Topic: Trump’s call for a bitcoin strategic reserve is a very bad idea - page 4. (Read 1381 times)

there's another government shutdown looming apparently. what do you think the odds are they don't print more money? everytime they are going to print more money. you can bank on that.

The US national debt continues to grow because they are creating more debt every second of every day. Holding all the assets in the whole world wouldn't prevent that debt from growing as long as they create more of it!

everyone in this thread is making this into a topic about donald trump and politics when in reality it has nothing to do with who is president. bitcoin simply can't serve as a form of government currency because the govrnment prints money to do different social programs and things which sometimes need to have money printed out of thin air. as bad as that may sound, it's a reason why bitcoin wouldn't work here in the usa.

you can't just print bitcoin out of thin air in an emergency to raise funds to help some cause or group of people. so bitcoin is not going to be any use to the us government.

having said that, since everyone is talking about donald trump here for some reason, i hope he doesn't get elected because he would be a very bad president. just like he was the first time. he wants to repeal obamacare again but he admits he doesn't even have a replacement plan!  that's what you get with donald trump is a bunch of hot air and no results. all talk no action.

But if Bitcoin will always always always go up in value not matter what--if you really believe that--then why would you put your money in one of these mere mortal investments that could potentially lose value? If you really believed that, then you'd be logically compelled to put every single penny of your total net worth into Bitcoin.

I suspect most, including the hardest of the hard-core Bitcoin zealots, don't actually believe that, and place at least some of their money elsewhere (or at I hope so).

But when you make the statement "absolutely safe, absolute continuous appreciation over time", then that statement has some very clear logical implications that you cannot escape. This is a very classic case of "putting your money where your mouth is". If you make an absolutist statement about Bitcoin, you should at least say you are following through with absolutist actions in your personal life .

Harris is doing the same thing. Democrats don't like cryptocurrencies, yet she accepts donations through Coinbase...

You guys are turning the thread into a what if he's lying and what if he's selfish discussion. Let's talk about economy.
It's not such a bad idea because it's not about turning bitcoin into another dollar. Making it a strategic reserve doesn't mean using it to pay at stores. Gold is a strategic reserve, but you don't pay for a taxi with it, right?

Owning a hard, appreciating asset allows you to decrease your debt and that's what they're trying to do because it's getting out of control. The more countries hold it as reserve the more stable it becomes. You buy it, it gains value and stability, whatever you held before appreciates, your debt (on paper) decreases, you can print more money because it's now backed by a hard asset, you can use that money to buy more hard assets.

You don't need a crystal ball to know these things. There are proofs of when Trump talked down on bitcoin in 2019. You could have seen them if you even cared to look for yourself. You just can't believe a politician who has seen that bitcoin is now big and has a lot of people in it and a lot of potential voters. I wonder why that playbook is fooling people like you. He has the support of a lot of tech CEOs and a lot of them are pro bitcoin so how could he be against it?
This is a link to his twitter/X account a post he made in 2019 concerning bitcoin.

It's possible that he has changed his views since then, which I doubt because if he had he would have addressed it. He just switched from the anti-bitcoin and crypto person to a bitcoin-loving person? I think not. He's a politician, it's what they do.


This is not very smart. I might even say it's a lame way to choose a president. A president is in charge of everything in the country. I mean every single sector is his responsibility one way or the other, Bitcoin just happens to be a tiny part of it and you're willing to choose a leader simply because he's for bitcoin? Does that make sense to you? So you do not care if the person is competent enough for the job, if their views are what the country needs, the person can be a total maniac but since he's pro-bitcoin you'll vote for him/her?
c'mon!
I think you need to re-evaluate your view on this. A country does not start and stop with bitcoin.

Besides what good does a president being a fan of bitcoin do to bitcoin? Trump was anti-bitcoin when he was president, what effect did that have on bitcoin? So what effect on bitcoin is Kamala going to have as a president that's against bitcoin?
It's high time we stop putting unnecessary importance on people and things that don't matter in the grand scheme of things.
 a president that's against?

In some countries holding dollars is a very profitable business. If you are hoarding dollars in a country like Nigeria, you would make a fortune if you have a large amount. One dollar was between #148.21–#154.8 in 2010 but it is currently #1600.

People in countries that experience high inflation can use the dollar as a hedge against inflation since it slightly loses value over time. But I will prefer Bitcoin as an investment and also a hedge against inflation. I see it as a risk worth taking any time, any day.

Bitcoin price will go down at some time but it will still recover over time. It is not a good business decision to put all your money in a sector. Every smart business person should learn the art of investment diversification. But I trust Bitcoin as an investment so I can put more money into it. 

Says the Person who created the biggest debt in history, what an irony. Invest in education, set regulations on healthcare instead of selling cheap insulin for a thousand dollars, produce many goods instead of Hollywood, print less money and things will go well.
It drives me crazy how these politicians are full of hypocrisy.

That's strange because there are many countries that want to join the Western world.
By the way, there is a necessity of one major currency that will be accepted worldwide and I think the USD isn't going anywhere. There is a reason why America spends so much on NATO and army. I think, America won't give up on dollar's dominance.

How do you know any of that? Have you ever seen Trump speak? Did you watch the debate? There's simply no way he is capable of the abstract thought that you are implying he has here.

