would never allow it, so I think they will ensure all the politicians never pass such a proposal.

USD will crash and burn even earlier than we expected if this really happens!

That could also be possible knowing this central bank of the US is known to be the most powerful economic institution so most likely whatever the decision made through bitcoin, it’s still up to them if they will allow or approve it, but the fact that it could somehow bring USD down and elevate bitcoin, they will never accept that kind of set-up.

Poker Player

legendary

Activity: 1372

Merit: 2017

Quote from: buwaytress on July 23, 2024, 01:18:23 PM

Shh, don't take the bait Wink

You know it's a good sign when the trolls are back!

Do you mean anarkiboy is an alt account?

Quote from: buwaytress on July 23, 2024, 01:18:23 PM

Fungibility ftw, yeah? That said, I do recall a decade or so ago same quality gold but from different minting sources were worth more. I suppose illegally mined gold or stolen gold is also worth a little less to the first seller. I do say this with absolutely no research heh

Minting sources usually have more to do with coins than with bars, because many coins, apart from the value of their weight in gold, usually have numismatic value. But even in some bars, which are more expensive depending on who mints them, if you sell them they pay you the same for their weight in gold regardless of who minted them.

And whether it is illegally mined or stolen, there is no way of knowing. Nowadays gold is sold in blister packs and if you are going to sell your coins or bars with the blister pack they will usually give you a little more than if you bring the gold unwrapped. But that counts for stolen gold as well as gold that you took the blister off and gold that was inherited or bought so long ago that it was sold without blister.

buwaytress

legendary

Activity: 2912

Merit: 3603

Join the world-leading crypto sportsbook NOW!

Quote from: Poker Player on July 23, 2024, 09:52:31 AM

Just with your choice of nickname it was already clear that you are not exactly the most appropriate to give lessons about dumb people.

Shh, don't take the bait Wink

You know it's a good sign when the trolls are back!

Quote from: Poker Player on July 23, 2024, 09:52:31 AM

What is valuable is valuable, period. A ton of 24 karat gold, no matter if it was mined and produced in China, using Chinese machinery, is worth its weight in gold. This is the same thing.

Fungibility ftw, yeah? That said, I do recall a decade or so ago same quality gold but from different minting sources were worth more. I suppose illegally mined gold or stolen gold is also worth a little less to the first seller. I do say this with absolutely no research heh

Poker Player

legendary

Activity: 1372

Merit: 2017

Quote from: anarkiboy on July 23, 2024, 05:52:06 AM

Oh yeah, using Bitcoin - a Chinese mined coin on Chinese hardware with a doomed security model as a strategic reserve for the USA Cheesy

I doubt they are this dumb.

Just with your choice of nickname it was already clear that you are not exactly the most appropriate to give lessons about dumb people.

What is valuable is valuable, period. A ton of 24 karat gold, no matter if it was mined and produced in China, using Chinese machinery, is worth its weight in gold. This is the same thing.

And how stupid you are, you haven't even noticed that the miners left China years ago to go to the USA. You retard.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: Lucius on July 23, 2024, 05:15:17 AM

Quote from: Wind_FURY on July 23, 2024, 04:36:29 AM

~snip~
Germany made a very foolish decision selling billions worth of Bitcoin. Cool

Doesn't anyone read anymore? There was no decision involved, that's the law - and that's how it is in most countries that have clearly defined laws on seized property. It's unbelievable that people think that $3 billion or even twice that amount has any impact on such a large economy as Germany.

All the BTC that has been mined so far is only worth about 25% of Germany's annual GDP...

Quote from: Lucius on July 22, 2024, 10:51:13 AM

Quote from: https://www.coindesk.com/news-analysis/2024/07/09/its-not-germany-thats-selling-bitcoin-its-one-of-its-states-and-it-has-no-choice/

It's not the country of Germany that's been selling millions of dollars worth of bitcoin, but a small German state called Saxony. The state confiscated almost 50,000 BTC in January and has been selling its holdings as per standard practice for assets seized during criminal investigations, an expert said.

OK relax ser. But I believe a prosecutor ordered the sale, no? If that's actually true, then the prosecutor could have also delay the sale, or probably not order the sale at all.

BUT it was also GOOD that they did the sale. It illustrated that the market has enough liquidity to take a large amount of supply in a short amount of time.

Quote from: anarkiboy on July 23, 2024, 05:52:06 AM

Oh yeah, using Bitcoin - a Chinese mined coin on Chinese hardware with a doomed security model as a strategic reserve for the USA Cheesy

I doubt they are this dumb.

