Trump Said The US Government Shouldn't Sell Its Crypto

Rockstarguy

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Quote from: ContentWriter on August 05, 2024, 07:41:31 PM

Donald Trump said in a recent interview with Adin Ross Live said that US government should not sell its crypto holdings. He described cryptocurrency a very modern currency comparable to artificial intelligence. He said if the the United States does not actively participate, other countries will dominate.

https://www.theblock.co/post/309588/donald-trump-says-the-us-government-shouldnt-sell-its-cryptocurrency?utm_source=rss&utm_medium=rss

It is so surprising that trump will so much love bitcoin this way. This interest of Mr trump seems untrue to people because we understand what politicians are upto when they want to benefit from the people. But if truely all what Donald trump thinks about bitcoin are real then I'll say it is very good to have a president who understands the importance of bitcoin and the benefits it can bring to the people in the world. If trumps wins the presidential election I think with the interest he has for bitcoin other president would also want to develop same interest to know bitcoin better. If US adopts bitcoin or show good interest in bitcoin, it will create more adoption. I just hope Donald trump still keeps everything real after wins election.

Emmanuelex

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That's right. I believe every government should really participate and invest money in Bitcoin to at least hold a share in the market. Any country that hasn't done so by now is likely going to be left behind in the future. The government has more than enough to invest a little portion in Bitcoin, so it shouldn't be a problem, because what they would stand to gain in the future will be a lot more than whatever they will buy it at now.

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Quote from: ContentWriter on August 05, 2024, 07:41:31 PM

Donald Trump said in a recent interview with Adin Ross Live said that US government should not sell its crypto holdings. He described cryptocurrency a very modern currency comparable to artificial intelligence. He said if the the United States does not actively participate, other countries will dominate.

https://www.theblock.co/post/309588/donald-trump-says-the-us-government-shouldnt-sell-its-cryptocurrency?utm_source=rss&utm_medium=rss

I take something useful for my personal consumption about Bitcoin in this context. In general, the importance of Bitcoin has been getting louder to be implemented in large and influential countries.
In the context of the American presidential election contest, all of this can still be considered a political promise that will not necessarily be realized even though it is very rational in some sectors it is very good if they are willing to realize the advantages of Bitcoin that they have publicly acknowledged.

DaveF

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By LAW any crypto the US government has now they CANNOT keep.

All the crypto they have has been confiscated from criminals. Like their houses, cars, gold, other holdings it MUST be sold to pay restitution to victims and / or fines and / or other debts they have.

The US government has bought NO BTC, it has mined no BTC. All it has is some BTC that it is holding until it can sell it.

-Dave

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Quote from: Apocollapse on August 05, 2024, 10:13:50 PM

This is bad for Bitcoin, it means US government will keep hoarding Bitcoin till it reach maximum supply and it makes them able to completely control Bitcoin. It doesn't have to own >50% of mining hashrate, but owning all Bitcoin is already a form of controlling since Bitcoin can't be hacked.

Don't get tricked by government, they can abandon gold standard because at that time not many people have knowledge, but now people do understand what is decentralization, don't make Bitcoin become centralized.

I do not think US government can hold up to 50% of bitcoin. But that said, also know that the more people hoard bitcoin, the higher the price. If US started hoarding bitcoin, know that some other countries will research about it to know if it is good and also start to hoard it. The government are hoarding gold in their reserves and nothing bad happened to gold.

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Quote from: Apocollapse on August 06, 2024, 04:04:45 AM

Quote from: Zlantann on August 06, 2024, 02:25:16 AM

Bitcoin is decentralized, so we might not be able to stop who wants to buy, sell, or hodl. People will always sell if the price is favorable, and you cannot determine who they are selling to. Is there any way the Bitcoin community can stop the US from buying as much as they want?

My speculation is the government high likely purchase the coins in centralized exchanges over decentralized exchanges or P2P, so if we, as a Bitcoin enthusiast only trade Bitcoin in DEX or P2P, we will reduce the chances government to buy as much as they want.

If they really plan to buy bitcoin then nothing can stop them, even if we can easily access and use those platforms it will be easier for them. There is no way to stop the government or any financial institution from buying bitcoin because buying only requires money and money is something they do not lack.

Quote from: Apocollapse on August 06, 2024, 04:04:45 AM

Quote from: ranochigo on August 06, 2024, 01:00:29 AM

Bitcoin's market cap is 1 trillion dollars as of now, and major institutional investors only hold a very small percentage, think 1%.

