Topic: Trump will compete directly with Bitcoin - page 7. (Read 2233 times)

Are any of those other defi projects backed by the president of the United States? I fully agree that if Trump loses the election, then this product--along with all of his other companies--will be irrelevant and most likely bankrupt (and Trump will be in prison).

But if Trump wins, everybody in the crypto industry will be competing with the president of the USA, and his party.


Again, these are all private companies, not the US government. There's simply no comparison.

Trump has, for the first time in his life, a very clear pathway to make himself the richest man in the world. Only crypto can do this for him, combined with winning the US presidency.

From the bitcoin retracement chart you provided it can be seen that as bitcoin becomes more mature the retracement is also becoming smaller although the growth is also proportional to the retracement.

At the same time, the approval of bitcoin ETFs this year means Wall Street is getting in the game with us. That is why many predict that when the bull run ends, we will be unlikely to see an 80%-70% Bitcoin retracement like previous cycles. Bitcoin is becoming more stable and less volatile. So I also believe that there is nothing left that can cause bitcoin to dump as much as previous cycles and we are entering a new era.

Bitcoin has some market cycles so far and we have different market retreat percentages too

Bitcoin Retreat chart shows -93%, - 84%, -83%, and -77% from previous ATHs to bottom prices of previous bear markets.

Why would he want to do that though? It would piss off some of his rich friends who do own bitcoin.


Saying this about a guy who can't even truly call himself a billionaire, is a long stretch I think. He would have to prove to people he could get 10 billion dollars first before anyone takes this claim seriously.


Again, not even Tesla, FTX, Terra Luna, Celsius, etc together can make the price retreat that much. The best they could do was about 70% from the ATH if I remember correctly. And it's already recovered mostly from that.

Heheheehe I am not quite certain if I can agree on this Trump will compete against bitcoin, however, I agree that this creation of his own token during a presidential campaign deserves criticism and skepticism. The skeptical me thinks this is a behavior of someone very much similar to a scammer in the cryptospace. I am not implying that this project will be a scam, only the behavior. Also, I will not be shocked if this World Liberty Financial will be used for moneylaundering. It appears that there are people from mainstream business who are learning heheeh.

This is just one defi project and we have thousands of defi projects in the market. Do you have any evidence that he said he created it to compete with bitcoin? Did he make any statements about that?

What I want to discuss is only related to cryptocurrencies. I don't care who he is or what he looks like to you because that's America's politics, not ours. You can badmouth him and try to bring him down by all means because you are a democracy advocate but don't bring bitcoin into your story.

The arrival of the ETFs assured this will never happen. There are some forces in the universe that are just unstoppable; BlackRock being one of them. I get it: you don't like Trump. That's cool, I don't like him either. But you're overdramatizing the severity of the issue for the sake of trying to get people not to vote for him. This is not the way.

BTW, whatever he's promoting will never actually compete with Bitcoin. It's a non-issue.

Harris is not in the cryptocurrency business, competing with Bitcoin. Trump is.

Harris does not have a track record of self-dealing while in office. Trump does.

Harris is not a convicted criminal. Trump is.

Harris has not been found guilty in a court of law of ripping people off of their retirement savings. Trump has.

Harris does not exert absolute control over her party. Trump does.

Harris is not running on an explicit platform of lawlessness. Trump is.

And yes, the US government aligning against Bitcoin would make it lose 90% of its market value, if not more. Bitcoin's value is based on millions of US-based investors who would instantly sell if Bitcoin's legal status came into question.

That has been intension of Trump right from time to remove bitcoin out of cryptocurrency market or to devalue bitcoin, any cryptocurrency have its own way to operate and depend the furtherance, but bitcoin doesn't need furtherance because it has already been firm across the nations, bitcoin is the most valuable cryptocurrency and any coin established today will be under bitcoin, so what you know is that bitcoin can't be abandoned by any coins, what person that laughed ethereum and dogecoin in mind to launch this two coins I mentioned is to compet with bitcoin and at end bitcoin is still number one amongst other coins.

I am not a Trump supporter, in no way. However, I believe in facts-based criticism. Framing Trump as a person that could make Bitcoin illegal is misleading, considering that Harris could hypothetically do the same thing, and that one of Trump's campaigning points is being pro-Bitcoin.
I also don't believe any person in the world has the power to cause Bitcoin to lose 90% of its value.
Trump's DeFi project is indeed a shitcoin project in my opinion, but that doesn't mean that Trump will outlaw Bitcoin. Hopefully, though, the idea of this World Liberty Project will feel concerning to Bitcoin enthusiasts considering voting for Trump because of his pledge to support Bitcoin.

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.