Worse things were said, but Bitcoin continues to prove everyone wrong.

anarkiboy

jr. member

Activity: 2

Merit: 1

Oh yeah, using Bitcoin - a Chinese mined coin on Chinese hardware with a doomed security model as a strategic reserve for the USA Cheesy

I doubt they are this dumb.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: Wind_FURY on July 23, 2024, 04:36:29 AM

~snip~
Germany made a very foolish decision selling billions worth of Bitcoin. Cool

Doesn't anyone read anymore? There was no decision involved, that's the law - and that's how it is in most countries that have clearly defined laws on seized property. It's unbelievable that people think that $3 billion or even twice that amount has any impact on such a large economy as Germany.

All the BTC that has been mined so far is only worth about 25% of Germany's annual GDP...

Quote from: Lucius on July 22, 2024, 10:51:13 AM

Quote from: https://www.coindesk.com/news-analysis/2024/07/09/its-not-germany-thats-selling-bitcoin-its-one-of-its-states-and-it-has-no-choice/

It's not the country of Germany that's been selling millions of dollars worth of bitcoin, but a small German state called Saxony. The state confiscated almost 50,000 BTC in January and has been selling its holdings as per standard practice for assets seized during criminal investigations, an expert said.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: slaman29 on July 20, 2024, 03:02:44 AM

Don't care Trump or Biden or whatever president, but watershed reserve sounds like too much of a huge step forward.

Federal Reserve would never allow it, so I think they will ensure all the politicians never pass such a proposal.

USD will crash and burn even earlier than we expected if this really happens!

But they don't have a choice in my opinion. Bitcoin through it's nature and design, could weaken political strongholds. The U.S. WILL NEED to compete with other nations in HODLing the cryptocurrency if nations such as El Salvador are HODLing it, or if nations such as Iran are mining it, and using it as their exporting medium for their Crude Oil. Germany made a very foolish decision selling billions worth of Bitcoin. Cool

slaman29

legendary

Activity: 2674

Merit: 1226

Livecasino, 20% cashback, no fuss payouts.

Quote from: ABCbits on July 22, 2024, 06:56:03 AM

Quote from: slaman29 on July 20, 2024, 03:02:44 AM

Don't care Trump or Biden or whatever president, but watershed reserve sounds like too much of a huge step forward.

Federal Reserve would never allow it, so I think they will ensure all the politicians never pass such a proposal.

USD will crash and burn even earlier than we expected if this really happens!

The rumor doesn't state how much Bitcoin used for reserve though. I recall another politician suggest similar thing, while stating only up to 1% to reduce risks. If the rumor is true, i expect trump have similar idea.

1% is over 7 billion dollars worth of Bitcoin, almost 0.5% of Bitcoin market cap.

That's still a hell lot of Bitcoin reserves to start with. I think just in my simple mind it's enough to start the end of USD being taken seriously in long term.

But anyway, never gonna happen right.

CryptoBuds

legendary

Activity: 2100

Merit: 1042

HODL

Quote from: Marykeller on July 22, 2024, 10:16:15 AM

Quote from: Dr.Bitcoin_Strange on July 20, 2024, 01:49:02 PM

With all this saga, I keep wondering why Trump finally had a sudden change of mind towards Bitcoin. Why all the sudden praise for Bitcoin, or was it that he never realized it when he first ran for president in 2017? There was a BBC report in 2021 in which he clearly stated that he doesn't like Bitcoin because it's competing with the dollar. If Bitcoin is declare as a strategic reserve, what are the chances that it will not still compete with the dollar, which was Trump's fear in 2021?

"Bitcoin, it just seems like a scam," Mr Trump said. "I don't like it because it's another currency competing against the dollar."

The world politics have made me to understand that, we don't have to go by what politicians say because they can stand against something today, by tomorrow they have a change of mind, stating their support on the same thing they stood against before.

Trump is always good at saying what people would like to hear. By tomorrow, he can still say something contrary to Bitcoin that he is supporting today. I trust him on that.

The very aim of every politician is to do whatever it takes to win the election, even if it means lying to the masses. It doesn't matter cos they can have every little thing fixed, corrected, and settled on their terms the moment they become president

We don't need to understand them or believe completely what they say but look at the situation we are in. We only have two choices, one is the democratic party or the republican party and as we have seen what is happening is what the democratic party is doing. They have no intention of being crypto-friendly as they continuously let the SEC wage war on crypto and we will never know what will continue to happen to us if they stay in power. Meanwhile, we don't know what will happen if Trump is elected, but at least he is publicly supporting cryptocurrency and that is a point that Biden has not once done. It has been reported that Gary Gensler will resign if Trump is elected, isn't that a good sign?

Casdinyard

hero member

Activity: 2156

Merit: 891

Leading Crypto Sports Betting and Casino Platform

Quote from: Poker Player on July 19, 2024, 10:26:22 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?

How would it even work though lol, are they going to continuously acquire bitcoin over time? How will they liquidate the funds without fucking up the bitcoin and the crypto economy?

