Topic: US national bitcoin reserve fund....? - page 2. (Read 647 times)
Although this sounds really exciting I am not sure that this is going to happen. At least not as fast as we might hope/believe despite the talks from the Trump camp of introducing a bitcoin reserve fund. But let's see what happens, exciting times non the less.
I think it’s pretty awesome that they are thinking about this strategic fund but today I read somewhere that the senator was suggesting we sell gold to buy Bitcoin?
That is stupid. It is stupid to think Bitcoin would help in any way strictly with the repayment of the U S Debt too. It is as if they were gambling Bitcoin to try and win the Jackpot. But instead of retiring, the end goal is to repay the Debt.It does sound very Bullish even if that is the only reason they would buy Bitcoin for. It means they Trust Bitcoin so much that they think it is going to help clear the Debts of one of the strongest countries. But the country deciding to sell Gold to buy Bitcoin sounds plain stupid. They could both be Reserves, but Gold is pretty much obligatory in my strict opinion.
Has anyone seen this article? Bitcoin has been getting a lot of mention on Yahoo Finance, some of it interesting, some of it not--but this write up had me scratching my head.
There's a senator apparently proposing this, but then there's an explanation by some guy George Tung from CryptosRus, which I've never heard of (and I've not googled it). In any event, this so-called reserve fund is supposed to be earmarked for repayment of the US's debt, something I'd find extremely risky at best given how volatile bitcoin is.
In order to justify the clickbait-y headline, there's some speculation that other countries might also start buying in an act of global keeping-up-with-the-Joneses, which in the media constitutes an arms race. As to why those countries would need to follow the US's bitcoin buying spree, who knows? No need to explain that when the writer of this can then add in corporate purchases and make the leap to this:
I'm curious as to what you all think about this article, this idea, or anything related to it. Me? I think it's total BS (though definitely bullish), but I tend to scoff at most crap that gets published online, especially if it's financial news--but I never rule out the possibility that I'm being a moron.
There's a senator apparently proposing this, but then there's an explanation by some guy George Tung from CryptosRus, which I've never heard of (and I've not googled it). In any event, this so-called reserve fund is supposed to be earmarked for repayment of the US's debt, something I'd find extremely risky at best given how volatile bitcoin is.
In order to justify the clickbait-y headline, there's some speculation that other countries might also start buying in an act of global keeping-up-with-the-Joneses, which in the media constitutes an arms race. As to why those countries would need to follow the US's bitcoin buying spree, who knows? No need to explain that when the writer of this can then add in corporate purchases and make the leap to this:
Quote
he scenario Tung describes grows even more intense if corporations join the race, such as BlackRock's speculated involvement. He asserts, "If four entities try to buy 40% of the supply...that alone will drive bitcoin into the millions." He highlights how limited the global supply of bitcoin is, mentioning that even smaller countries, like Bhutan and El Salvador, have already started acquiring significant amounts of bitcoin.
Fundstrat analyst Sean Farrell recently used the same logic to say he may need to adjust his $115,000 price target higher.
Fundstrat analyst Sean Farrell recently used the same logic to say he may need to adjust his $115,000 price target higher.
I'm curious as to what you all think about this article, this idea, or anything related to it. Me? I think it's total BS (though definitely bullish), but I tend to scoff at most crap that gets published online, especially if it's financial news--but I never rule out the possibility that I'm being a moron.
I think it’s pretty awesome that they are thinking about this strategic fund but today I read somewhere that the senator was suggesting we sell gold to buy Bitcoin? Like no let’s not do that keep the gold just print more money and buy Bitcoin 😂. Do both. Idk if that’s fact or fiction or what will happen but it’s definitely bullish if this keeps up the way it’s going!
If the US starts buying it, my country might follow suit. Probably right away and for no other reason than that its former colonizer is doing it. I don't know how many countries are like ours, but it seems the US is being constantly referenced when decisions are to be made locally.
