Topic: Trump will compete directly with Bitcoin - page 2. (Read 582 times)

One thing I’m sure of is that, if a president eventually announces that they plan to make Bitcoin the country’s strategic reserve just like in the case of El Salvador, it could potentially have a positive impact on the price of Bitcoin as it could significantly have a bullish effect on Bitcoin’s medium term price you know. While a lot of people are speculating that Donald Trump could  potentially make such an announcement when/if he eventually becomes president, others are skeptical about it as they believe that Trump’s sudden indication of interest on Bitcoin is merely just a political strategy.

I believed you are strong supporter of Democrat and that is why your create this thread. And I don't think a Republican supporter here will create such thread and if it does, he or she will also do the same to the Democratic Candidate. Bitcoin has been existing before Donald Trump became the 45 President in USA on the year 2017 who was elected in 2016. And ended in 2021 for his one tenure. And within his stay in office he was not a supporter of bitcoin.

But seen the potential of bitcoin, he has supported bitcoin from the beginning of his campaign. Though he might develop a project but he will still support bitcoin.

Is this actually real?  Is this a Cryptocurrency created by the team behind Trump or Trump himself?  If so, is this not conflict of interest?  He is showing avid support for Cryptocurrencies while creating his own Shit Coin if true.  Then I would finally know why he was so excited to be the first to make Bitcoin great again.  Which I would not be surprised about at all, I do not expect much of the 'making America the center of Crypto' promises to come true.  They are coming out of the mouth of a Politician after all.

Of course and it'd lose market value if the US made it illegal, but such an action would just run over the inevitable, which is Bitcoin becoming the global reserve asset. Bitcoin is here to stay, Trump laws on the other hand are not, because governments change. If Trump made Bitcoin illegal, then that would have a direct effect on the rest of the countries, as they'd be able to buy Bitcoin at much lower prices. This would put America in a disadvantageous position, in my opinion.

Fuck it bro.
Where do you get these news? Why do you think trump own that shitcoin named after himself? Anyone can create a trump coin or even a Hasina coin in my country. But I don't think that will make Hasina the owner of that coin/token. I don't think Trump will make Bitcoin illegal in the US because we have seen some positive statement from him lately. But, I don't want to rely on his statement because the politicians are expert on promising things before the election. But I do not think Trump has own any of these shitcoin and it does not really matter for him if these coins pump or not.

The US government and the US financial market have a huge impact on bitcoin and the crypto industry but even if they ban and deny it, it can still be severely affected but I don't think they can destroy it completely. So if Trump alone wants to fight Bitcoin, it's like throwing eggs at a rock.

Also, this is just an unconvincing hypothesis by the OP because Trump would never do that because it doesn't benefit him at all. Him or his son creating a defi project has nothing to do with bitcoin nor do they claim it will compete or replace bitcoin...

I see OP wanted to convey something more political than worrying about the future of bitcoin like what he said.

I don't remember Trump being sent to jail by any court. He has to pay several big fines and compensations, but there's no jail for him.
Most of the accusations against Trump are questionable(and I'm not even a fan of Donald Trump).
The "convicted criminal" mantra has been repeated over a million times by the brainwashed neoliberals and socialists.


What? Did somebody change the constitution of the United States, so that Trump will have extreme political power, after he becomes president? I don't remember the Republicans and the Democrats doing such thing.

The theory, that Trump will crash the Bitcoin price and pump his own shitcoin, after he becomes president seems more like BS to me.
OP, you should stop with the propaganda. If you like comrade Kamala Harris, just admit that you support her. There's no need for you to spread conspiracy theories and FUD.

Sure, there will always be outlaws.

Bitcoin's trillion dollar market cap is based on it being a mainstream legal investment that is available through simple mainstream apps, brokers, ETFs, and so on. If it were to become a black-market thing, 99% of investors would leave it, and so would 99% of Bitcoin's market cap. Most people don't want to break the law and risk prosecution--especially when there's a perfectly legal alternative that gets them the same thing (because most people just buy Bitcoin to speculate).

Nobody is imagining Trump could "kill" Bitcoin in the sense of removing it from existence, but he could very easily erase almost all of it's market value.