This is something that outside people aren't able to wrap their heads around. They see bitcoin as something like gold with intrinsic value and don't get me wrong, bitcoin does have its intrinsic value but let's be real here, it's not made to be an economic bolster for when a country couldn't support their own economy and they need something else to support them.

I don't understand the necessity as well of having reserve assets in the form of volatile cryptocurrencies when they can stick with the classics like gold and silver, which is arguably more dependable during financial crises, the very thing you prepare your reserves for,

This is just a needless task they are trying to do to bolster his "newfound interest in cryptocurrency" a jackass move if I do say so myself.

uneng

hero member

Activity: 2044

Merit: 784

Leading Crypto Sports Betting & Casino Platform

I don't believe it. It looks a rumour used by speculators to boost Bitcoin price right now. If so, it's a dumb idea, because as soon as the rumour doesn't confirm itself, the tendency is that the discovery of the lie reflects over Bitcoin price negatively.

Trump is endorsing Bitcoin during the campaign because he hopes to fortify US economy by bringing crypto companies and entrepreneurs to north american territory, so the government can raise its income in dollar currency! He always let very clear his focus and concern is to strength dollar currency! Bitcoin is a potential tool he may try using for that purpose. Nothing else.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: shield132 on July 22, 2024, 07:31:10 AM

Yeah, that's a red flag but I don't understand why Germany sold everything in such a market. BlackRock is buying and Germany sells? That doesn't make Germany smart, only the opposite.
~snip~

After so many topics and posts, are we still living in delusion? The German government has nothing to do with the sale of BTC...

Quote from: https://www.coindesk.com/news-analysis/2024/07/09/its-not-germany-thats-selling-bitcoin-its-one-of-its-states-and-it-has-no-choice/

It's not the country of Germany that's been selling millions of dollars worth of bitcoin, but a small German state called Saxony. The state confiscated almost 50,000 BTC in January and has been selling its holdings as per standard practice for assets seized during criminal investigations, an expert said.

Everyone has their own reasons (or even obligations) to do something, so if each of us believes that we can sell/buy BTC whenever we want, then that right should not be taken away from others.

Captain Corporate

hero member

Activity: 2086

Merit: 575

Having something like this would definitely help USA, but at the same time I am not sure if they would even consider it, because it could cause some precedent and they would not like to have that. Because if the USA does it, then what stops other nations to do it as well? They may do that and I think that is why they can't. Trump may "want" to, but the good side about USA is that president can't do whatever he wants, he has some powers, but not unlimited powers. This means that if he wants to have crypto reserves, and other powers says no, then he can't have it. We will of course end up seeing what happens, maybe they would all come together and agree that its a good idea. To be fair its a good idea, but could make USD a bit weaker, that's why I am not sure, not like they will have too much USD in reserve, they use it, so bitcoin could be a fine addition to their situation.

Marykeller

hero member

Activity: 1064

Merit: 501

Quote from: Dr.Bitcoin_Strange on July 20, 2024, 01:49:02 PM

With all this saga, I keep wondering why Trump finally had a sudden change of mind towards Bitcoin. Why all the sudden praise for Bitcoin, or was it that he never realized it when he first ran for president in 2017? There was a BBC report in 2021 in which he clearly stated that he doesn't like Bitcoin because it's competing with the dollar. If Bitcoin is declare as a strategic reserve, what are the chances that it will not still compete with the dollar, which was Trump's fear in 2021?

"Bitcoin, it just seems like a scam," Mr Trump said. "I don't like it because it's another currency competing against the dollar."

The world politics have made me to understand that, we don't have to go by what politicians say because they can stand against something today, by tomorrow they have a change of mind, stating their support on the same thing they stood against before.

Trump is always good at saying what people would like to hear. By tomorrow, he can still say something contrary to Bitcoin that he is supporting today. I trust him on that.

The very aim of every politician is to do whatever it takes to win the election, even if it means lying to the masses. It doesn't matter cos they can have every little thing fixed, corrected, and settled on their terms the moment they become president

shield132

hero member

Activity: 2310

Merit: 886

It doesn't make sense to me that a country like the US, which is a global superpower and wants to keep the USD number one currency, will save strategic reserves in Bitcoin. Besides being an asset, Bitcoin is a currency and a competitor of the USD. Also, how can a country like the US can risk saving strategic reserves in a currency that they don't control and have no idea who created it? If Satoshi awakes tomorrow and transfers his coin, what is the US going to do? Their strategic reserves can be in a huge trouble if Satoshi wakes up or something similar happens.

Quote from: FatFork on July 20, 2024, 04:37:13 AM

The real question is, is he sitting on a pile of Bitcoin right now? Knowing that could tell us what he might do next. Everyone loves money, but come on, rich folks are kinda obsessed with it, right?