What Trump "understood" is that a few billionaire Bitcoin whales would write him million dollar checks if he said certain things on a podium, so that's what he did. These billionaires have no voting constituency, and most voters, if they knew these people, would want to vote against Trump if they knew what they wanted--but they are no different than chemical companies or oil companies or other lobbyists.

As such, even Trump's administration isn't going to do any of these things, since their focus will be on Trump himself, e.g. to make more money using his presidency. Crypto could be a part of that, but clearly the best way for Trump to make money will be to replace Bitcoin with his own coin he wholly owns, not use taxpayer money to prop up Bitcoin, which would be a political loser for him.

Come on we all know he doesn't care about Bitcoin he only does this to get more voters 

Gold got the job done, many countries are using Gold as their reserve, same as my country presently, so what damage will Bitcoin do if use in the same place as Gold? Lack of trust and knowledge about Bitcoin is what's disturbing many people in the world today, same as the person that wrote this article, they know nothing.

I still find it hard to believe that Trump can make this happen, just because he said he would doesn't mean he will, but at the same time this might be a carefully planned solution by his Bitcoin professional backers, I am very sure that he is not alone on this, they must have to think about it very well, this is possible but still, we can all be deceived.

Trump is more pro-crypto than Kamala, the only person who comes close is JFK, with or without anyone of them getting elected Bitcoin will still do its thing, let's not forget this, because in the end, Kamala might be the winner, this won't kill Bitcoin but will definitely make things a bit harder for all.

When Trump first mentioned a Bitcoin strategic reserve for the country, I think he did not mentioned to actually get rid of the United States Dollar, but something similar what El Salvador does (without making Bitcoin legal tender). Mining and buying Bitcoin, storing it under federal jurisdiction in the long term.
Needless to say that won't help the United States to get out of their national debt at all.

If the United States actually desires to start to work on the national debt, then they need to find a definite way to shrink their deficit until closing it, and slowly to start paying their debtors. Starting by cutting military budget and taxing the ultra rich, while at the same time they also evaluate what social programs are being abused by freeloaders within the country, without neglecting the needy.

It is baffling to me how the current administration of the United States seem to be very comfortable with screwing the future over for millions of babies.

You don't need a crystal ball to know that every politician lies, the same way as every priest is a money driven leech on society.

All you need is a common sense to see the truth behind all this people.

It's all about POWER.

He was making fun of Biden but his recent answers are getting as clowny as Biden. I swear this US is a big circus and most people have yet to realize it uet. Wish everyone would leave this US election crap out of Bitcoin, the media makes them think it is relevant, but it is not.

There is no 'good choice' for Bitcoin when it comes to these clowns. Sincerity? I agree, nothing with Trump but there is zero with any candidate on any side. In my lifetime, believe it or not the only sincerity I felt was from Bush lol

wow, you take anything serious that Trump says? Look at what this person is, he just goes where (he believes) the money is. I do agree that Trump is bad for BTC. There is no consistency, sincerity with this guy, he probably doesn't have a honest bone in his body (if he has bones at all)

How do you know Trump is lying? Do you have evidence? Do you have a crystal ball that can tell you everything about the future, or are you just making baseless assumptions and trying to impose your thoughts on others? I'm not saying he changed his mind about crypto and actually supports it because I don't have proof of that either but it's too early to say he's just lying and will ignore any discussion about BTC or crypto if he becomes president. The election is not over yet and no one knows what will happen after that.

But now, we know that Trump has publicly expressed support for cryptocurrencies, while Harris has ignored and said no to anything related to cryptocurrencies. That shows she does not support the development of cryptocurrencies. As a bitcoin investor, I see no reason to vote for her when she has little to no interest in bitcoin.

It's a bad idea for a country to replace their national currency with bitcoin because doing that put their economy into higher volatility, take example from the success recorded with the way EL Salvador adoption of bitcoin was approached, first as an alternative currency with legal backing, and there after their went on to invest in bitcoin by holding quit a good number of bitcoin.

With that, El Salvador have position themselves to take advantage of all the potential that come with bitcoin, so if any US president want to embrace bitcoin, having the mindset of alternative adoption of bitcoin and making some bitcoin friendly policies becomes his central of attraction, when making their campaign speech.

Trump is just getting desperate and saying and doing whatever it takes to win the presidency which is why his whole crypto supporting stance switch in recent times is just as fake as him.

The dude will probably ditch any talk about BTC and crypto in general if he becomes president which is why people in this forum need to think twice before posting these sort of threads.

They're merely putting words in someone else's mouth by making an "opinion" on other people's opinions, then gaslighting everyone into believing that that "opinion" was the other person's "actual opinion".

There are some people in BitcoinTalk who are like that, but when they notice that their Ad Hominem, gaslighting, mud-slinging strategies in debates are not working anymore, they will avoid talking to you.

A Bitcoin reserve is neither good nor bad for the dollar. The government can hold Bitcoin and it can also get the deficit under control, these are not mutually exclusive. If the dollar’s status as a reserve currency is being threatened, that has more to do with U.S. policies and not because people are realizing that Bitcoin might be better in several ways.

We don’t really see China and Russia adopting Bitcoin, they still prefer fiat. It is not Bitcoin that is a threat. Irresponsible spending and foreign policy are what have diminished confidence in the US dollar.