***

I have been talking about the threat to Bitcoin itself here, but I think another very significant threat is to others in the broader crypto space. Trump will surely want the profits of companies like Binance, Coinbase, all of the miners, and so on.

Ever heard of "Made In America"? That's an extremely strong political slogan here. It's the very heart of Trump's political message (even though his protectionist policies actually weakens America's ability to compete, but whatever).

Imagine the Republicans--including all of their media, all of their surrogates like Elon Musk etc., all of their talk-radio and podcasters--all saying that people should by "American crypto" not that unpatriotic foreign stuff.

The Bitcoin community has been playing a very, very dangerous game by entering into the realm of politics...

I don't think you understand the implications of such a government policy. First of all, just because Trump wants cryptos to be banned, doesn't mean US citizens will start unquestionably trading their cryptos for Trump's coin. If Trump's administration puts pressure on the cryptocurrency space, then there will be more outlaws and people migrating elsewhere.

Maybe his coin gets pumped, and he gets a lot of money. A shitcoin is not a competitor, for the same reason USD is not a competitor to Bitcoin.

This fear of Trump's crypto is not an entirely unreasonable, but the risk is probably not as bad as described. Most recently, Trump launched a crypto platform called World Liberty Financial, and while the venture has generated some buzz, it is a long way from certain to threaten already established players such as Bitcoin. It appears that crypto borrowing and lending is the main platform on which Trump is focusing, but while he may try to manipulate the legal landscape to his advantage with his project, crypto markets are global and decentralized. Even the U.S. government doesn't have full control over Bitcoin's value.

Regulatory pressures it has faced and come through include the 2021 crackdown in China, to which it did take a hit but mainly bounced back. It is highly unlikely that Trump would do what even a single person would be capable of-erase 90% of the value of Bitcoin with no incredibly active and deep coordinated effort. Diversifying your portfolio is always smart, but to bet on a crypto by Trump killing Bitcoin does seem like a stretch, if for nothing else than its history of survival of worse circumstances.

If he's president, it won't be "tweets", it will be laws passed by the US Congress and official actions by the US Department of Justice, the US Securities and Exchange Commission, and so on.

People here who think that Bitcoin's current price levels could withstand an onslaught by the entire US government aren't living in the real world, I don't think...

I think that bitcoin has gone the stage where a single individual or entity can crash its price. This isn't 7 years ago. We have gone past that now. And now even a hundred tweets from Trump isn't doing nothing. And yes, the only loser here is going to be Trump as well as those who are behind the idea. The community and even those who are new are too enlighten and educated to fall this shitcoin. In my estimation, Trumps's shitcoin is a dead on arrival project already.

Definitely Trump is pushing propaganda for USA as a front.
The use of backed in USA is a proof that it would barely compete with the demand of Bitcoin.
That shows its quite limited to USA, a fancy form of CBDCs so it's nothing special.
Bitcoin is decentralized, a speculative asset, store of value unlike the stable coin that would be centralized, would fall in value as the US dollar does.
In summary a government issued stable coin is no threat to Bitcoin even if he does increases the Tax some Individuals would find a way around it and not to mention USA despite holding the most Bitcoin like you said is not the World.

I don't think you get it: competing with a government isn't "competing" in the normal sense. Consumer demand? Doesn't matter. If all other cryptos are made illegal, or have higher taxes, or are harassed more by the Trump administration for the sole reason that they don't make Trump money, then whatever consumer investors want isn't going to mean anything.

And Trump is the "American First" president, folks. Remember that? Bitcoin isn't owned by America, so what good is it?

"Americans spend their hard-earned money to prop up the price of Bitcoin and a lot of the profits go to... a bunch of dirty foreigners. The solution is to create a coin that's truly American. A coin that is made in the USA! USA! USA! USA!"

I mean, come on guys, the Fox News segments write themselves here...

Never truly trusted Trump interest in Bitcoin and creating a shitcoin even before he was elected shows he's foolish.
He could have been smarter about it and introduces it if he wins except he doesn't think he would
Well I digress, Is Harris a Better option? No
Not at all.
Many shitcoins comes out and what starts spreading is they would compete with Bitcoin.
But Bitcoin continue dominance is proof of the result.
Like all shitcoins, it would be a pump and dump project and when many starts getting burnt they would have no choice than running back to a safer Haven.
Yes a negative policy from him would affect Bitcoin price and the cryptocurrency space but for how long would the shitcoin survive before it shows itself it's a shit hole.

https://www.nytimes.com/2024/09/16/technology/trump-crypto-world-liberty-financial.html

A stable coin?  and it's going to compete with Bitcoin? Come off it.