Riches have psychological problems with money. They have all the money, the amount that they and their generation will never be able to spend but still crave it like beggars.

Quote from: dkbit98 on July 20, 2024, 09:48:10 AM

First red flag for me is the flag that Blackrock is purchasing so many bitcoins, Germany sold everything and now there are speculations about UK doing the same.

Yeah, that's a red flag but I don't understand why Germany sold everything in such a market. BlackRock is buying and Germany sells? That doesn't make Germany smart, only the opposite.
Btw the USA fighting Binance while working on Bitcoin ETF approval, which says everything about their dirty games.

ABCbits

legendary

Activity: 2870

Merit: 7490

Crypto Swap Exchange

Quote from: slaman29 on July 20, 2024, 03:02:44 AM

Don't care Trump or Biden or whatever president, but watershed reserve sounds like too much of a huge step forward.

Federal Reserve would never allow it, so I think they will ensure all the politicians never pass such a proposal.

USD will crash and burn even earlier than we expected if this really happens!

The rumor doesn't state how much Bitcoin used for reserve though. I recall another politician suggest similar thing, while stating only up to 1% to reduce risks. If the rumor is true, i expect trump have similar idea.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: NotFuzzyWarm on July 21, 2024, 10:39:18 AM

BTC as a 'strategic reserve' is a horrible idea in that its value is tied to fiat. If the USD crashes what will the BTC be converted to? Pesos, Yuan, Euros, YEN, etc which are then converted to USD? BTC by itself has no intrinsic value unlike precious metals.

I don't know where people get all these ideas from, but I wrote somewhere before (perhaps on another forum) that after all the promises he has already made, Trump may declare Bitcoin to be legal tender in the US. Of course, that doesn't make any sense, because no matter who the president of the US is, some policies will never change - and during his last term, Trump stood behind the policy of defending the USD by all possible means.

It is tragic that people think that Trump will help them get rich by doing something with BTC, without even thinking about the consequences of his policies for the whole world.

ultrloa

legendary

Activity: 2758

Merit: 1228

Quote from: Poker Player on July 19, 2024, 10:26:22 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?

It will remained rumor until there's no actual implementation nor created regulation for this to happen. Since maybe their are parties that want to create exaggerated things so that they will expect a lot for Trump but if the guy fails to deliver what people think that might happen under his term then lots of people will get discourage with them.

That's why we need to be more careful picking unverified information so that we will not catch the unnecessary attention that those people want. I guess much better for people to wait for official announcement or if this information will came out on Trumps mouth so that we can look forward on something he promise while asking for peoples vote.

Iranus

hero member

Activity: 1792

Merit: 534

Leading Crypto Sports Betting & Casino Platform

Quote from: NotFuzzyWarm on July 21, 2024, 10:39:18 AM

BTC as a 'strategic reserve' is a horrible idea in that its value is tied to fiat. If the USD crashes what will the BTC be converted to? Pesos, Yuan, Euros, YEN, etc which are then converted to USD? BTC by itself has no intrinsic value unlike precious metals.

And I don't think that's possible either, Trump is just hyping things up about bitcoin to attract more attention from crypto investors as well as for his political purposes. Even if he really wants to do this, he will face huge challenges from Congress, the Fed...In short, this will not be easy to do.
I also support Trump because if he is elected, it will have a positive impact on the cryptocurrency market and investors like us will benefit. But I like reality, not fantasy, so not only is this a bad idea, it won't happen.

darkangel11

legendary

Activity: 2296

Merit: 1335

Don't let others control your BTC -> self custody

Quote from: honestworker on July 20, 2024, 12:34:57 AM

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

We should never go all in. No investment, even one that you really believe in, is worth risking all you have.
Ask yourselves if investing 30% of your money wouldn't make you rich if bitcoin reaches $120k per coin. Then think about the position you'll find yourself in if you invest everything and it does go up a bit, but you miss the top and end up holding at a loss and there will be a moment when you are at a loss if you hold until the next bear market. I bet that when bitcoin goes to $100k, everybody will say now it's $150 time and then it goes to $120, they'll keep holding and it crashes back to 50k and they'll all give up and sell at a loss. IMO he will not make bitcoin a strategic reserve. He's using crypto enthusiasts to gain support he needs, but won't go against the dollar that he used and supported for over 60 years.

mindrust

legendary

Activity: 3276

Merit: 2442

When Elon tweets doge/bitcoin, accept bitcoin for his teslas; nobody said he is using crypto to gain popularity. Cool

Michael Saylor is doing the same thing every day. He talks like he belongs to a crypto cult. Companies add "blockchain" to their names and they get pumped in the stock market immediately.

When Trump does the same thing, suddenly it is the end of the world.