Now they already own 2.6%, in the next few years they might own 10%.

Simply because so far bitcoin is not in their plans, if Trump gets elected and implements the idea of turning bitcoin into a reserve asset, we will see other governments also join the race and they will start buying bitcoins massively. Whether they hold more or less bitcoin will depend on their bitcoin demand, we have no way to stop them if they want to buy the majority of bitcoin.

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Quote from: ContentWriter on August 05, 2024, 07:41:31 PM

Donald Trump said in a recent interview with Adin Ross Live said that US government should not sell its crypto holdings. He described cryptocurrency a very modern currency comparable to artificial intelligence. He said if the the United States does not actively participate, other countries will dominate.

https://www.theblock.co/post/309588/donald-trump-says-the-us-government-shouldnt-sell-its-cryptocurrency?utm_source=rss&utm_medium=rss

Am I the only one who finds it funny that Donald Trump joined Adin Ross for a live-stream interview? Adin Ross is a 23 years old gamer who became famous because he isn't smart and intelligent, like other YouTubers.

Btw can anyone tell me who controls the addresses that the US government own? Do they use Bitcoin Core? Or Electrum? Who controls the keys? What will happen if they lose keys or recovery seed phrases? Who is gonna pay for that?

Quote from: PrivacyG on August 05, 2024, 08:23:28 PM

This is something I have been thinking for a very long time. United States pushing Bitcoin away is a difficult thing to do now because there is so much Money involved that it may actually start to hurt if ignored or pushed back.

Because they did not take any severe action against it back when it was pretty new and nobody knew about it, it may be too late to try and kill it. Any country pushing back on Bitcoin is a new opportunity for other countries to make more Money, attract tourists and investors too. Bold and smart move if you ask me.

I'm glad that we enjoyed freedom for a few years. Sooner or later, it was expected that governments would either push it or the opposite, take it over. As you said, killing it is the worst decision ever, especially for a country like the United States. Btw it's clear that the US isn't pushing Bitcoin, otherwise they wouldn't accept Bitcoin ETFs.

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Trump is actively pushing his pro-crypto profile ahead of the elections. I wonder if that's truly something decisive that can help him gain crucial votes. I still doubt he'll win against Harris, but we do have enough time ahead of us for major changes to happen, and it will be a very close call in any case.
I don't mind the US holding crypto instead of selling it, but when it comes to seized funds and when it's clear who the victims were, I believe that it shouldn't be up to the US authorities to hold onto this money, as it should be returned to victims.

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Quote from: Apocollapse on August 06, 2024, 04:04:45 AM

Quote from: ranochigo on August 06, 2024, 01:00:29 AM

Bitcoin's market cap is 1 trillion dollars as of now, and major institutional investors only hold a very small percentage, think 1%.

Now they already own 2.6%, in the next few years they might own 10%.

Institutional investors and governments are different. A good proportion of that is from asset seizures and they don’t cost anything. Hence, it doesn’t really concern the post that I was replying to (re: blackrock).

Apocollapse

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Quote from: Zlantann on August 06, 2024, 02:25:16 AM

Bitcoin is decentralized, so we might not be able to stop who wants to buy, sell, or hodl. People will always sell if the price is favorable, and you cannot determine who they are selling to. Is there any way the Bitcoin community can stop the US from buying as much as they want?

My speculation is the government high likely purchase the coins in centralized exchanges over decentralized exchanges or P2P, so if we, as a Bitcoin enthusiast only trade Bitcoin in DEX or P2P, we will reduce the chances government to buy as much as they want.

Quote from: ranochigo on August 06, 2024, 01:00:29 AM

Bitcoin's market cap is 1 trillion dollars as of now, and major institutional investors only hold a very small percentage, think 1%.

Now they already own 2.6%, in the next few years they might own 10%.

EarnOnVictor

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Quote from: ContentWriter on August 05, 2024, 07:41:31 PM

Donald Trump said in a recent interview with Adin Ross Live said that US government should not sell its crypto holdings. He described cryptocurrency a very modern currency comparable to artificial intelligence. He said if the the United States does not actively participate, other countries will dominate.

This is another deception from a fake crypto lover and I see this statement as baseless. I wonder why he would liken cryptocurrency to AI, are they the same? He just wants people and intending voters to perceive him as a crypto saviour, which is not so. Trump's presidency will never stop the US from clamping down on crypto fraud or regulating it, so I wonder what he is going to do differently if he becomes the president.