I feel like my country would too. We always follow every thing The United States does no matter how stupid it is. I suppose a bunch of other countries would follow blindly if it worked well with The United States. Particularly if a significant move of Assets toward Bitcoin would become worth hundreds of percent within years. It would significantly impact their holdings in a positive way. And that is definitely something to follow. 
for those mentioning to not read yahoo finance.. well yes they mostly dont provide references in article, and yes never just blind faith beleive media.. but when it doesnt provide references to check, you cn always google certain keywords to see if you can find references yourself to back up or debunk media
the "5% of" story is kinda backed up by references.. BUT from the BIS guidelines of limits it tells a different story to what the 5% is of. it seems the BIS is saying that a central bank can only have 5% of its fiat capital being held as crypto.. not that a central bank can hold 5% of a cryptos entire supply
the "5% of" story is kinda backed up by references.. BUT from the BIS guidelines of limits it tells a different story to what the 5% is of. it seems the BIS is saying that a central bank can only have 5% of its fiat capital being held as crypto.. not that a central bank can hold 5% of a cryptos entire supply
First of all, Yahoo Finance is not a reliable source for the veracity of some topics. That particular article is from a third party, which pays to appear there on that portal, but that doesn't matter, since it may be a reliable source, but this one is not, you yourself mentioned it. So, in my case I had not heard about this analyst (or website), so I simply ignore the 2 minutes of reading that the article mentions.
There are various more reliable sources (all of which should be verified) that deal with the topic, with references that can be verified. It is really very questionable their opinion (the article) on the topic that if the United States buys 5%, Russia and China would start buying 10%, when you read those percentage values in the "speech" of any serious analyst, he is simply not even speculating, he is selling smoke, and then on those comments a perspective is created between half truths and lies.
Man... don't read articles from yahoo.finance that don't have sources like reuters, bloomberg...etc.
There are various more reliable sources (all of which should be verified) that deal with the topic, with references that can be verified. It is really very questionable their opinion (the article) on the topic that if the United States buys 5%, Russia and China would start buying 10%, when you read those percentage values in the "speech" of any serious analyst, he is simply not even speculating, he is selling smoke, and then on those comments a perspective is created between half truths and lies.
Man... don't read articles from yahoo.finance that don't have sources like reuters, bloomberg...etc.
if you read reports from the BIS(bank of international settlements) you will read that for a couple years now the BIS has been drafting regulations that would allow central banks to hold crypto for use of international reserve swaps. the BIS has suggested a 2% of collateral/reserves to be in instable crypto like bitcoin and a higher single digit % in stablecoins, however central banks has been lobbying for a 5% holding in instable crypto like bitcoin, where the regulation would take effect by jan 2025
https://www.bis.org/bcbs/publ/d545.htm (initial draft 2022)
https://www.bis.org/bcbs/publ/d545.htm (initial draft 2022)
The banks has the "etf" and the "etn" and they have policies. Some trades it it and offers that service. And some stick to what known for having intrinsic value. It's more about values nowadays.
I plan to get so rich they will have to look me up. Cheers.
banks doing ETF and ETN dont actually hold crypto. its shares of a fund manager(trust) which had collateralised the crypto.
EG bank of america investing in blackrocks bitcoin ETF is where BoA own shares of blackrocks trust which has blackrock valuing its trust in X btc based on coin held by coinbase in blackrocks name.. in short BoA wont hold crypto when holding blackrocks shares.. so thats a separate debate to this topic of banks direct holding of crypto
if you read reports from the BIS(bank of international settlements) you will read that for a couple years now the BIS has been drafting regulations that would allow central banks to hold crypto for use of international reserve swaps. the BIS has suggested a 2% of collateral/reserves to be in instable crypto like bitcoin and a higher single digit % in stablecoins, however central banks has been lobbying for a 5% holding in instable crypto like bitcoin, where the regulation would take effect by jan 2025
https://www.bis.org/bcbs/publ/d545.htm (initial draft 2022)
https://www.bis.org/bcbs/publ/d545.htm (initial draft 2022)
The banks has the "etf" and the "etn" and they have policies. Some trades it it and offers that service. And some stick to what known for having intrinsic value. It's more about values nowadays.