Why don't Biden do the same thing if it is such a shortcut to victory? He can join some other Bitcoin conference and talk there.

Wait a minute... He has nothing to say.

Franctoshi

hero member

Activity: 910

Merit: 582

Quote from: pawanjain on July 20, 2024, 08:34:56 AM

I personally believe it may be just another PR stunt from Trump just to win some votes.
He further said that he would be using bitcoin to back the USD which sounds insane and too good to be true.
Even if he wins the elections, there is not guarantee that he would be promoting the use of bitcoin or use it to back USD.

Yes, you can't take this fact away that his trying to gain some from the crypto community, yeah it also an election strategy but still, I think that's not just the only thing, but he understood what people need at the moment (Bitcoin) and taking the advantage as well as Trump being a businessman and from an investor point, I believe he's got to understand the amazing potential that Bitcoin has as asset class quite better and seeing it as a digital Gold, Therefore the need to become Bitcoin advocate this period and in view to also help him win election which I believe if he gets into the office possibly he will sign bills that will help Bitcoin and its community thrive and not gonna abandon his promises.

Looking at the events surrounding Bitcoin lately, it looks like a worldwide Bitcoin adoption is about to take off and enter a different phase where we would begin to see various governments of the world start to add Bitcoin into their reserve portfolios, should this becomes the case.

legiteum

member

Activity: 182

Merit: 47

Quote from: fuguebtc on July 21, 2024, 04:27:41 AM

There are hundreds of tokens based on his name, campaign slogans , or events related to him, but none belong to him or represent him . All those tokens were created and hyped by the crypto community .

I vaguely recall Trump issuing NFTs in his name. Regardless, creating his own currency would be a trivial matter. Heck, with Haypenny, you can do it in five minutes or less (although some person has already claimed Trump as a currency there already).

Quote

Although he is not the richest billionaire in the world, he is still in the top billionaires and I think what he wants now is power in the white house, politics , not becoming the richest billionaire in the world.

He's not even in the top 1000 richest in the world, and the fact that he spent most of his time in his first term stealing relatively small amounts of money from the US Federal government shows that his primary focus is enriching himself, even if its only a few million dollars.

Trump knows that, had he only put the money his father gave him in the bank, he would be worth many times what he is worth today. That surely makes him feel very ashamed: all he ever was is a spoiled rich kid who spend some of his father's money. Success for somebody like Trump is being richer than Elon Musk or Bill Gates, not being #1242 on the world's richest list.

And Trump creating his own coin and pumping it using the power of the US federal government is a fairly clear path to him becoming the world's first trillionaire, which would be rather tantalizing for somebody like him.

NotFuzzyWarm

legendary

Activity: 3738

Merit: 2656

Evil beware: We have waffles!

BTC as a 'strategic reserve' is a horrible idea in that its value is tied to fiat. If the USD crashes what will the BTC be converted to? Pesos, Yuan, Euros, YEN, etc which are then converted to USD? BTC by itself has no intrinsic value unlike precious metals.

FatFork

legendary

Activity: 1624

Merit: 2594

Top Crypto Casino

Quote from: Poker Player on July 21, 2024, 12:19:39 AM

I'm not going to give this much more thought until the rumor is confirmed or disproved. If it is confirmed it will be huge, that's for sure.

I agree. Can't trust none of these big money players not to be playin dirty pool behind the scenes. Just is what it is.

fuguebtc

hero member

Activity: 1820

Merit: 526

Leading Crypto Sports Betting & Casino Platform

Quote from: legiteum on July 21, 2024, 12:46:23 AM

Quote from: Poker Player on July 21, 2024, 12:19:39 AM

It does not appear that Trump has Bitcoin, although we cannot know for sure, the one he does have and has declared it is the VP pick.

https://investorplace.com/2024/07/j-d-vance-is-the-first-bitcoin-holder-on-a-presidential-ticket-heres-everything-we-know-about-his-position/

I'm not going to give this much more thought until the rumor is confirmed or disproved. If it is confirmed it will be huge, that's for sure.

Trump already has his own token, as I understand it.

Trump could make himself the world's first trillionaire by simply pumping his coin and declaring Bitcoin to be illegal in the USA and any country that wants protection by the USA and any country who wants to trade with the USA.

There are hundreds of tokens based on his name, campaign slogans , or events related to him, but none belong to him or represent him . All those tokens were created and hyped by the crypto community . So far he only has one website accepting cryptocurrency donations and that's the only thing we know of, you can't blame him when you don't have real proof of it.

Although he is not the richest billionaire in the world, he is still in the top billionaires and I think what he wants now is power in the white house, politics , not becoming the richest billionaire in the world.

masyari

sr. member

Activity: 330

Merit: 256

That sounds too good to be true. I guess that this is nothing more than his populism

slaman29

legendary

Activity: 2674

Merit: 1226

Livecasino, 20% cashback, no fuss payouts.