Besides, if he claims that the US should not sell its crypto asset, for what use will that be for the rich US government that barely has $14B worth of Bitcoin and always wants a centralised system? This amount is even way more than what the US government splashes on foreign aid yearly.

I wonder how the selling of Bitcoin affects the US investigation and advancement in blockchain technology so as to regulate it properly, so what is the point of Trump? To make matters better, the US is dominating in the crypto space with over 21% of the population already adopting it with a huge sum of money committed to it already. I wonder how they will miss out as he claimed.

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Quote from: Majestic-milf on August 06, 2024, 12:44:06 AM

Let's just say Trump is a crowd swayer. Last time he talked about offsetting debts with Bitcoin, now he's calling for hodling? Maybe next thing he's day is to make America a Bitcoin hub. It's just a matter of time till we see what he's really after, trying to use Bitcoin as a platform to canvass for votes. Is anyone noticing that whenever Trump mentions anything relating to Bitcoin, price just goes up on the air or am I the only one? Huh

He talked about paying US debt with Bitcoin, but there was no statement on how he intends to do it. I don't think it is possible to wipe $35 Trillion National Debt With Bitcoin. Maybe he has a plan to hodl the coin for a long time and use the profit to offset some of the debt. Trump is a politician that needs support and votes and he is using diverse means to get it, but the attention he is giving to Bitcoin might be an indication that he is interested in it.

Quote from: crwth on August 05, 2024, 10:18:20 PM

Hmm. In a way, that's a win for us; not a superpower like the US will sell their holdings knowing that they have a lot compared to other institutions. It's basically saying that you HODL. I don't think it's bad because people may follow suit and just HODL their BTC as well.

Just like gold Trump is seeing Bitcoin as a future currency that will make determine how economical strong a country is. He doesn't want rival nations like China to stockpile more Bitcoin than the United States. This might be his reason for calling for the halting of Bitcoin sales.

Quote from: Apocollapse on August 05, 2024, 10:13:50 PM

This is bad for Bitcoin, it means US government will keep hoarding Bitcoin till it reach maximum supply and it makes them able to completely control Bitcoin. It doesn't have to own >50% of mining hashrate, but owning all Bitcoin is already a form of controlling since Bitcoin can't be hacked.

Don't get tricked by government, they can abandon gold standard because at that time not many people have knowledge, but now people do understand what is decentralization, don't make Bitcoin become centralized.

Bitcoin is decentralized, so we might not be able to stop who wants to buy, sell, or hodl. People will always sell if the price is favorable, and you cannot determine who they are selling to. Is there any way the Bitcoin community can stop the US from buying as much as they want?

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Quote from: Poker Player on August 05, 2024, 10:13:15 PM

I wonder if he could become the first to print currency to buy Bitcoin as Saylor says.

It would devalue USD substantially and makes for a disaster for the financial markets. If that happens, then fiat would lose its value.

Quote from: Smack That Ace on August 05, 2024, 11:39:19 PM

I remember there was a thread created by d5000 that also talked about governments and institutions holding too much bitcoin, which is not good for bitcoin and most people agree that no one likes that idea. But the problem is that if they want to do it, we will have no way to stop them. Similar to what Blackrock is doing, they are like a bottomless black hole that is sucking up bitcoins endlessly and it won't be long before I believe they will hold the majority of bitcoins. But it's clear that there's nothing any of us can do to stop them other than watch it happen.

The good thing about it is that the more Bitcoins that they buy, the higher the price gets. That is the property of the free market. For them to sustain that price, they would have to sustain the demand of Bitcoin. Once they are unable to purchase anymore, then the demand drops.

Bitcoin's market cap is 1 trillion dollars as of now, and major institutional investors only hold a very small percentage, think 1%. They can continue to purchase, but it gets more and more expensive as they attempt to buy more Bitcoins. When the bubble pops, then they would be at the losing end. That is why companies evaluate and don't overpurchase Bitcoins.

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Trump says a bunch of BS, Bitcoin goes up, it is because he is desperately fishing for the Independent vote. It's one of the few bases that he can actually get and of course he is going to forget about all those promises when (IF!) he goes to the office because it's easy for someone else to bribe him to be anti-crypto then.

It's a common theme with the man.