I plan to get so rich they will have to look me up. Cheers.
Btw. How come you don't talk about Tyson and Jake Paul? That came out as a disgrace or what?
You let it hang loose.
You let it hang loose.
edited for clarification and adding additional quotes/references
if you read reports from the BIS(bank of international settlements*) you will read that for a couple years now the BIS has been drafting regulations that would allow central banks to hold crypto for use of international reserve swaps. the BIS has suggested a 2% of capital to be in instable crypto like bitcoin and a higher single digit % in stablecoins, however central banks has been lobbying for a 5% holding in instable crypto like bitcoin,
https://www.bis.org/bcbs/publ/d545.htm (initial draft 2022) where the regulation would take effect by jan 2025
https://www.bis.org/bcbs/publ/d580.pdf (finalised 2024) where the regulation would take effect by jan 2026
(agreed 5% of total capital being group2 crypto)
group 1: tokenised traditional assets + stablecoins
group 2: unstable unbacked crypto like bitcoin
*
if you read reports from the BIS(bank of international settlements*) you will read that for a couple years now the BIS has been drafting regulations that would allow central banks to hold crypto for use of international reserve swaps. the BIS has suggested a 2% of capital to be in instable crypto like bitcoin and a higher single digit % in stablecoins, however central banks has been lobbying for a 5% holding in instable crypto like bitcoin,
https://www.bis.org/bcbs/publ/d545.htm (initial draft 2022) where the regulation would take effect by jan 2025
https://www.bis.org/bcbs/publ/d580.pdf (finalised 2024) where the regulation would take effect by jan 2026
(agreed 5% of total capital being group2 crypto)
group 1: tokenised traditional assets + stablecoins
group 2: unstable unbacked crypto like bitcoin
*
Quote
Our mission
Our mission is to support central banks' pursuit of monetary and financial stability through international cooperation, and to act as a bank for central banks.
Our mission is to support central banks' pursuit of monetary and financial stability through international cooperation, and to act as a bank for central banks.
The sceptical chymist, I know you are either a US citizen or a resident. You should understand the country better. I have so much positive inclination to the article you shared. If I were to be the government of any country, let alone a powerful country like US, I'll use bitcoin to my advantage.
Check this;
Bitcoin remains limited in supply;
If America buys huge and make waves about it, so many countries will buy into the idea and bitcoin will surge so high. They can pay debt with it and repeat same in next circle.
Before the end of next year, wait for bitcoin at $175k+. I am no longer skeptical.
Easy to have it done on paper than having the reality outplay especially in a globe with geopolitical contention what makes you all think that those other countries will want to take the bait in buying bitcoin as country's reserve just because the USA have done so? Check this;
Bitcoin remains limited in supply;
If America buys huge and make waves about it, so many countries will buy into the idea and bitcoin will surge so high. They can pay debt with it and repeat same in next circle.
Before the end of next year, wait for bitcoin at $175k+. I am no longer skeptical.
I envisag a different scenerio that is possible to happen which is; other countries may consider the risk of the US dumping the market since at some point the US will want to take profit to service their debt as bitcoin price increases. That idea alone my may be discouraging for many countries especially for her rivals.
Transfer of cash via regulated channels would help the smile. That is where it's at now. Besides making maximum security. Even if it's not registered as such. Anti laundry teams (The bimbo office. Bosses daughter! Don't get in trouble!). Tax on FIFO incitements. You name it.
Investors see if they can siphon to stocks without looking stupid. 15 minutes delay and front-run.
You have to pay for premium to get real-time data. Bottom line.
Cheers. 4.6% Vol. Pilsner. The new bottleneck is delayed data.