Quote from: Marvell1 on July 20, 2024, 07:58:02 AM

Quote from: slaman29 on July 20, 2024, 03:02:44 AM

Don't care Trump or Biden or whatever president, but watershed reserve sounds like too much of a huge step forward.

Federal Reserve would never allow it, so I think they will ensure all the politicians never pass such a proposal.

USD will crash and burn even earlier than we expected if this really happens!

Can the Fed intervene in this? I don't think the Fed will have the right to intervene and it is US Congress who makes the decision because this is the country's strategic reserve fund.

But I also don't think this will happen anytime soon even if Mr. Trump actually proposes this to Congress. After all, we need to admit that bitcoin is still too young and still has potential risks, governments will not rush to use bitcoin as a national reserve strategic asset. I think he's just exaggerating.

Also, I don't think if that comes true it will affect the USD, bitcoin is just considered an asset similar to gold, it won't damage or crash the USD. Trump's mission is to protect the USD, so I think he will not make proposals that will affect the future of the USD.

Fed can't overturn any decision on its own but that's what I meant in my post. If somehow Trump allows this thing, he has to make it a rule. He can do it no problem for Bitcoin if that's what he wants.

BUT Fed will then go and force all the politicians and even judges in Supreme Court to overturn it.

Trump doesn't need to propose it, he can do it if he wants but if he wants it to remain in force, like permanent then he has go to Congress. This is how I understand US politics.

legiteum

member

Activity: 182

Merit: 47

Quote from: Poker Player on July 21, 2024, 12:19:39 AM

Quote from: FatFork on July 20, 2024, 04:37:13 AM

The real question is, is he sitting on a pile of Bitcoin right now? Knowing that could tell us what he might do next. Everyone loves money, but come on, rich folks are kinda obsessed with it, right?

It does not appear that Trump has Bitcoin, although we cannot know for sure, the one he does have and has declared it is the VP pick.

https://investorplace.com/2024/07/j-d-vance-is-the-first-bitcoin-holder-on-a-presidential-ticket-heres-everything-we-know-about-his-position/

I'm not going to give this much more thought until the rumor is confirmed or disproved. If it is confirmed it will be huge, that's for sure.

Trump already has his own token, as I understand it.

Trump could make himself the world's first trillionaire by simply pumping his coin and declaring Bitcoin to be illegal in the USA and any country that wants protection by the USA and any country who wants to trade with the USA.

mindrust

legendary

Activity: 3276

Merit: 2442

Quote from: honestworker on July 20, 2024, 12:34:57 AM

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

That’s a big risk because it is just a rumor. If it turns out to be a lie, bitcoin would dump hard and that means the people who spread this rumor used it to empty their bags on people like you from a higher price.

Never go all in on any asset. Be smart, diversify.

Poker Player

legendary

Activity: 1372

Merit: 2017

Quote from: FatFork on July 20, 2024, 04:37:13 AM

The real question is, is he sitting on a pile of Bitcoin right now? Knowing that could tell us what he might do next. Everyone loves money, but come on, rich folks are kinda obsessed with it, right?

It does not appear that Trump has Bitcoin, although we cannot know for sure, the one he does have and has declared it is the VP pick.

https://investorplace.com/2024/07/j-d-vance-is-the-first-bitcoin-holder-on-a-presidential-ticket-heres-everything-we-know-about-his-position/

I'm not going to give this much more thought until the rumor is confirmed or disproved. If it is confirmed it will be huge, that's for sure.

tread93

hero member

Activity: 1274

Merit: 568

Quote from: Poker Player on July 19, 2024, 10:26:22 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?

I think it’s absolutely epic. Just the fact that this is a huge topic of discussion because it is so relevant, we are seriously witnessing history and we will tell our kids about all this stuff that happened one day. The stakes are so high right now, Trump promotes freedom so Bitcoin is an obvious choice.

virasog

legendary

Activity: 2954

Merit: 1159

Quote from: honestworker on July 20, 2024, 12:34:57 AM

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

Even if this news does not become true, even then the bull run is confirmed. There should be no doubt about it. The increasing popularity of the bitcoin and the institutional investments / ETF are enough for the bitcoin bull market confirmation.

Regarding going all into Bitcoin is not recommended, even if Trump declare a Bitcoin strategic reserve. Yes you should invest in bitcoin only the amount that is surplus with you and you can afford to lose. Going all in is like gambling and you should be careful with all investments.

Darker45

legendary

Activity: 2576

Merit: 1860

Once again, this is election season. Second, Donald Trump loves to talk. He's always been so generous with his words. This isn't his first pronouncement in supporting Bitcoin. This won't be the last either. There'll be more to come. And if we end up making a big deal out of each of his statement, the joke's probably on us.