Majestic-milf

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Let's just say Trump is a crowd swayer. Last time he talked about offsetting debts with Bitcoin, now he's calling for hodling? Maybe next thing he's day is to make America a Bitcoin hub. It's just a matter of time till we see what he's really after, trying to use Bitcoin as a platform to canvass for votes. Is anyone noticing that whenever Trump mentions anything relating to Bitcoin, price just goes up on the air or am I the only one? Huh

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Quote from: Apocollapse on August 05, 2024, 10:13:50 PM

This is bad for Bitcoin, it means US government will keep hoarding Bitcoin till it reach maximum supply and it makes them able to completely control Bitcoin. It doesn't have to own >50% of mining hashrate, but owning all Bitcoin is already a form of controlling since Bitcoin can't be hacked.

Don't get tricked by government, they can abandon gold standard because at that time not many people have knowledge, but now people do understand what is decentralization, don't make Bitcoin become centralized.

I remember there was a thread created by d5000 that also talked about governments and institutions holding too much bitcoin, which is not good for bitcoin and most people agree that no one likes that idea. But the problem is that if they want to do it, we will have no way to stop them. Similar to what Blackrock is doing, they are like a bottomless black hole that is sucking up bitcoins endlessly and it won't be long before I believe they will hold the majority of bitcoins. But it's clear that there's nothing any of us can do to stop them other than watch it happen.

Darker45

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I'm quite certain Trump doesn't know what he's talking about most of the time. He's got a lot of advisers though. He doesn't understand Bitcoin most probably, but he can speak abundantly in favor of it because he's been told what to say. He's got speech writers and teleprompters. So he can shill for Bitcoin, make promises in favor of Bitcoin, present a vision for Bitcoin, but I bet he cannot speak of its specific features when he's not reading or when he's on his own because he probably doesn't have a wallet or hasn't made even a single Bitcoin transaction.

So, let's not make a big deal of whatever this man is saying as regards Bitcoin.

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Hmm. In a way, that's a win for us; not a superpower like the US will sell their holdings knowing that they have a lot compared to other institutions. It's basically saying that you HODL. I don't think it's bad because people may follow suit and just HODL their BTC as well.

Apocollapse

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This is bad for Bitcoin, it means US government will keep hoarding Bitcoin till it reach maximum supply and it makes them able to completely control Bitcoin. It doesn't have to own >50% of mining hashrate, but owning all Bitcoin is already a form of controlling since Bitcoin can't be hacked.

Don't get tricked by government, they can abandon gold standard because at that time not many people have knowledge, but now people do understand what is decentralization, don't make Bitcoin become centralized.

Poker Player

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Well, this is another lurch because not long ago he was saying he wanted to use Bitcoin to pay off debt, and we have a thread talking about it on the forum. It looks like he is someone who until recently didn't know about Bitcoin much, nor did he care, but has been forced by electoral interest and is slowly learning things. But better that than having a Bitcoin hater as a candidate for US president and ahead in the polls.

I wonder if he could become the first to print currency to buy Bitcoin as Saylor says.

ranochigo

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If you read between the lines, his stance was more about a first-movers advantage as compared to the other countries. He simply wants to hoard it first, before the other countries such that we've got a higher accumulation of crypto as compared to the others.

While this is definitely a softer stance as opposed to his previous perception of Bitcoin, he doesn't outright acknowledge the benefits of Bitcoin. I would very much prefer if his stand would be backed by the mention of the specific benefits of Bitcoin as compared to traditional fiat. Backing it by the fact that Bitcoin is a new form of currency, and that US has to be first seems to be superficial in nature.

PrivacyG

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This is something I have been thinking for a very long time. United States pushing Bitcoin away is a difficult thing to do now because there is so much Money involved that it may actually start to hurt if ignored or pushed back.

Because they did not take any severe action against it back when it was pretty new and nobody knew about it, it may be too late to try and kill it. Any country pushing back on Bitcoin is a new opportunity for other countries to make more Money, attract tourists and investors too. Bold and smart move if you ask me.

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Donald Trump said in a recent interview with Adin Ross Live said that US government should not sell its crypto holdings. He described cryptocurrency a very modern currency comparable to artificial intelligence. He said if the the United States does not actively participate, other countries will dominate.

https://www.theblock.co/post/309588/donald-trump-says-the-us-government-shouldnt-sell-its-cryptocurrency?utm_source=rss&utm_medium=rss

Topic: Trump Said The US Government Shouldn't Sell Its Crypto (Read 238 times)