The sceptical chymist, I know you are either a US citizen or a resident. You should understand the country better. I have so much positive inclination to the article you shared. If I were to be the government of any country, let alone a powerful country like US, I'll use bitcoin to my advantage.
Check this;
Bitcoin remains limited in supply;
If America buys huge and make waves about it, so many countries will buy into the idea and bitcoin will surge so high. They can pay debt with it and repeat same in next circle.
Before the end of next year, wait for bitcoin at $175k+. I am no longer skeptical.
Easy to have it done on paper than having the reality outplay especially in a globe with geopolitical contention what makes you all think that those other countries will want to take the bait in buying bitcoin as country's reserve just because the USA have done so? Check this;
Bitcoin remains limited in supply;
If America buys huge and make waves about it, so many countries will buy into the idea and bitcoin will surge so high. They can pay debt with it and repeat same in next circle.
Before the end of next year, wait for bitcoin at $175k+. I am no longer skeptical.
I envisag a different scenerio that is possible to happen which is; other countries may consider the risk of the US dumping the market since at some point the US will want to take profit to service their debt as bitcoin price increases. That idea alone my may be discouraging for many countries especially for her rivals.
The article is poorly written, though. The sarcasm of Peter Schiff seems more precise.
That tweet sounds like something I've heard before. Didn't some politician make a proposal years ago for buying bitcoin in order to fix the Social Security problem that's inevitably going to happen?
I tell you a thing or two about pop singers that can't be around. And apostles spreading the gospel? "It's woke to bring up Satoshi". See an apostle would never say that. To save the day. Undisputable.
The article is poorly written, though. The sarcasm of Peter Schiff seems more precise.
That tweet sounds like something I've heard before. Didn't some politician make a proposal years ago for buying bitcoin in order to fix the Social Security problem that's inevitably going to happen?
Has anyone seen this article? Bitcoin has been getting a lot of mention on Yahoo Finance, some of it interesting, some of it not--but this write up had me scratching my head.
There's a senator apparently proposing this, but then there's an explanation by some guy George Tung from CryptosRus, which I've never heard of (and I've not googled it). In any event, this so-called reserve fund is supposed to be earmarked for repayment of the US's debt, something I'd find extremely risky at best given how volatile bitcoin is.
In order to justify the clickbait-y headline, there's some speculation that other countries might also start buying in an act of global keeping-up-with-the-Joneses, which in the media constitutes an arms race. As to why those countries would need to follow the US's bitcoin buying spree, who knows? No need to explain that when the writer of this can then add in corporate purchases and make the leap to this:
I'm curious as to what you all think about this article, this idea, or anything related to it. Me? I think it's total BS (though definitely bullish), but I tend to scoff at most crap that gets published online, especially if it's financial news--but I never rule out the possibility that I'm being a moron.
There's a senator apparently proposing this, but then there's an explanation by some guy George Tung from CryptosRus, which I've never heard of (and I've not googled it). In any event, this so-called reserve fund is supposed to be earmarked for repayment of the US's debt, something I'd find extremely risky at best given how volatile bitcoin is.
In order to justify the clickbait-y headline, there's some speculation that other countries might also start buying in an act of global keeping-up-with-the-Joneses, which in the media constitutes an arms race. As to why those countries would need to follow the US's bitcoin buying spree, who knows? No need to explain that when the writer of this can then add in corporate purchases and make the leap to this:
Quote
he scenario Tung describes grows even more intense if corporations join the race, such as BlackRock's speculated involvement. He asserts, "If four entities try to buy 40% of the supply...that alone will drive bitcoin into the millions." He highlights how limited the global supply of bitcoin is, mentioning that even smaller countries, like Bhutan and El Salvador, have already started acquiring significant amounts of bitcoin.
Fundstrat analyst Sean Farrell recently used the same logic to say he may need to adjust his $115,000 price target higher.
Fundstrat analyst Sean Farrell recently used the same logic to say he may need to adjust his $115,000 price target higher.