Trump said that he'll end Biden's war on crypto. He also said that Bitcoin's future will be made in America. And he also divulged that JPMorgan's Jamie Dimon, one of Bitcoin's harshest critics, has already changed his stand on Bitcoin a bit. Trump also mentioned that he doesn't want another country to dominate Bitcoin and that it won't go away. He even claimed that China is into Bitcoin and that the US should compete against China.

The catch, however, is that he said all of these while courting for votes.

Around two years ago, my country's president said in his campaigns that he will bring down the price of rice to $0.34. Now, it's already $1.15 per kilo. There's a reason why they're called politicians. LOL!

Dr.Bitcoin_Strange

hero member

Activity: 658

Merit: 524

Leading Crypto Sports Betting & Casino Platform

With all this saga, I keep wondering why Trump finally had a sudden change of mind towards Bitcoin. Why all the sudden praise for Bitcoin, or was it that he never realized it when he first ran for president in 2017? There was a BBC report in 2021 in which he clearly stated that he doesn't like Bitcoin because it's competing with the dollar. If Bitcoin is declare as a strategic reserve, what are the chances that it will not still compete with the dollar, which was Trump's fear in 2021?

"Bitcoin, it just seems like a scam," Mr Trump said. "I don't like it because it's another currency competing against the dollar."

philipma1957

legendary

Activity: 4172

Merit: 8075

'The right to privacy matters'

Quote from: legiteum on July 20, 2024, 12:36:39 PM

Wow, the people wanting this are fools. I don't know how else to put it.

If the US taxpayers pay to make the Bitcoin market go up, then US taxpayers will want something in return.

Hence the "strategic reserve" would lead directly to Bitcoin becoming part of the US government, and it's price would be regulated by popular vote.

And then US voters will vote for whether they think Bitcoin's billionaire holders should be given more money that year. Spoiler alert: voters tend to hate billionaires who profit from the the meager taxes they pay. Average Joe is going to get pretty pissed off if he learns that the taxes he just paid made Elon Musk another 10 billion dollars, and populist politicians will make a meal out of this.

"Live by the sword, die by the sword."

You don't understand how little they think of voters.

Two quotes may help.

"Suckers and losers"

"You have to pay to play"

snerd

member

Activity: 17

Merit: 1

Quote from: legiteum on July 20, 2024, 12:36:39 PM

Wow, the people wanting this are fools. I don't know how else to put it.

If the US taxpayers pay to make the Bitcoin market go up, then US taxpayers will want something in return.

Hence the "strategic reserve" would lead directly to Bitcoin becoming part of the US government, and it's price would be regulated by popular vote.

And then US voters will vote for whether they think Bitcoin's billionaire holders should be given more money that year. Spoiler alert: voters tend to hate billionaires who profit from the the meager taxes they pay. Average Joe is going to get pretty pissed off if he learns that the taxes he just paid made Elon Musk another 10 billion dollars, and populist politicians will make a meal out of this.

"Live by the sword, die by the sword."

There you go again! Always ready with a defense of your senile old fossil lolol!!!

legiteum

member

Activity: 182

Merit: 47

Wow, the people wanting this are fools. I don't know how else to put it.

If the US taxpayers pay to make the Bitcoin market go up, then US taxpayers will want something in return.

Hence the "strategic reserve" would lead directly to Bitcoin becoming part of the US government, and it's price would be regulated by popular vote.

And then US voters will vote for whether they think Bitcoin's billionaire holders should be given more money that year. Spoiler alert: voters tend to hate billionaires who profit from the the meager taxes they pay. Average Joe is going to get pretty pissed off if he learns that the taxes he just paid made Elon Musk another 10 billion dollars, and populist politicians will make a meal out of this.

"Live by the sword, die by the sword."

SquirrelJulietGarden

hero member

Activity: 1428

Merit: 772

Quote from: dkbit98 on July 20, 2024, 09:48:10 AM

I think they are all playing some dirty tricks with bitcoin, and I don't believe that US will ever use bitcoin as strategic reserve.

They know their leadership position and if they do that, use Bitcoin as part of their national treasury reserve strategically, it will trigger many other nations to follow the USA. It's not the time for the USA. to do this but they can buy benefit of doubt, get votes from undecided, swing citizens for the coming President election.

Quote

First red flag for me is the flag that Blackrock is purchasing so many bitcoins

They got support from US government to take down Binance before the Bitcoin Spot ETF approval that benefits BlackRock, the US. company.

Quote

I don't trust anything coming from politician puppets like Trump or Biden, and we should be ready for potential bumpy road ahead in bitcoin and all other markets.

They do their jobs as politicians and we can do our jobs, assess their words, promises and their actions. Talk for myself, trusting politicians is not my favorite practice because I agree with you, I can not trust politicians. Listen to them and have different plans for myself, if they keep their promise or if they don't keep their promise, having two plans can help me to adapt myself better to policians and their administration and regulatory policies.

DubemIfedigbo001

sr. member

Activity: 406

Merit: 282

Let love lead

Quote from: Poker Player on July 19, 2024, 10:26:22 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?

Although all his moves are seeming real in Favour of bitcoin and seeming discoveries after badmouthing it previously during his tenure, I still kinds tie these big moves to his political ambition, politicians can gather as many allies as they can to get proper funding and make it to office and change their minds afterwards.

Its a rumour still anyways, lets calm down and hear from the horse's mouth before we start drawing conclusions. Its still a good development if he is real in his developed trust and recognition of bitcoin.

dkbit98

legendary

Activity: 2212

Merit: 7064

Quote from: Poker Player on July 19, 2024, 10:26:22 PM

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

Something stinks with this news.
I think they are all playing some dirty tricks with bitcoin, and I don't believe that US will ever use bitcoin as strategic reserve.
First red flag for me is the flag that Blackrock is purchasing so many bitcoins, Germany sold everything and now there are speculations about UK doing the same.
I don't trust anything coming from politician puppets like Trump or Biden, and we should be ready for potential bumpy road ahead in bitcoin and all other markets.

Spaceman1000$

full member

Activity: 616

Merit: 217

Quote from: honestworker on July 20, 2024, 12:34:57 AM

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

Of course this initiative will certainly boost the bitcoin price if it's initiated. Donald Trump has been spitting fire in support of the bitcoin community, and we hope some of this his promises will come into limelight if he wins the election by November. Let's just keep our fingers crossed and watch how things unfold, because politicians can make some exciting statement just to boost our morale so they can garner support for their political ambition, but we are hopeful of Donald trump to be a man of his words.

pawanjain

hero member

Activity: 2702

Merit: 716

Nothing lasts forever

I personally believe it may be just another PR stunt from Trump just to win some votes.
He further said that he would be using bitcoin to back the USD which sounds insane and too good to be true.
Even if he wins the elections, there is not guarantee that he would be promoting the use of bitcoin or use it to back USD.

Marvell1

legendary

Activity: 2408

Merit: 1102

Leading Crypto Sports Betting & Casino Platform

Quote from: slaman29 on July 20, 2024, 03:02:44 AM

Don't care Trump or Biden or whatever president, but watershed reserve sounds like too much of a huge step forward.

Federal Reserve would never allow it, so I think they will ensure all the politicians never pass such a proposal.

USD will crash and burn even earlier than we expected if this really happens!

Can the Fed intervene in this? I don't think the Fed will have the right to intervene and it is US Congress who makes the decision because this is the country's strategic reserve fund.

But I also don't think this will happen anytime soon even if Mr. Trump actually proposes this to Congress. After all, we need to admit that bitcoin is still too young and still has potential risks, governments will not rush to use bitcoin as a national reserve strategic asset. I think he's just exaggerating.

Also, I don't think if that comes true it will affect the USD, bitcoin is just considered an asset similar to gold, it won't damage or crash the USD. Trump's mission is to protect the USD, so I think he will not make proposals that will affect the future of the USD.

FatFork

legendary

Activity: 1624

Merit: 2594

Top Crypto Casino

The real question is, is he sitting on a pile of Bitcoin right now? Knowing that could tell us what he might do next. Everyone loves money, but come on, rich folks are kinda obsessed with it, right?

slaman29

legendary

Activity: 2674

Merit: 1226

Livecasino, 20% cashback, no fuss payouts.

Don't care Trump or Biden or whatever president, but watershed reserve sounds like too much of a huge step forward.

Federal Reserve would never allow it, so I think they will ensure all the politicians never pass such a proposal.

USD will crash and burn even earlier than we expected if this really happens!

Btcdeybodi

member

Activity: 75

Merit: 16

Just hope all these doesn't end in political propaganda in order to gain political influence because since a lot of politicians have discovered that Bitcoin is gaining more attention globally, they will choose to engage in discussions about possible adoption of Bitcoin just for political favours. For some time now the news about Donald Trump's interest in Bitcoin have been spreading across social media platforms so if he completely has the interest of Bitcoin at heart then it's really gonna be a win for we the Bitcoin lovers. Just wish rumors about Bitcoin heading towards adoption comes to reality Shocked

What if he announces Bitcoin as a strategic reserved asset will the Americans be excited about it? I mean this development might devalue the dollars that has been a global reserve currency since America became world power.

honestworker

brand new

Activity: 0

Merit: 0

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

Poker Player

legendary

Activity: 1372

Merit: 2017

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?

Topic: Rumor: Trump could declare a Bitcoin strategic reserve (Read 812 times)