Trump announced a coin yesterday that competes with Bitcoin. That's a simple fact.

Most of the hashrate for Bitcoin is in the US. Most of the Bitcoin held is held by US citizens. Most of the Bitcoin "whales" are American. The price of Bitcoin has been roughly tracking the US economy for several years now as it has matured into a mainstream investment.

Trump is a convicted criminal (another fact). He has been indicted on over 100 more charges (another fact). His voters don't care (another fact). It's very clear he will not spend a day in prison if he wins the election, which is obviously what his voters want. Hence they are electing somebody to be, very explicitly, above the law--and Trump himself has explicitly promised to do that if elected.

Trump's voters are voting for a Putin-style dictator, not a president. Somebody who attempted to overthrow the US government in the last election and failed--and again, his voters are still voting for him.

Trump would have to be an absolute moron to follow any US law if he was elected if it got in the way of what he wanted since he a) knows he will never be prosecuted; and b) his voters will still vote for him.



Trump never tried to ban Bitcoin when he was president, and Bitcoin has always been perfectly legal in the USA.

In Trump's first term:

a) He didn't know he could get away with what he now knows he can get away with;

b) He didn't understand how much money he could make with cryptocurrency.

This might be the turning point of Bitcoin: the Bitcoin community asking a dangerous politician for special favors in order to prop up the price of Bitcoin, and in return the dangerous politician deciding to take the money for himself instead (exactly as one would expect).

Actually, I am surprised by all these topics about Trump and the future of Bitcoin, whether Trump wins or loses, and whether he supports Bitcoin or not, I do not think that this will have a big impact on the future of Bitcoin, yes it will have an impact, but it will be limited and temporary.

As for the idea that Trump can reduce the price of Bitcoin by 90% because of his shitcoin, this is a very strange idea that I do not believe, even if he is the President of the United States, he cannot control Bitcoin as he cannot control the world, so in my opinion these are just exaggerations, Trump was a president before and he hated Bitcoin and tried to ban it but he could not.

In short, your thread is telling us to support and vote for Harris instead of Trump, right? Because you are a Democrat, you are spreading and exaggerating bad things about the Republican candidate? If we all vote for Harris, your candidate, will you stop talking trash and exaggerating unnecessary things about Trump and bitcoin?

It's bullshit when you exaggerate that Trump will compete with Bitcoin, or he will cause Bitcoin to drop 90% or he will destroy it. He is just a president of the United States, he cannot even have full power and control over the entire United States, let alone the assets of the world, not just the United States.

It won't be up to anybody if the US government makes Bitcoin illegal. And yeah, "Bitcoin's price might change". LOL, ya think?


A) Why would it be centralized?
B) What difference would that make if it were?

The US government promoting a coin--centralized or not--and making other cryptos like Bitcoin illegal (or heavily taxed, or whatever) would be a far greater factor in the market price of Bitcoin than some technicality like the number of servers the mempool resides on.


Again, why would it be centralized? I don't know what they will do, but why would it be?

And to repeat here: it wouldn't make any difference if the US government forced Americans to drop Bitcoin in favor of Trump's coin.



So the US president launching his own coin and simultaneously denigrating all other competitors won't affect Bitcoin's price? The US president vowing to use the full force of the US government to pump his own coin and get rid of Bitcoin? Seriously?

I mean, for starters, over half of the hashrate for Bitcoin would need to relocate. And hundreds of brokers with millions of American accounts would need to shift their customers out of Bitcoin for fear of prosecution. And anybody in the US promoting Bitcoin would suffer the full wrath of the Republican party, Fox News, and so on.

You don't think any of that would effect the price of Bitcoin?

He only stated, and in my view that's a statement any US citizen can freely make but that doesn't give him/her ownership. He Trump was once the president and he couldn't own the US then, what now makes anyone to think he achieve that now? Cause am not sure he can do that at this point. Something about Trump is that he talks much without caring on who's listening.