I'm curious as to what you all think about this article, this idea, or anything related to it. Me? I think it's total BS (though definitely bullish), but I tend to scoff at most crap that gets published online, especially if it's financial news--but I never rule out the possibility that I'm being a moron.
What if you get busted for not knowing the rules if you try to sell out of US national treasure? You be the troublemaker. The elephant in the porcelain shop.
Just saying.
The article is poorly written, though. The sarcasm of Peter Schiff seems more precise.
That tweet sounds like something I've heard before. Didn't some politician make a proposal years ago for buying bitcoin in order to fix the Social Security problem that's inevitably going to happen?
Whatever the case may be, any country buying bitcoin for any purpose (with taxpayers' dollars, I remind you) is extremely risky--and no matter how big a fan you or I may be of bitcoin, I don't think governments ought to be dabbling in it. And not just because of the risk; it goes against everything bitcoin stands for. I'm curious as to whether this story is going to be followed up on.
I'm curious as to what you all think about this article, this idea, or anything related to it. Me? I think it's total BS (though definitely bullish), but I tend to scoff at most crap that gets published online, especially if it's financial news--but I never rule out the possibility that I'm being a moron.
So some senator wants to buy 1.05 Million BTC (5% of the total supply) to reserve them to get loan and pay back the loans of US. AFAIK Satoshi have 1.1 million BTC and most of the companies in US like BR, MS and all the other combined acquired more than these figures and if we combine the total amount of BTC seized from many project under the possession of US are in billions. Considering the amount of BTC are in USA they surely are the most adopted countries in the world and I don't think any other country could compete with them now as they are on the top and they own most of the BTC if combined. Another thing is them acquiring these much BTC will surely pump the price but when they will pay their debts back the price will dumb too. It's a risky proposal for the crypto market too but I want it to happen haha it will really pump the price to almost $500k. I might not make generational wealth but still haha.
According to Cointelegraph Pennsylvania has proposed a 10% reserve fund in bitcoin, with the East Coast state seemingly realizing the potential of bitcoin. The bill has yet to be approved but Pennsylvania representatives are optimistic that bitcoin is a hedge against inflation. The outcome of the US election will surely make some states that already have plans in the pipeline want to make sure that the Strategic Bitcoin Reserve Bill gets full support soon.
Buying 5% of the total Bitcoin supply and expecting other countries to join in and see it as a competition to know who can out buy the other smells like them trying to control the market to me. If you buy such an amount with the aim of making a reserve where you can pay off your debts is not only risky but foolish as well. What if these countries you are expecting to catch the bait and panic buy don't fall for it and Bitcoin being a volatile coin does what it knows how to do best keeps fluctuating in price? That would be utterly foolish but since it's a plan senator Cynthia Lummis is trying to pitch to president Trump, I just hope it ends there; as a plan and not a reality.
I don't think that could be their plan, to compete with other countries as far as buying and holding Bitcoin. From what I interpret, they just wanted to make Bitcoin as national reserves but they are not any numbers that they have in their minds for now, on how big this plan is.They already have some if I'm not mistaken, so they just have to buy more, and just like what traditional investors is, buying in DCA and see where the price is going. The good thing is that we are entering the final year of the bull run, so that could really be big for us, if US starting to buy more that will really push the price to above $100k in 2025 and we might really be in for a big surprises as to what will be the all time high this bull cycle.
Yeah it's nothing new most of countries will follow what the US did except China and Russia because they have their own power.
This might be last huge effect in Bitcoin, I don't think we will see a big change anymore if the government already adopt Bitcoin.
This might be last huge effect in Bitcoin, I don't think we will see a big change anymore if the government already adopt Bitcoin.
Bitcoin still has long way to go with predictions suggesting it could reach $200k by 2030.
That's too late I guess, with Bitcoin almost hit $90K before Q4 in the next year (it's supposed to be the peak in the current cycle), Bitcoin might reach $200K in the current cycle, without need to wait for 6 years. Jump to: